GM Invests In Electric Bus Company

General Motors is getting into the electric bus business, investing $6 million in a start-up company that aims to build as many as 400 electric transit buses a year.

"This equity investment further demonstrates GM's commitment to electric propulsion and supports our commitment to identify and invest in technology solutions that help advance the global transportation industry," said Jon Lauckner, president of GM Ventures, a division of the company which aims at investing in unique start-ups.

The bus company, Proterra Inc., has built three prototype transit buses that can go forty miles on a single charge of electricity.  They can then completely recharge the batteries in ten minutes.  The "EcoRide" buses are currently being tested in a community near Pomona, California.

Proterra is currently building the prototypes at a facility in Greenville, South Carolina, and is looking for a permanent production site.  The company says a quick charging electric bus, with a forty mile range has the potential to replace as many as 80 per cent of diesel transit buses currently in service.

"With the support of GM's automotive expertise and technology leadership, we can achieve a better, cleaner future for public transportation," said Jeff Granato, president of Proterra, in a written statement.

GM Ventures is part of an investment group that's putting a total of $30 million into Proterra.

Follow Jeff Gilbert on Twitter @jefferygilbert.