Proterra, an innovator in commercial vehicle electrification technology, will become publicly listed through a transaction with ArcLight Clean Transition Corp., a publicly traded special purpose acquisition company. The transaction represents an enterprise value of $1.6 billion for Proterra.
The transaction is expected to deliver approximately $648 million in cash at closing, including approximately $278 million of cash held in ArcLight Clean Transition Corp.’s trust account from its initial public offering in September 2020.
Key investors include Daimler Trucks and Constellation; existing investors Franklin Templeton, Broadscale, 40 North and G2VP; as well as new investors such as Chamath Palihapitiya, Fidelity Management & Research Co., funds and accounts managed by BlackRock, Neuberger Berman Funds, and affiliates of ArcLight.
Proterra’s existing shareholders have agreed to convert 100 percent of their ownership stakes into the new company, and are ex
