EV Engineering News

Commercial vehicle OEM Proterra debuts on Nasdaq

Commercial vehicle innovator Proterra will be ringing the closing bell at Nasdaq today (June 16) to celebrate the company’s public listing. Following the completion of the company’s business combination with ArcLight Clean Transition, the shares began trading on the Nasdaq Global Select Market under the new ticker symbol PTRA.

Proterra has raised more than $640 million from the business combination with ArcLight, which it will use to fund growth initiatives, including its next-generation battery program.

Proterra builds electric buses at manufacturing facilities in California and South Carolina. It also provides powertrains to other commercial vehicle OEMs through its Proterra Powered business unit, and offers energy management services under its Proterra Energy unit. The company has over 600 vehicles currently on the road, which have logged over 20 million service miles. To date, Proterra has delivered more than 300 megawatt-hours of battery systems and installed 46 megawatts’ worth of charging systems.

“Today’s milestone is a testament to the hard work of our team and the support of our valued customers, partners and investors,” said Proterra CEO Jack Allen. “We remain focused on advancing our EV technology to power the world’s best performing commercial vehicles.”

Source: Proterra

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