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VentureSouth partner Proterra goes public

Staff Report //January 13, 2021//

VentureSouth partner Proterra goes public

Staff Report //January 13, 2021//

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Greenlink purchased four Proterra buses from the company's Greenville facility last year. (Photo/Provided)VentureSouth portfolio company Proterra will become a publicly traded company through the acquisition of ArcLight Clean Transition Corp.,  the investment company announced today.

The special purpose acquisition values the electric vehicle manufacturing company at $1.6 billion and boosts its resources for additional growth, according to a news release. After the merger closes, which is expected in 2021’s second quarter, Proterra’s stock will be traded on the Nasdaq under the ticker symbol PTRA.

Proterra is based in Silicon Valley, but Greenville serves as its East Coast operations and manufacturing base.

VentureSouth first invested in the company when Proterra moved to Greenville from Colorado in 2011 as local investors partnered with the Upstate Carolina Angel Network, the predecessor to Venture South, and SCRA.

Since its founding, Proterra has manufactured and delivered more than 300 megawatt hours’ worth of battery systems and 550 heavy duty electric transit buses, including those used in Greenville’s Greenlink fleet, according to the release. Over 54 megawatts of charging systems have also been installed by the company.

“We have been immensely proud to be part of the Proterra journey since their arrival in Greenville a decade ago,” Matt Dunbar, managing director of VentureSouth, said in the release. “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.”

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