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Daimler Trucks-Backed Proterra to Go Public Through ArcLight SPAC

January 12, 2021

Proterra Inc., which makes electric buses and batteries, agreed to go public through a merger with special purpose acquisition company ArcLight Clean Transition Corp.

The deal represents an enterprise value of $1.6 billion for Proterra and includes $415 million from investors Daimler Trucks, Franklin Templeton, Fidelity Management & Research Co. and funds and accounts from BlackRock, among others, according to a statement. It’s expected to close in the first half of the year subject to approval by ArcLight Clean’s shareholders.

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