E-bus and batteries company Proterra going public in $1.6bn deal

by Michael Green
California-based electric bus and battery manufacturer Proterra is set to go public through a merger with special acquisition company, ArcLight Clean Transition Corp, in a deal valued at $1.6bn (£1.1bn).

On completion of the transaction, due in the first half of this year, Proterra expects to have up to $825m in cash to fund initiatives including an expansion of its next-generation battery programme – using cells co-developed with lithium-ion battery giant LG Energy Solution.

Proterra chairman and CEO Jack Allen, who will continue to lead the company, said the deal was the next step as Proterra expands its presence in the commercial vehicle market.

"In addition, it introduces a partner in ArcLight that has a shared focus on sustainability and renewable energy. We look forward to working closely with the ArcLight team as we create value for our shareholders and customers, scale our business to new levels and benefit the world around us.”

New production line

Proterra announced in 2017 that it was working with LG Chem to develop its E2 battery pack cells.

The company has facilities in California and South Carolina, as well as an R&D; lab in Silicon Valley – and recently announced the opening of a new battery production line, co-located in its electric transit bus manufacturing facility in Los Angeles County.

To date, Proterra has produced and delivered more than 300 MWh of battery systems, more than 550 heavy-duty electric transit buses and installed 54 MW of charging systems.

Proterra said its next-gen batteries will have increased energy storage capacity and higher power density.

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