Investors put another $30 million into Proterra

Investors have put another $30 million into Proterra, the Greenville-based manufacturer of battery-powered buses, the company announced Tuesday.

In addition, Proterra said it has borrowed $25 million more to fully fund a new assembly line in California, on top of the one it already operates in Greenville, and to provide working capital.

Proterra said $19 million of the $30 million in new equity financing came from "several new strategic investors." The other $11 million in equity financing came from investors that already had a stake in the company, Proterra said in a news release.

"This is a pivotal time for Proterra as we launch the latest generation of our technology and double our production capacity," said Ryan Popple, the company's chief executive officer.

Proterra announced earlier this year that it planned to build a new assembly line in the Los Angeles area with the help of a $3 million grant from the state of California.

Popple said at the time that he expects half of Proterra's business to come from California over the next five years.