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EV-Tech Company Proterra to Go Public Through ArcLight SPAC

  • Merger is latest electric vehicle deal with blank-check firms
  • Deal expected to deliver about $648 million in cash at closing
Proterra electric bus.

Proterra electric bus.

Photographer: Proterra
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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 2021 subject to approval by ArcLight Clean’s shareholders.