By Reuters Staff
2 Min Read
(Reuters) - Proterra Inc on Tuesday agreed to go public through a merger with ArcLight Clean Transition Corp, in a deal valued at $1.6 billion, including debt, joining several electric vehicle makers that have listed in the last few months.
The deal will provide the U.S. electric bus manufacturer with $648 million in cash and $415 million from investors including Daimler Trucks, Franklin Templeton, venture investor Chamath Palihapitiya, Fidelity Management and funds managed by BlackRock Inc.
Shares of ArcLight nearly doubled to $23.4 in early trading and were last at $21.45.
Reuters reported last year that Proterra was considering going public through a merger with a blank-check company or special purpose acquisition company (SPAC), citing people familiar with the matter.
Proterra Inc on Tuesday agreed to go public through a merger with ArcLight Clean Transition Corp, in a deal valued at $1.6 billion, including debt, joining several electric vehicle makers that have listed in the last few months.
(PRNewsfoto/Proterra)
BURLINGAME, Calif. and BOSTON, Jan. 12, 2021 /PRNewswire/ Proterra Inc (the Company ), a leading innovator in commercial vehicle electrification technology, today announced that it will become publicly listed through a transaction with ArcLight Clean Transition Corp. (Nasdaq: ACTCU, ACTC and ACTW) ( ArcLight ), a publicly traded special purpose acquisition company. Upon closing, Proterra s common stock is expected to trade on the Nasdaq under the ticker symbol PTRA. The transaction represents an enterprise value of $1.6 billion for Proterra.
Diversified Provider of EV Technologies
Proterra is a high-growth commercial electric vehicle technology leader with over a decade of production experience. The Company has designed an end-to-end, flexible technology platform that delivers world-class performance and a low total cost of ownership to original equipment manufacturers (OEMs) and end customers. Proterra has three complementary businesses:
Proterra
Chamath Palihapitiya said Tuesday that his biggest investment in climate change is in commercial EV manufacturer Proterra, which is set to merge with blank-check firm ArcLight Clean Transition Corp.
Palihapitiya noted Proterra s first-mover advantage, revenue growth, and a runway of orders and backlogs as part of his reasoning for the investment. This transaction enables Proterra to take the next step towards our mission of advancing EV technology to deliver the world s best performing commercial vehicles, said Jack Allen, Chairman and CEO of Proterra.
. Blank-check ArcLight Clean Transition Corp. is set to merge with commercial electric vehicle company Proterra in what Chamath Palihapitiya calls his biggest investment in climate change.
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Proterra Inc., which makes electric buses and battery systems, on Tuesday said it will go public through special purpose acquisition company ArcLight Clean Transition Corp., the latest in a wave of deals between automakers and SPACs. It comes as Lucid Motors Inc. has been in talks to go public via one of Michael Klein’s blank-check companies, according to people familiar with the matter.