BMW i Ventures Announces Investment in Electric Bus Company, ProterraJune 15, 2017
BMW’s i Ventures division is specialized in sniffing out potential investment opportunities in the field of sustainable development. In this regard, the division has been granted enough funds to invest in a host of companies around the world, the most recent strategic investment being in Proterra, a fast-growing company specialized in ‘mass transportation vehicles’ or buses as they are otherwise known.
As a strategic investor, i Ventures aims to build strong partnerships with young start-ups with a high potential of making urban mobility smarter, more efficient and more flexible. Collaboration projects intend to create sustainable business value on both sides. Proterra on the other hand is a leader in the design and manufacture of zero-emission heavy-duty vehicles, enabling bus fleet operators to significantly reduce operating costs while delivering clean, quiet transportation to local communities across the United States.
“This is an extremely exciting time at Proterra as our customers, supporters and investors—new and old alike—rally behind our vision for a clean, electric transportation ecosystem,” said Ryan Popple, CEO of Proterra. “We’re incredibly grateful to our new investors, and are proud to call them partners as we strive to eliminate fossil fuel dependence throughout the transit industry.”
“BMW i Ventures invests in companies that will transform mobility and transportation, and Proterra is pushing the transit industry forward with the most innovative heavy-duty electric bus,” said Zach Barasz, Partner at BMW i Ventures. “Due to Proterra’s efforts, electric mass transit is overtaking fossil-fuel buses as the new standard.”
Proterra has a 60 percent market share in the North American electric mass transit market. The company has sold more than 400 vehicles to some of the country’s most innovative cities and communities, including Seattle, Philadelphia, Foothill (Greater Los Angeles), Dallas, Nashville, San Jose, and Reno. Their products are designed, engineered and manufactured in America, with offices in Silicon Valley, South Carolina, and Los Angeles.