Proterra has finalized an investment of $55 million along with BMW iVentures. Proterra is a well-known manufacturer of electric buses and iVentures is the corporate venture capital arm of BMW Group.
Increasing production facilities is the objective
According to official spokespersons for Proterra, the $55 million investment will be utilized for expanding production facilities at some of the company's main locations. As of now, the locations earmarked for the investment are Los Angeles and South Carolina. The company also hopes to use some of this money to invest in future research and development in its Silicon Valley headquarters. Readers will remember that the company moved up to Silicon Valley only last year, in a bid to be closer to the tech scene in the industry.
Focus on zero emission
It also appears that Proterra is gearing up for the future by switching focus to promoting zero emission fleets. The company produced only 30 buses last year but hopes to increase production to at least 90 buses this year. They have been trying to understand the demand for sustainable transportation options that can help curb environmental pollution with efficiency without increasing budgets. This has been their driving force and Proterra is now keen to not just sync its production and design with the objective of low energy, low emission transportation requirements but also to actively promote these.
As of now, Proterra has a 60% share in the North American market which is quite a good figure. The marketplace demand is far stronger for Proterra's transportation range outside the United States but the brand is focused on improving and expanding its North American market. As of now, it has sold its buses to key locations like Philadelphia, Seattle, parts of Los Angeles, Reno, San Jose, Dallas, and Nashville.
Concessions given to state administrations to buy eco- friendly buses like Proterra manufacturers are expected to boost sales and demand for the brand in the coming years. The brand has already committed to aligning its models to the market needs by focusing more on making buses that can travel longer distance without a need for a charging break. With BMW iVenture's backing, it is hoped that Proterra will be able to strengthen its production and design and help encourage the adoption of zero emission bus fleets across the country. If it does manage to make a mark here, Proterra will have made a significant contribution to making America a clean energy economy.