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Electric Bus Maker OKs Terms For $30M Deal

Electric bus manufacturer signed a document laying out investment terms that would allow it to separate from an earlier investor who pleaded guilty to fraud and conspiracy.

GREENVILLE, S.C. (AP) -- An electric bus manufacturer in Greenville says it has signed a document laying out the terms for a $30 million investment that would allow it to separate itself from an earlier investor who pleaded guilty in March to fraud and conspiracy charges.

CEO Jeff Granato said Thursday the money allows Proterra LLC to pay suppliers and also means the company's plan to build a permanent facility is still on track.

For now, the company is building its EcoRide BE35 buses in a temporary facility provided by the city of Greenville.

Francisco Illarramendi pleaded guilty to charges including fraud and conspiracy to obstruct justice. Prosecutors say he transferred money among investment accounts without telling clients and falsified documents to deceive investors.
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