Proterra, a designer and manufacturer of electric buses, has been valued at $440 million after securing its largest financing to date, a sizable $140 million round. A portion of the new funding comes from existing VC investors including Kleiner Perkins Caufield & Byers, GM Ventures and 88 Green Ventures. The latest valuation is more than double the $200 million figure the Bay Area-based company saw after a $50 million round in 2015. Previously, Proterra was valued at roughly $177 million after a $34 million financing in 2013 and $125 million with a $41 million funding in 2010.
This new round may be the last before the company goes public, as Proterra is reportedly expecting to IPO sometime within the next two years. The electric car manufacturing space is relatively crowded—Tesla, Toyota, BMW, etc.—but Proterra is one of just a few notable electric bus makers, developing zero-emission heavy-duty vehicles meant to help fleet operators eliminate fossil fuel dependency. The worldwide trend toward renewable energy may mean the company will be even more successful this year than in the past.