Isra-Mart srl: General Motors chips in $6m for electric bus company

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Isra-Mart news:
An investment group including General Motors is to invest $30m in electric vehicle manufacturer Proterra, helping the fledgling company commercialise its fast-charging electric bus technology.

GM Ventures yesterday confirmed it will invest $6m in Proterra as part of a group led by Silicon Valley venture firm Kleiner Perkins Caufield & Byers, which will invest a total of $30m.

The funding will help Proterra bring its EcoRide BE-35 battery-powered bus to mass market, and is expected to allow it to complete federal validation tests, roll out new pilot fleets and ramp up production to 400 buses annually in South Carolina.

The seven-year-old company is currently producing buses at a temporary plant in Greenville, South Carolina. The lightweight bus runs on Proterra's TerraVolt energy storage system, which consists of 54-72 kWh lithium titanate battery packs, which can recharge from a rooftop charging system in 10 minutes.

Three EcoRides are currently being tested near Pomona, California, with additional buses and charging stations to be added there and in San Antonio and Tallahassee, Florida later this year.

Proterra claims the 40-mile range EcoRide can reduce transport emissions and help create US jobs, as more than 80 per cent of the bus materials are produced domestically. The company aims to create around 2,400 jobs nationwide by 2015.

Other investment partners announced in the deal include Mitsui & Co, Vision Ridge Partners and 88 Green Ventures.

Jon Lauckner, president of GM Ventures, said the investment underlines the company's commitment to electric propulsion and emerging technologies.

"While this investment will help Proterra commercialise its electric bus and fast-charging technology, it also helps to address the future challenges of urban mobility," he added.