Proterra is to debut on Nasdaq today, after completing business combination with ArcLight Clean Transition Corp. More than $640 million have been raised to fund growth initiatives, including next-generation battery program, the Californian company points out.
Proterra now listed on Nasdaq
This follows the completion of the company’s previously announced business combination with ArcLight Clean Transition Corp., a special purpose acquisition company, that resulted in Proterra becoming a publicly-listed company. ArcLight shareholders approved the combination at an extraordinary general meeting on June 11, 2021, Proterra says.
Proterra states it «has raised more than $640 million in cash from the business combination with ArcLight to fund growth initiatives, including R&D and its next-generation battery program. As a public company, Proterra is well-positioned to deliver on its mission to enable the electrification of commercial vehicles, helping to reduce pollution and protect public health while combating the global climate crisis».
“As demand for zero-emission solutions continues to grow around the globe, we are proud to be meeting our customers’ needs with our industry-leading EV technology,” said Proterra CEO Jack Allen. “Today’s milestone is a testament to the hard work of our team and the support of our valued customers, partners and investors. We are excited to build on the strong foundation we have created over the past decade and begin this new chapter as a publicly-traded EV technology leader. We remain focused on advancing our EV technology to power the world’s best performing commercial vehicles, and believe today is a major step forward in our ability to accelerate these initiatives.”
“We are pleased to have completed our business combination with Proterra,” said Jake Erhard, the former President and CEO of ArcLight, and a Director of Proterra. “As a leader in EV technology, Proterra has significant opportunities ahead for value creation, and we are excited about the Company’s prospects as it enters the next phase of growth.”