Venture-backed electric bus company Proterra picks up $24m financing


ProterraVenture capital-backed electric bus company Proterra has picked up another $24m of financing in a round which is said to value the business at almost $200m.

Two utilities joined existing backers including GM Ventures, Hennessey Capital Management and Kleiner Perkins Caufield & Byers in the funding round, which will be used to help the company double its expected 2013 sales of 40 buses next year.

Proterra has upped its staff levels to 300 by taking on about 100 employees in the past five months according to chief executive Garrett Mikita, who spoke to Dow Jones.

GM Ventures, the corporate venture arm of General Motors, previously took part in a $23m round for Proterra last November, and provided another $6m in 2011.

Mitsui & Co Global Investment, 88 Green Ventures, NMT Capital and Vision Ridge Partners are also stakeholders in the business.

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