EV maker Proterra to go public in $1.6B SPAC deal
January 13, 2021- Share:
Proterra, a designer and manufacturer of heavy-duty electric vehicles, has agreed to a reverse merger with blank-check company ArcLight Clean Transition Corp. The deal values Proterra at $1.6 billion and includes a $415 million PIPE investment from backers including Daimler, Franklin Templeton, Chamath Palihapitiya, Fidelity Management & Research and BlackRock. Investors have poured more than $650 million into Proterra, valuing it at $1.1 billion in 2019, according to PitchBook data.
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