EV Maker Proterra Makes Wall Street Debut

Kiara Rodriguez
Kiara is an editorial intern at dot.LA. She has interned in communications at KCRW, assisted with economics research at Brookings Institution,and reported for local publications in New Jersey. Before joining dot.LA, she was a Yenching Scholar at Beijing University, researching the politics of international communications and leading the Yenching Academy’s podcast. She graduated from Princeton University in 2019 with a B.A. from the School of Public and International Affairs.
EV Maker Proterra Makes Wall Street Debut

Electric bus and vehicle company Proterra made its Wall Street debut Tuesday after its merger with special purpose acquisition company (SPAC) ArcLight Clean Transition Corp.

Shares of the California company — traded under the ticker symbol PTRA— were around $17.14 in midday trading after opening at $18.52.

Burlingame-based Proterra —which has a 157,000 square foot manufacturing facility in the City of Industry east of Los Angeles— has raised more than $640 million in cash from the merger with ArcLight to fund research and development and its battery program.

The deal includes $415 million in investments from Daimler Trucks, Franklin Templeton, venture investor Chamath Palihapitiya, Fidelity Management and funds managed by BlackRock Inc.

It's one of a string of electric vehicle companies including Fisker and Canoo cashing in on the boom in SPACs, shell companies that take startups public.

The company sees municipalities and commercial vehicle manufacturers with large fleets as the biggest clients for their battery system technology.

"Certainly, governments and communities want clean air and noise mitigation," Proterra's Chairman and CEO Jack Allen told investors in January. "But what ultimately wins them over is the increasing compelling total cost of ownership as battery costs continue to decline, complementing what is already a significant advantage in maintenance costs."

Allen said the company lowered its battery cost by 86% since 2017 and its labor and overhead by 55%.


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Activision Buys Game Studio Proletariat To Expand ‘World of Warcraft’ Staff

Samson Amore

Samson Amore is a reporter for dot.LA. He previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter at @Samsonamore. Pronouns: he/him

Xbox\u2019s various game developers it now owns: Activision, Blizzard and King.
Courtesy of Activision Blizzard

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Minnie Ingersoll
Minnie Ingersoll is a partner at TenOneTen and host of the LA Venture podcast. Prior to TenOneTen, Minnie was the COO and co-founder of $100M+ Shift.com, an online marketplace for used cars. Minnie started her career as an early product manager at Google. Minnie studied Computer Science at Stanford and has an MBA from HBS. She recently moved back to L.A. after 20+ years in the Bay Area and is excited to be a part of the growing tech ecosystem of Southern California. In her space time, Minnie surfs baby waves and raises baby people.
Bling Capital’s Kyle Lui On How Small Funds Can Better Support Young Founders

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