Chamath Palihapitiya’s ‘biggest investment in climate change’: ArcLight Clean Transition Corp. to merge with commercial EV maker Proterra

SourceBusiness Insider
SectorEconomy
CountryMiddle east

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. Sign up here our daily newsletter, 10 Things Before the Opening Bell. "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." On Tuesday, Palihapitiya announced via Twitter that the special purpose acquisition company ArcLight Clean Transition Corp. will merge with Proterra, taking the clean-tech commercial EV leader public. Palihapitiya lead a round of $415 million in private investment in public equity (PIPE) in Proterra, with the likes of Daimler Trucks, Franklin Templeton, Fidelity Management & Research Company LLC, as well as funds managed by BlackRock tagging along. The SPAC will provide resources, including $825 million in cash, to take Proterra's portfolio of commercial EV tech ...read more...