Proterra raises another $55 million

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Proterra said it has raised another $55 million from investors and will spend part of the money improving its Greenville factory.

The California-based maker of battery-powered transit buses said its latest funding round was led by Generation Investment Management LLP, a London-based firm chaired by former U.S. Vice President Al Gore that invests in “sustainable companies.”

BMW’s venture capital arm, BMW i Ventures, also contributed, Proterra said.

Proterra said it would use the new money to increase production at its factories in Greenville and the Los Angeles area and bolster research and development at its headquarters in Burlingame, Calif.

The latest cash infusion brings to $345 million the total amount that Proterra has raised from investors. The company says it has sold more than 400 of its zero-emission buses.

Proterra announced its single biggest cash infusion, $140 million, in January.

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