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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)

Go deeper

Felix Salmon, author of Capital
Jan 14, 2021 - Economy & Business

The complex new landscape of going public

Illustration: Aïda Amer/Axios

The question is no longer whether a company should go public; it's how.

Why it matters: The much-resented traditional IPO, run by Wall Street and largely for Wall Street, now has competition. A lot of it.

29 mins ago - Politics & Policy

Stalemate over filibuster freezes Congress

Illustration: Sarah Grillo/Axios

Senate Majority Leader Chuck Schumer and Mitch McConnell's inability to quickly strike a deal on a power-sharing agreement in the new 50-50 Congress is slowing down everything from the confirmation of President Biden's nominees to Donald Trump's impeachment trial.

Why it matters: Whatever final stance Schumer takes on the stalemate, which largely comes down to Democrats wanting to use the legislative filibuster as leverage over Republicans, will be a signal of the level of hardball we should expect Democrats to play with Republicans in the new Senate.

Dave Lawler, author of World
56 mins ago - World

Biden opts for five-year extension of New START nuclear treaty with Russia

Putin at a military parade. Photo: Valya Egorshin/NurPhoto via Getty

President Biden will seek a five-year extension of the New START nuclear arms control pact with Russia before it expires on Feb. 5, senior officials told the Washington Post.

Why it matters: The 2010 treaty is the last remaining constraint on the arsenals of the world's two nuclear superpowers, limiting the number of deployed nuclear warheads and the bombers, missiles and submarines which can deliver them.