Will This Bus Company Be the Municipal Version of Tesla Motors? (TSLA)
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According to the WSJ, early investors in Tesla Motors (Nasdaq: TSLA) are making a move into bus maker Proterra.
Tao Invest sunk $10 million into the second close of Proterra's Series C round, which now totals just over $34 million and values the company around $200 million.
While the electric municipal bus market is promising, results as of yet have been scattered at best. More of the vehicles on the road is boosting confidence and would be a boon for manufacturers like Proterra.
Growth has been stagger, but meek for Proterra; reports have eight buses delivered to customers in 2012, rising to 23 in 2013 (including 14 in the final quarter of 2013). The company is said to be a in negotiations with Windsor, Ontario, for an order which could total 100 buses or more.
The WSJ said other investors include GM's GM Ventures, Kleiner Perkins Caufield & Byers, Hennessey Capital, Mitsui & Co., and others.
It wasn't made immediately clear what sort of technology is behind the Proterra offerings or whether or not there is a connection with Tesla motors outside of initial investors.
According to the WSJ, early investors in Tesla Motors (Nasdaq: TSLA) are making a move into bus maker Proterra.
Tao Invest sunk $10 million into the second close of Proterra's Series C round, which now totals just over $34 million and values the company around $200 million.
While the electric municipal bus market is promising, results as of yet have been scattered at best. More of the vehicles on the road is boosting confidence and would be a boon for manufacturers like Proterra.
Growth has been stagger, but meek for Proterra; reports have eight buses delivered to customers in 2012, rising to 23 in 2013 (including 14 in the final quarter of 2013). The company is said to be a in negotiations with Windsor, Ontario, for an order which could total 100 buses or more.
The WSJ said other investors include GM's GM Ventures, Kleiner Perkins Caufield & Byers, Hennessey Capital, Mitsui & Co., and others.
It wasn't made immediately clear what sort of technology is behind the Proterra offerings or whether or not there is a connection with Tesla motors outside of initial investors.
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