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But Proterra is also a Tier 1 supplier to eight commercial vehicle companies including Daimler Trucks North America and Komatsu, the Japan-based construction, mining, forestry and military equipment maker. And Proterra has a charging and infrastructure business that has installed chargers with a total of 46 megawatts of capacity across North America. A traditional IPO would have disallowed such projections.
The SEC also said stock warrants given to early SPAC investors should be characterized as liabilities rather than equity, a change that involves paperwork but no operational impact in most cases. Because it was already doing business, Proterra had leverage in choosing a SPAC with expertise in electrification as well as significant money Proterra could use to grow.
Allen retired six years ago from Navistar International Corp. Few electric vehicle SPACs have stock prices high enough for warrant holders to profitably cash out. Plans for the money include scaling manufacturing beyond its current ability to produce megawatt hours of batteries at its facility in Los Angeles.
Proterra also plans to invest in research and development around battery systems. Next to semiconductors, the vast majority of which are imported from Asia, battery cells are a commodity in short supply because so few are made in the U.
Daimler is an investor in Proterra. Truck-focused Electric Island charging site opens in Portland, Oregon. Competition intensifies for commercial vehicle battery makers. Click for more FreightWaves articles by Alan Adler. The company has manufactured nearly megawatt-hours of battery systems and heavy-duty electric transit buses. Proterra has also installed nearly 54 megawatts of charging systems. Founded in , Proterra is an automotive and energy storage company located in Burlingame, Calif. The company produces battery-electric buses as well as electric charging systems.
Users of the electric transit buses include over different public transportation agencies, including the New York City Metropolitan Transit Authority. The board of directors of both companies have approved the deal, and Proterra's current shareholders have agreed to convert percent of their ownership stakes into the new company. They are likely to own over 60 percent of the combined company at the close.
I just made my biggest investment in climate change. Proterra's IPO date hasn't been set but could happen in the coming months. Last year, Reuters reported that Proterra was exploring a merger with a blank-check company, according to the people familiar with the matter.
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Proterra Inc. begins public trading Wednesday and collects $ million from its SPAC sponsor.(Photo: Proterra Inc.). (Reuters) - Proterra Inc on Tuesday agreed to go public through a merger with ArcLight Clean Transition Corp, in a deal valued at $ Proterra dropped 21% last month, hitting a week low on Dec. The shares now trade below their $10 price at the SPAC merger. That often.