BMW Division Announces Strategic Investment
BMW i Ventures revealed recently that they had made a
strategic investment in Proterra, the leading innovator and manufacturer of heavy-duty mass transportation electric vehicles. With a 60 percent market share in the North American electric mass transit market, Proterra is dedicated to eliminating our dependency on fossil fuels as well as reducing operating costs for transit providers. Proterra has sold over 400 vehicles to such innovative cities and communities as Seattle, San Jose, Dallas, Reno, Nashville and Philadelphia.
BMW founded i Ventures, a Mountain View-based venture capital team, in 2011 with the intention of delivering equity financing to companies that are dedicated to helping shape the future of global mobility. By building strong partnerships with high-potential start-ups and high-growth companies, i Ventures stakes is investing in a future where urban mobility is more efficient, more flexible and smarter. Previously, BMW i Ventures has invested in companies operating in the e-mobility, navigation, parking, intermodality and car sharing fields.
In a press release, Zach Barasz, Partner at BMW i Ventures, was quoted as saying, “BMW i Ventures invests in companies that will transform mobility and transportation, and Proterra is pushing the transit industry forward with the most innovative heavy-duty electric bus. Due to Proterra’s efforts, electric mass transit is overtaking fossil-fuel buses as the new standard.”
Contact BMW of Columbia to learn more about BMW’s latest developments in automotive mobility.