In the latest round of financing, EV bus-maker Proterra managed to recharge its funds by raising another $23 million to fulfill rising demand for its EcoRide electric bus built for DC fast charging. Specifically, demand for Proterra’s flagship bus has tripled over the past year.
General Motors, through GM Ventures, invested a currently undisclosed amount of money into Proterra, building its stake in the promising start-up transit company. However, this round of financing was led by the recently founded Hennessey Capital. Other investors included NMT Capital, Kleiner Perkins Caufield & Byers, Mitsui & Co. Global Investment, Inc., 88 Green Ventures and Vision Ridge Partners.