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Proterra, a leader in commercial vehicle electrification, announced its common stock and warrants will begin trading on Nasdaq under the symbols PTRA and PTRAW following a business combination with ArcLight Clean Transition Corp. on June 11, 2021. The merger raised over $640 million to fund growth initiatives, including R&D and battery programs. Proterra aims to meet the growing demand for zero-emission vehicles, having displaced over 100 million pounds of CO2 emissions. The company celebrates its public listing with a closing bell event on June 16.
ArcLight Clean Transition Corp. (NASDAQ: ACTC) announced that its shareholders approved the business combination with Proterra Inc, a leader in electric vehicle technology. The merger is set to close on June 14, 2021, with Proterra's common stock and warrants trading under new ticker symbols "PTRA" and "PTRAW" from June 15, 2021. The transaction aims to enhance Proterra's market position in zero-emission vehicles and EV technology. Details of the extraordinary general meeting will be filed on Form 8-K with the SEC.
ArcLight Clean Transition Corp. (NASDAQ: ACTC) announced that the SEC has declared effective its registration statement for the proposed business combination with Proterra Inc. Shareholders of ArcLight, recorded as of May 4, 2021, will vote on this merger at an Extraordinary General Meeting on June 11, 2021, in Houston, Texas. Shareholders have until June 9, 2021, to exercise redemption rights. Upon approval, ArcLight will become a Delaware corporation, changing its name to Proterra Inc. and its stock will trade under new symbols 'PTRA' and 'PTRAW' post-merger.
Proterra Inc announced the election of Joan Robinson-Berry to its board of directors on May 6, 2021. Robinson-Berry, who recently retired from a 35-year tenure at Boeing, brings extensive leadership experience in engineering and technology. She served as Senior Vice President and Chief Engineer at Boeing Global Services and held various other executive roles during her career. Proterra aims to leverage her skills to enhance its growth and advance its mission of delivering high-performance electric vehicles. This move comes during Proterra's ongoing merger with ArcLight Clean Transition Corp (Nasdaq: ACTC, ACTCU).
Proterra Inc has been chosen by the Washington State Department of Enterprise Services to provide zero-emission battery-electric transit buses and charging infrastructure through a regional Cooperative Purchasing Contract. This selection will facilitate access for local transit agencies and commercial operators to Proterra's products. Proterra's battery-electric buses offer significant environmental benefits, including the reduction of approximately 230,000 pounds of greenhouse gases annually. The Proterra ZX5 features up to 329 miles of drive range, making it a leader in energy storage for 40-foot electric buses.
The Montgomery County Public Schools Board of Education has contracted with Highland Electric Transportation to electrify its school bus fleet, starting with 326 buses over four years. This marks the largest single procurement of electric school buses in North America. The project, supported by a $817,000 grant from the Maryland Energy Association, aims to cut carbon emissions by 25,000 tons annually and reduce diesel pollution. Partners include Thomas Built Buses and Proterra, supplying electric buses and infrastructure, contributing to public health and climate goals.
Proterra Inc, an electric vehicle technology leader, announced a merger with ArcLight Clean Transition Corp (Nasdaq: ACTCU, ACTC, ACTW) to become publicly listed. The transaction values Proterra at $1.6 billion and is set to close in the first half of 2021, pending approval. Proterra's businesses include Proterra Powered, Proterra Transit, and Proterra Energy, boasting significant production achievements, such as over 300 megawatt-hours of battery systems and more than 550 electric buses. The merger will provide Proterra with up to $825 million in cash for growth initiatives.
