BURLINGAME, Calif. and BOSTON, Jan. 12, 2021 /PRNewswire/ — Proterra Inc (the “Firm”), a number one innovator in industrial car electrification expertise, right now introduced that it’s going to grow to be publicly listed via a transaction with ArcLight Clear Transition Corp. (Nasdaq: ACTCU, ACTC and ACTW) (“ArcLight”), a publicly traded particular objective acquisition firm. Upon closing, Proterra’s widespread inventory is predicted to commerce on the Nasdaq below the ticker image PTRA. The transaction represents an enterprise worth of $1.6 billion for Proterra.
Diversified Supplier of EV Applied sciences
Proterra is a high-growth industrial electrical car expertise chief with over a decade of manufacturing expertise. The Firm has designed an end-to-end, versatile expertise platform that delivers world-class efficiency and a low whole value of possession to unique gear producers (OEMs) and finish prospects. Proterra has three complementary companies:
- Proterra Powered: Delivering industry-leading battery techniques and electrification options to industrial car producers;
- Proterra Transit: Main North America because the market’s #1 electrical transit bus OEM; and
- Proterra Power: Providing end-to-end turnkey charging and vitality administration options.
The Firm’s industry-leading battery techniques have been confirmed in additional than 16 million service miles pushed by its fleet of transit automobiles and validated via partnerships with world-class industrial car OEMs, similar to Freightliner Customized Chassis Company (FCCC), Thomas Constructed Buses, Van Hool, Bustech, and Optimum-EV. Up to now, Proterra has produced and delivered greater than 300 megawatt-hours of battery techniques, greater than 550 heavy-duty electrical transit buses and put in 54 megawatts of charging techniques.
Proterra operates manufacturing amenities in California and South Carolina, in addition to a state-of-the-art R&D lab in Silicon Valley. The Firm lately introduced the opening of a brand new battery manufacturing line co-located in its electrical transit bus manufacturing facility in Los Angeles County. This battery manufacturing line was established inside a yr and demonstrates Proterra’s means to carry its scalable and capital-efficient battery manufacturing course of on to industrial car OEMs alongside their present manufacturing.
Following the shut of the transaction, Jack Allen, Proterra’s Chairman and CEO, will proceed to guide the Firm, and Jake Erhard, President, CEO and Director of ArcLight Clear Transition Corp., will be a part of Proterra’s board.
“After delivering our first electrical transit bus a decade in the past, Proterra has remodeled right into a diversified supplier of electrical car expertise options to assist industrial car producers electrify their fleets. Our success is in no small half due to a devoted group of staff which might be dedicated to innovation and forward-thinking options,” mentioned Jack Allen, Chairman and CEO of Proterra. “This transaction allows Proterra to take the following step in direction of our mission of advancing EV expertise to ship the world’s greatest performing industrial automobiles. As well as, it introduces a companion in ArcLight that has a shared deal with sustainability and renewable vitality. We stay up for working carefully with the ArcLight group as we create worth for our shareholders and prospects, scale our enterprise to new ranges and profit the world round us.”
“We launched ArcLight Clear Transition with a transparent aim of figuring out and partnering with mission-driven corporations with differentiated expertise, compelling development alternatives and a confirmed means to execute,” mentioned Jake Erhard, President, CEO and Director of ArcLight Clear Transition Corp. “With a portfolio of modern merchandise, a considerable first-mover benefit over its opponents and a demonstrated means to scale, Proterra completely suits these standards. We stay up for working carefully with the Proterra group to execute its strategic priorities and ship shareholder worth.”
Sturdy Monetary Basis
Proterra has generated sturdy outcomes so far, together with $193 million of anticipated 2020 income, $750 million in present orders and backlog and 26% gross margin enlargement over the past three years. Upon completion of the transaction, Proterra expects to have as much as $825 million in money to fund development initiatives, together with R&D and the enlargement of its next-generation battery program. This new program is designed to enhance the fee and efficiency of Proterra’s battery expertise to allow the electrification of all industrial car segments, serving to scale back air pollution, enhance air high quality, and safeguard the surroundings around the globe.
Picture courtesy of Proterra