Proterra announced the intention to become publicly listed through a merger transaction with ArcLight Clean Transition Corp., a publicly-traded special purpose acquisition company (SPAC), which is already on the Nasdaq.

Over the years, multiple times we have read rumors about the possible IPO, but it seems that it's no more a thing since at least a year or so and most of the EV-related companies are going public through SPAC.

According to the press release, once the transaction is completed, Proterra expects to have up to $825 million in cash and will be valueded at $1.6 billion.

"Upon closing, Proterra’s common stock is expected to trade on the Nasdaq under the ticker symbol PTRA. The transaction represents an enterprise value of $1.6 billion for Proterra."

"...Proterra expects to have up to $825 million in cash to fund growth initiatives, including R&D and the expansion of its next-generation battery program."

For most of us, Proterra is known for its electric buses sold in North America, but when describing itself, the company has put in the first place the battery systems and electrification solutions to commercial vehicle manufacturers:

  • Proterra Powered: Delivering industry-leading battery systems and electrification solutions to commercial vehicle manufacturers;
  • Proterra Transit: Leading North America as the market’s #1 electric transit bus OEM; and
  • Proterra Energy: Offering end-to-end turnkey charging and energy management solutions.

So far, Proterra has produced and delivered more than 300 MWh of battery systems, more than 550 electric buses (out of over 1,000 ordered) and installed 54 MW of charging systems.

Proterra EV Battery Manufacturing Facility in Los Angeles County
Proterra EV Battery Manufacturing Facility in Los Angeles County
Proterra EV charging solutions
Proterra EV charging solutions

The Company’s industry-leading battery systems have been proven in more than 16 million service miles driven by its fleet of transit vehicles and validated through partnerships with world-class commercial vehicle OEMs, such as Freightliner Custom Chassis Corporation (FCCC), Thomas Built Buses, Van Hool, Bustech, and Optimal-EV.

Proterra has two manufacturing sites, the first is in South Carolina, while the second one is in California (in include also battery pack production). Additionally, there is an R&D lab in Silicon Valley.

The revenues in 2020 are expected to be at $193 million. Proterra reports "$750 million in existing orders and backlog and 26% gross margin expansion over the last three years."

More details about the transaction:

"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.[1]

The transaction is further supported by a $415 million PIPE at $10.00 per share from key investors, including strategic partners Daimler Trucks and Constellation, existing investors Franklin Templeton, Broadscale, 40 North and G2VP, as well as new investors such as Chamath Palihapitiya, Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Neuberger Berman Funds and affiliates of ArcLight.

Proterra’s existing shareholders have agreed to convert 100 percent of their ownership stakes into the new company, and are expected to own more than 60 percent of the pro forma company at close."

Got a tip for us? Email: