Jan 12, 2021 - Economy

Electric bus maker Proterra to go public

Illustration of a commercial electric truck leaving lighting bolt tracks behind it

Illustration: Eniola Odetunde/Axios

Electric bus company Proterra on Tuesday became the latest EV player to announce it's going public via a merger with a special purpose acquisition company.

Driving the news: The deal with ArcLight Clean Transition Corp. values Proterra at $1.6 billion. Proterra builds buses and also provides battery systems and other products for heavy electric vehicles.

Why it matters: It's the latest in a wave of SPAC deals as investors bank on major growth in what remain somewhat niche markets for electric vehicles of all stripes.

Backers of the transaction include Daimler Trucks, Fidelity Management & Research Company LLC and BlackRock-managed funds.

Go deeper: EV-Tech Company Proterra to Go Public Through ArcLight SPAC (Bloomberg)

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