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SC electric bus completes $30M investment deal

Jun 14, 2011 7:49:00 AM - thestate.com
An electric bus manufacturer in Greenville says a $30 million investment will allow it to resume hiring.

Company president Jeff Granato said Monday the new investment led by venture capital firm Kleiner Perkins Caufield & Byers also allows Proterra LLC to settle with suppliers.

Granato said in April that Proterra had signed a document laying out the terms for the cash infusion that would allow it to separate itself from an earlier investor who pleaded guilty in March to fraud and conspiracy. Prosecutors say Francisco Illarramendi transferred money among investment accounts without telling clients and falsified documents to deceive investors.

For now, Proterra is building its EcoRide BE35 buses in a temporary facility. Proterra plans to build a permanent facility at Clemson University's International Center for Automotive Research.

USA, South Carolina: (Latest Stories)