The market for commercial electric vehicles is a multi-billion dollar opportunity, and electric bus maker Proterra is ahead of the game. Though the company has already signed contracts in 11 U.S. cities, it is still raising cash to spread the world. Green Car Congress reports that the latest round of venture funding netted Proterra $30 million, with another $10 million expected in the coming weeks.
Build slots for the Proterra electric bus are already filled through the end of the year, and a new second-generation bus is expected to debut later this year. So far, Proterra’s electric buses have logged more than 400,000 zero emissions miles, though it’s not the only electric bus maker looking to make waves. BYD has already settled some contracts for its electric buses, and Volvo has numerous electric and hybrid bus projects in the works all over the world.
$40 million is a nice chunk of change, but BYD also has Warren Buffett in its back pocket. Proterra will need a lot more than $40 million to keep up with the billionaire-backed bus maker.