Dive Brief:
- Electric bus startup Proterra has closed on a $24 million Series C round of funding which included new investors Constellation and Edison Energy, a subsidiary of Edison International.
- Edison and Constellation's investments will help Proterra as it works with utilities "to optimize EV buses to leverage grid power distribution and ensure low cost energy alternatives," according to a press release.
Dive Insight:
While electric vehicles have yet to achieve significant market penetration, utilities risk losing a valuable future opportunity if they do not see the long-term potential of electric vehicles. Widespread collaboration and grid upgrades will undoubtedly be necessary to realize anything even close to full electrification of the transportation sector.