Daimler Invests $155 Million in Electric Bus Maker Proterra

by David Mowatt
proterra electric bus

German multinational automotive corporation, Daimler, has recently invested millions of dollars in American electric bus maker, Proterra.

Proterra has mainly focused on the production of electric buses for federal, municipal, and commercial transit agencies in the past. As cities have made attempts to transition to cleaner forms of transportation, Proterra has sold hundreds of their electric buses to aid in the effort.

In a recent development, thanks to the help of  investment firm Tao Capital Partners and Daimler, Proterra has successfully garnered $155 million in funding, which they will utilize in an effort to electrify a line of school buses.

Daimler has been making some pretty significant waves in the electric transport world as of late with the Mercedes eActros, as well. Mercedes, a division of Daimler, recently began delivering units of the eActros for testing. This, coupled with their newfound partnership with Proterra, shows that Daimler has a clear plan for moving the electric transport market forward.

Daimler will aid Proterra in pushing their manufacturing business further while utilizing Proterra’s extensive battery and drive train expertise to help see the project through.

The announcement was made at the 67th IAA Commercial Vehicles in Hannover by Martin Daum, Member of the Board of Management of Daimler. Daum had the following to say:

“We started working on electric trucks and buses at a very early stage and we aim to set the standards here in each relevant segment. We expect the cooperation with Proterra to deliver additional impetus for the development of heavy-duty commercial vehicles with electric drive. In this way, we are broadening our scope in particular concerning the key technology of the battery – also with regard to North America.”

Ryan Popple, CEO of Proterra, was also in attendance. He add:

“We are excited to collaborate with Daimler, and we appreciate their investment and support. Daimler is a global leader in vehicles that serve almost every category and market. Over the past year, we’ve gained a great deal of respect for the engineering prowess, operational expertise, and environmental stewardship of the Daimler team. We also appreciate the continued support of our existing investors who share our vision of clean, quiet transportation for all.”

The news of Proterra and Daimler’s recent partnership is great news the electric vehicle market. With Daimler’s support and backing, we hope that Proterra will be able to make great strides in the future, and we are confident in the success of their electric buses.

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