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GM Ventures leads $23m round for green bus company Proterra

22 Nov 2012

GM Ventures, the venture capital arm of General Motors, has participated in a $23m funding round for sustainable transport group Proterra.

This will be GM’s second investment in the company. In 2011, it invested $6m helping the group meet its $30m total.

Six other investors joined GM, including new partners Hennessey Capital Management, and NMT Capital, in addition to Kleiner Perkins Caufield & Byees, Mitsui & Co. Global Investment, 88 Green Ventures and Vision Ridge Partners.

Proterra will use the new cash to boost the delivery of its electric battery ‘EcoRide’ buses to new customers and markets.

GM Ventures said it sees “a lot of potential” in Proterra’s buses. Firm spokesman Dan Flores said, “This is GM Venture’s second investment in Proterra. Certainly, we think that their whole product—a zero emissions electric bus—has a lot of potential.”

Proterra also revealed it will be raising an additional $5m as part of the equity raise in a filing with the Securities and Exchange Commission.

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