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.
