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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

Ben Geman, author ofย Generate
Jan 27, 2021 - Economy & Business

What to watch for in Tesla's Q4 earnings report

Data: FactSet; Chart: Danielle Alberti/Axios

Tesla will report Q4 2020 earnings after markets close today, with analysts expecting a sixth consecutive quarterly profit for the electric vehicle maker that was reeling just a few years ago.

Why it matters: Tesla is the country's dominant EV company, and its trajectory affects overall adoption of the tech, even as more and more models from other companies are hitting the market.

Updated 3 hours ago - Sports

Olympics dashboard

๐Ÿšจ: Japan's Naomi Osaka lights Olympic cauldron; Photos

๐Ÿ‘ป: How the no-spectator Olympics could affect the athletes

๐Ÿ‡บ๐Ÿ‡ธ: "What an honor it is to watch you soar," first lady tells U.S. Olympians

๐ŸŒ: Meet the underdogs from Latin America

๐Ÿฅ‡: The six new sports at Tokyo 2020

๐Ÿ’‰ About 100 U.S. Olympic athletes are unvaccinated

โœ๏ธ Axios at the Olympics: What it's like inside the opening ceremony

Go deeper: Full Axios coverage

Senate Democrats demand answers on FBI's Kavanaugh probe

Photographer: Andrew Harrer/Bloomberg via Getty Images

Senate Democrats are demanding that the FBI hand over "all records and communications" related to the FBI tip line set up to investigate Supreme Court Justice Brett Kavanaugh when he was a nominee in 2018.

Why it matters: The ask comes after the FBI revealed it received more than 4,500 tips about Kavanaugh when he was awaiting Senate confirmation amid sexual assault allegations. Only the most "relevant" of these tips were forwarded to the Trump White House.