VentureSouth announced that its portfolio company Proterra, a leading commercial electric vehicle technology company with manufacturing operations in South Carolina, will become publicly listed through a merger with special purpose acquisition company ArcLight Clean Transition Corporation (Nasdaq: ACTC).
VentureSouth first invested in Proterra in 2011 when local investors partnered with the Upstate Carolina Angel Network (UCAN) and SCRA to provide bridge funding shortly after the company moved to Greenville, SC from Colorado. Since then, UCAN has grown into VentureSouth, one of the Top 10 angel investment groups in North America, while Proterra has grown into the leading provider of electric transit buses, battery systems and power management solutions.
Proterra’s leading position within the battery-powered commercial transportation industry has been validated by over 16 million miles driven by more than 550 heavy duty electric transit buses. In addition, the company has produced and delivered 300+ megawatt-hours of battery systems and installed 54 megawatts of charging systems.
The merger transaction, which values Proterra at more than $1.6 billion, will provide Proterra with substantial resources to continue their impressive growth.
VentureSouth Managing Director Matt Dunbar commented, “We have been immensely proud to be part of the Proterra journey since their arrival in Greenville a decade ago. The company has steadily led the way in moving the transit industry to clean, quiet electric power, and we are excited to watch this merger accelerate Proterra’s impact on the industry as a public company. Of course, we are also pleased to see our local and regional investors rewarded for their support of the company through each of its rounds of financing.”
Upon the closing of the merger, which is expected in the second quarter of 2021, Proterra’s stock will trade on the Nasdaq under the ticker symbol PTRA.
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