Proterra Stock

Proterra announced the intention to become publicly listed through a merger transaction with ArcLight Clean Transition Corp.

The special-purpose acquisition company will use $278 million raised through an initial public offering in September as well as $415 million being raised in a private investment in public securities transaction to help finance the deal, regulatory filings show.

Proterra Inc on Tuesday agreed to go public through a merger with ArcLight Clean Transition Corp, in a deal valued at $1.6 billion, including debt, joining several electric vehicle makers that have listed in the last few months.