BURLINGAME, Calif.,
June 15, 2021 /PRNewswire/
-- Proterra Inc ("Proterra" or the "Company"), a leading
innovator in commercial vehicle electrification technology, today
announced that its shares of common stock and warrants will begin
trading on the Nasdaq Global Select Market today under the new
ticker symbols "PTRA" and "PTRAW," respectively. This follows the
completion of the Company's previously announced business
combination with ArcLight Clean Transition Corp. (Nasdaq: ACTCU,
ACTC and ACTW) ("ArcLight"), a special purpose acquisition company,
that resulted in Proterra becoming a publicly-listed company.
ArcLight shareholders approved the combination at an extraordinary
general meeting on June 11, 2021.
The Company has raised more than $640
million in cash from the business combination with ArcLight
to fund growth initiatives, including R&D and its
next-generation battery program. As a public company, Proterra is
well-positioned to deliver on its mission to enable the
electrification of commercial vehicles, helping to reduce pollution
and protect public health while combating the global climate
crisis.
"As demand for zero-emission solutions continues to grow around
the globe, we are proud to be meeting our customers' needs with our
industry-leading EV technology," said Proterra CEO Jack Allen. "Today's milestone is a testament to
the hard work of our team and the support of our valued customers,
partners and investors. We are excited to build on the strong
foundation we have created over the past decade and begin this new
chapter as a publicly-traded EV technology leader. We remain
focused on advancing our EV technology to power the world's best
performing commercial vehicles, and believe today is a major step
forward in our ability to accelerate these initiatives."
"We are pleased to have completed our business combination with
Proterra," said Jake Erhard, the
former President and CEO of ArcLight, and a Director of Proterra.
"As a leader in EV technology, Proterra has significant
opportunities ahead for value creation, and we are excited about
the Company's prospects as it enters the next phase of growth."
Proterra operates manufacturing facilities in California and South
Carolina, as well as a state-of-the-art R&D lab in
Silicon Valley. With more than 600 vehicles on the road today, the
Company's industry-leading battery systems have been proven through
approximately 20 million service miles driven, and validated
through partnerships with world-class commercial vehicle
manufacturers to electrify delivery vehicles, construction
equipment, school buses, coach buses, and more. To date, Proterra
has produced and delivered more than 300 megawatt-hours of battery
systems and installed 46 megawatts of charging systems. Its fleet
of zero-emission, electric transit buses have displaced more than
100 million pounds of CO2 tailpipe emissions.
Proterra will be ringing the closing bell at Nasdaq on
June 16 to celebrate the company's
public listing. A live stream of the event can be viewed by
visiting:
https://www.nasdaq.com/marketsite/bell-ringing-ceremony
Advisors
BofA Securities acted as lead financial
advisor and Fenwick & West LLP and Latham & Watkins LLP
acted as legal counsel to Proterra. Barclays acted as M&A
advisor, Citigroup acted as M&A and Capital Markets advisor,
and Kirkland & Ellis LLP served as legal counsel to ArcLight
Clean Transition Corp. Morgan Stanley & Co. LLC and Barclays
acted as lead placement agents, and BofA Securities acted as joint
placement agent for ArcLight Clean Transition Corp.
About Proterra
Proterra is a leader in the design and
manufacture of zero-emission electric transit vehicles and EV
technology solutions for commercial applications. With
industry-leading durability and energy efficiency based on rigorous
U.S. independent testing, Proterra products are proudly designed,
engineered and manufactured in America, with offices in Silicon
Valley, South Carolina, and
Los Angeles County. For more
information, visit: http://www.proterra.com and follow us on
Twitter @Proterra_Inc.
About ArcLight Clean Transition Corp.
Prior to the business combination, ArcLight Clean Transition
Corp., led by Chairman Daniel Revers
and President and Chief Executive Officer Jake Erhard, focused on market leading companies
that facilitate the decarbonization of industrial, government and
consumer segments, and targeted large addressable markets with
differentiated technology and sustainable competitive advantages
that enable the creation of substantial long-term value for
shareholders. ArcLight prioritized companies led by experienced
management teams that embrace the potential to utilize ArcLight's
industry experience to maximize the value to shareholders.
Forward-Looking Statements
Certain statements in this press release may be considered
forward-looking statements. Forward-looking statements are
statements that are not historical facts and generally relate to
future events or the Company's future financial or other
performance metrics. In some cases, you can identify
forward-looking statements by terminology such as "believe," "may,"
"will," "potentially," "estimate," "continue," "anticipate,"
"intend," "could," "would," "project," "target," "plan," "expect,"
or the negatives of these terms or variations of them or similar
terminology. Such forward-looking statements, including statements
regarding the Company's mission, growth and prospects, are
subject to risks and uncertainties, which could cause actual
results to differ materially from those expressed or implied by
such forward looking statements. New risks and uncertainties may
emerge from time to time, and it is not possible to predict all
risks and uncertainties. These forward-looking statements are based
upon estimates and assumptions that, while considered reasonable by
the Company and its management, are inherently uncertain and
subject to material change. Factors that may cause actual results
to differ materially from current expectations include, but are not
limited to, various factors beyond management's control, including
general economic conditions and other risks, uncertainties and
factors set forth in the Company's filings with the Securities and
Exchange Commission (SEC), including the registration statement on
Form S-4 filed by ArcLight in connection with the business
combination, as well as factors associated with companies, such as
the Company, that are engaged in commercial electric vehicle
technology, including anticipated trends, growth rates, and
challenges in those businesses and in the markets in which they
operate; macroeconomic conditions related to the global COVID-19
pandemic; trends with respect to government funding for public
transit; the willingness of corporate and other public
transportation providers to adopt and fund the purchase of electric
vehicles for mass transit; expected adoption of electrification
technologies for commercial vehicles; the size and growth of the
market for alternative energy vehicles in general and medium-and
heavy-duty electric vehicles, including transit buses and other
commercial vehicles, in particular; the effects of increased
competition; the ability to stay in compliance with laws and
regulations that currently apply or become applicable to the
commercial electric vehicle technology business and government
contractors; the failure to realize the anticipated benefits of the
business combination; and the ability of Company to issue equity or
equity-linked securities or obtain debt in the future. Nothing in
this press release should be regarded as a representation by any
person that the forward-looking statements set forth herein will be
achieved or that any of the contemplated results of such
forward-looking statements will be achieved. You should not place
undue reliance on forward-looking statements in this press release,
which speak only as of the date they are made and are qualified in
their entirety by reference to the cautionary statements herein.
The Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
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SOURCE Proterra