BMW Announces New Strategic Investment
BMW i Ventures recently publicized a strategic investment they’ve made in Proterra, a leading manufacturer of heavy-duty electric mass transportation vehicles. Proterra boasts a 60 percent market share in the North American electric mass transit market, and is focused on eliminating fossil fuel dependency and reducing transit providers ‘ operating costs. To date, Proterra has sold over 400 vehicles to forward-thinking cities and communities such as Dallas, Seattle, San Jose, Reno, Nashville and Philadelphia.
BMW founded Mountain View-based i Ventures, a corporate venture capital team, in 2011 with the specific goal of providing equity financing to companies that are commited to shaping global mobility’s future. Through creating strong partnerships with high-potential start-ups and high-growth companies, i Ventures is investing in a future where urban mobility is smarter, more flexible and highly efficient. BMW i Ventures has investments in companies operating in the fields of e-mobility, navigation, intermodality, parking and car sharing.
In a press release, Zach Barasz, Partner at BMW i Ventures, was quoted as stating, “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.”
To find out more about BMW’s latest innovations in the future of mobility, contact BMW of El Paso.