BMW Reveals Investment in Zero-Emission Bus Manufacturer Proterra
Recently, BMW i Ventures announced that the corporate venture capital team made a strategic investment in Proterra, a leading designer and manufacturer of zero-emission heavy-duty vehicles. With more than 400 vehicles sold to a variety of transit agencies in 20 states, Proterra has a 60 percent market share of the North American electric mass transit market. Proterra is committed to delivering clean, state-of-the-art transportation solutions in order to lower transit providers’ operating costs and eliminate dependency on fossil fuels.
Based in Mountain View, California, i Ventures was founded in 2011 by BMW. By offering equity financing to those start-ups and high-growth companies that are shaping global mobility’s future, i Ventures is able to invest in mobility technologies that lead us to a future that is smarter, flexible and more efficient. With this partnership, BMW i Ventures has now made strategic investments in companies that operate in the fields of intermodality, e-mobility, navigation, car sharing and parking.
Zach Barasz, Partner at BMW i Ventures, said in a press release, “BMW i Ventures invests in companies that will transform mobility and transportation, and Proterra is pushing the transit industry forward with the most innovative heavy-duty electric bus. Due to Proterra’s efforts, electric mass transit is overtaking fossil-fuel buses as the new standard.”
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