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.”

Highlights

Ultrafabrics textiles aim at transforming bus and coach interiors

For over 25 years, Ultrafabrics has redefined performance textiles, blending luxury, durability, and sustainability to create an innovative alternative to PVC and vinyl. Trusted by top brands like Jaguar Land Rover, McLaren, MAN, and even taking off into space with Virgin Galactic, Ultrafabrics is i...

BMZ Group and CALB: a partnership for Europe’s sustainable future

Forecasts by STRAT ANTICIPATION (“Risk assessment and success factors for mobility electrification”) indicate that in 2035, China will still have the highest demand for electric vehicle batteries, although its market share will decrease. At the same time, Europe is expected to double its demand for ...

Related articles

Hyundai debuts in Japan delivering a batch of 9-meter BEV buses

Hyundai Motor Company delivered last week e-buses in Japan for the first time. A batch of 5 Hyundai Elec City Town electric buses were indeed supplied to Tanegashima Yakushima Kotsu, a regional transportation and tourism service provider operated by the Iwasaki Group in Kagoshima Prefecture, Japan. ...

Irizar to deliver e-buses in Gijón, Spain

Irizar e-mobility will provide a batch of four 12-meter Irizar ie bus models in Gijón, northern Spain. They’ll be operated by carrier Empresa Municipal de Transportes Urbanos de Gijón (EMTUSA). The city becomes the 26th Spanish city deploying e-buses from the Basque company, that has surpassed...

JBM new European e-bus ready for launch at UITP Summit in Hamburg

Indian manufacturer JBM is preparing to reveal a battery-electric bus designed specifically for the European market, following its earlier appearances at Busworld 2023 and Bus2Bus 2024. We anticipated in late 2024 the launch, scheduled for 2025, of a new e-bus model for Europe. A new e-coach will co...