EV-Tech Company Proterra to Go Public Through ArcLight SPAC
Proterra, Commercial Electric Vehicle Technology Leader, To Become Publicly Listed Through Transaction with ArcLight Clean Transition Corp.
Provides Resources to Take Proterra's Proven Portfolio of Next Generation Electric Vehicle Technology to New Levels of Growth
Includes $415 Million PIPE Investments Anchored by Daimler Trucks as well as Franklin Templeton, Chamath Palihapitiya, Fidelity Management & Research Company LLC, and Funds and Accounts Managed by BlackRock
Proterra to Have up to $825 Million in Cash to Fund Growth
The transaction is expected to deliver approximately $648 million in cash at closing, including approximately $278 million of cash held in ArcLight Clean Transition Corp.'s trust account from its initial public offering in September 2020.
Transaction Represents Enterprise Value of $1.6 Billion for Proterra
Proterra has generated strong results to date, including $193 million of expected 2020 revenue, $750 million in existing orders and backlog and 26% gross margin expansion over the last three years.
It is expected to close in the first half of 2021, subject to the satisfaction of customary closing conditions, including the approval of ArcLight Clean Transition Corp.'s shareholders.
finance.yahoo.com/news/proterra-commercial-electric-vehicle-technology-130000897.html
Provides Resources to Take Proterra's Proven Portfolio of Next Generation Electric Vehicle Technology to New Levels of Growth
Includes $415 Million PIPE Investments Anchored by Daimler Trucks as well as Franklin Templeton, Chamath Palihapitiya, Fidelity Management & Research Company LLC, and Funds and Accounts Managed by BlackRock
Proterra to Have up to $825 Million in Cash to Fund Growth
The transaction is expected to deliver approximately $648 million in cash at closing, including approximately $278 million of cash held in ArcLight Clean Transition Corp.'s trust account from its initial public offering in September 2020.
Transaction Represents Enterprise Value of $1.6 Billion for Proterra
Proterra has generated strong results to date, including $193 million of expected 2020 revenue, $750 million in existing orders and backlog and 26% gross margin expansion over the last three years.
It is expected to close in the first half of 2021, subject to the satisfaction of customary closing conditions, including the approval of ArcLight Clean Transition Corp.'s shareholders.
finance.yahoo.com/news/proterra-commercial-electric-vehicle-technology-130000897.html
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