Proterra Inc., a U.S. commercial vehicle manufacturer, announced that it will list on the Nasdaq through a transaction with ArcLight Clean Transition Corp. (Nasdaq: ACTCU), a publicly traded special purpose acquisition company (SPAC). 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. Upon completion of the transaction, Proterra expects to have up to $825 million in cash to fund growth initiatives, including R&D and the expansion of its next-generation battery program.
The company says Jack Allen, Proterra’s Chairman and CEO, will continue to lead the Company, and Jake Erhard, President, CEO and Director of ArcLight Clean Transition Corp., will join its board.
Jack Allen, Chairman and CEO of Proterra, says: “After delivering our first electric transit bus a decade ago, Proterra has transformed into a diversified provider of electric vehicle technology solutions to help commercial vehicle manufacturers electrify their fleets. Our success is in no small part thanks to a dedicated team of employees that are committed to innovation and forward-thinking solutions.”
He adds: “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. In addition, it introduces a partner in ArcLight that has a shared focus on sustainability and renewable energy. We look forward to working closely with the ArcLight team as we create value for our shareholders and customers, scale our business to new levels and benefit the world around us.”
Proterra operates manufacturing facilities in California and South Carolina, as well as a R&D lab in Silicon Valley. The company recently announced the opening of a new battery production line co-located in its electric transit bus manufacturing facility in Los Angeles County.