Proterra announced the intention to become publicly listed through a merger transaction with ArcLight Clean Transition Corp.
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Proterra Stock |
Proterra is an American designer and manufacturer of electric buses and charging systems founded by Dale Hill in 2004. The company is credited with reducing greenhouse gas emissions by more than 5,000,000 lb. CO2 equivalent when compared to conventional diesel and CNG buses. Proterra’s key products include EcoRide BE35 – a battery-powered electric bus with 60 passenger capacity and Catalyst – a fuel-efficient 100% electric bus with 70 passenger capacity. The company also offers custom built double-decker buses with its proprietary battery packs. Proterra has its headquarters in California and manufactures its buses in California and South Carolina. As of 2017, the company sold over 400 vehicles across US and Canada.
Proterra announced the intention to become publicly listed through a merger transaction with ArcLight Clean Transition Corp.
The special-purpose acquisition company will use $278 million raised through an initial public offering in September as well as $415 million being raised in a private investment in public securities transaction to help finance the deal, regulatory filings show.
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.
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