U.S. busmaker Proterra has closed a funding round under Daimler’s lead with 155 million dollars. While the investment of Daimler is undisclosed, it is confirmed that the deal has the potential to whirl the electric school bus market up to new heights.
The investment includes a cooperation agreement between Proterra and Daimler. They want to develop electric school buses together, at least in America. Proterra will lend its battery and drive train expertise. Daimler is to help with scaling manufacturing.
Martin Daum, who oversees Daimler Trucks & Buses for the Mercedes Board, expects 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.”
In concrete terms this means, Daimler’s Thomas Built Buses division may soon be using Proterra’s battery and drive train technologies in the North American school bus market.
Overall, Proterra collected 155 million dollars in this latest round of funding. The round was co-led by Daimler and Tao Capital Partner. Neither a timeline for the development nor details on the investment have been provided.