GM Ventures, the venture capital arm of General Motors Co. created in 2010, has invested for the second time in Proterra Inc., a Greenville, S.C.-based company that makes a battery-electric, fast-charge bus.
GM Ventures and six other companies invested a total of $23 million in a new round of financing for Proterra, the bus manufacturer said Tuesday. GM Ventures' investment was not disclosed. Other investors included new partners Hennessey Capital Management LLC and NMT Capital, plus existing investors Kleiner Perkins Caufield & Byers, Mitsui & Co. Global Investment Inc., 88 Green Ventures and Vision Ridge Partners.
Proterra plans to use the new cash infusion to grow delivery of its battery-electric EcoRide buses to new customers and markets. The EcoRide can complete a fast charge in 10 minutes and has up to 40 miles of range. Proterra said it has seven transit authority customers, up from two over the past 18 months.