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Electric-bus maker Proterra gets $200 mln investment

U.S. electric-bus manufacturer Proterra Inc said on Thursday it has secured an investment of $200 million to support its battery and electric-drivetrain research and development.

Oct 15 (Reuters) - U.S. electric-bus manufacturer Proterra Inc said on Thursday it has secured an investment of $200 million to support its battery and electric-drivetrain research and development.

The company received $150 million from Cowen Sustainable Advisors LLC and $50 million from Soros Fund Management, Generation Investment Management and Broadscale Group.

In July, sources told Reuters that Proterra was considering going public through a merger with a special-purpose acquisition company (SPAC).

Proterra, which counts car makers Daimler AG DAIGn.DE and BMW AG BMWG.DE among its investors, was last valued at $1.1 billion in a fundraising round in August 2019, according to PitchBook data.

The company could not be reached for comment on how the new fundraising has affected its valuation.

Burlingame, California-based Proterra was founded by mechanical engineer Dale Hill in Golden, Colorado, in 2004 and has provided hundreds of public transport buses to U.S. cities since inception.

(Reporting by Shreyasee Raj in Bengaluru; Editing by Shinjini Ganguli)

((Shreyasee.Raj@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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