Get in the KNOW
on LA Startups & TechX
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%.
Snap Inc. has acquired Pixel8earth as it pushes to grow and monetize the Map feature on its flagship app, Snapchat.
Based in Boulder, Colorado, Pixel8earth uses crowdsourced data to develop 3D maps.
The acquisition was initially disclosed with few details in Snap's first-quarter filing to the SEC, below the more detailed disclosure of its $124.4 million acquisition of Fit Analytics. Snap said it paid $7.6 million for an unnamed company.
On Monday Snap confirmed that the unnamed company was Pixel8earth.
Snap executives have called the Snap Map a "multibillion-dollar opportunity," frequently noting that over 250 million users engage with the feature every month. The company has continuously pointed to ongoing efforts to add "utility" to the feature, particularly regarding the value it can bring to small businesses searching for local customers.
In its SEC filing, Snap said the acquisition was meant "to enhance our existing platform, technology, and workforce." Based on Pixel8earth's former co-founders' LinkedIn profiles, it appears they have been fully absorbed by Snap. Former CEO Sean Gorman lists his current role as a Boulder, CO-based "Software Engineering Manager" at Snap, while his former co-founder and CTO Pramukta Kumar lists his role as an Austin-based "Computer Vision Engineer" at Snap.
- Snap Shares Soar, But Will Advertisers Ever Get How It Works? - dot ... ›
- Electrify America Invests $200M in Southern California - dot.LA ›