Electric Bus Maker Proterra To Go Public In $1.6 Billion SPAC Deal

SectorFinancial Markets
CountryMiddle east

This is one of more than 500 battery powered buses Proterra has manufactured and sold in the U.S. ... [+] and Canada. Proterra photo Proterra, an electric bus and battery manufacturer, will go public through a merger with ArcLight Clean Transition Corp., in a special purpose acquisition deal, values at $1.6 billion.

The transaction will generate $648 million in cash and an additional $415 million in investments from a group that includes Daimler Trucks, Franklin Templeton, Fidelity Management and funds managed by BlackRock BLK . Once the deal is completed, Proterra shares will be listed on the Nasdaq NDAQ exchange under the symbol “PRTA,” The deal comes three months after Burlingame, Calif.-based Proterra, raised $200 million from an investment group led by Cowen Sustainable Advisors, Soros Fund Management, Generation Investment Management and Broadscale Group. Special purpose acquisition companies (SPACs) are shell companies which raise money by agreeing to invest in startup ventures with the commitment to take them public within two years. They have become a frequently-used channel for new companies in the electric vehicle, battery and autonomous transportation industries. ...read more...