ArcLight Clean Transition Corp.

ArcLight Clean Transition Corp. was a blank-check company, also known as a special purpose acquisition company (SPAC), incorporated as a Cayman Islands exempted entity and formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company stated it would not be limited to a particular industry or geographic region but intended to pursue opportunities created by the accelerating global transition toward sustainable use of energy and natural resources, targeting companies serving rapidly growing segments of the clean energy ecosystem including renewable power generation, energy storage, the distributed electrical grid, zero-emission transportation, renewable fuels, carbon capture, utilization and storage, zero- and low-carbon industrial applications, and sustainable manufacturing. The sponsor was ArcLight CTC Holdings, L.P., a Delaware limited partnership affiliated with ArcLight Capital Partners, LLC, a Boston-based private equity firm focused on energy infrastructure investments in North America that had invested approximately $23 billion across 110 platform investments since its founding in 2001, including roughly 5 gigawatts of renewable generation. Daniel R. Revers, the founder of ArcLight, served as Chairman, while John F. Erhard served as President, Chief Executive Officer, and Director, and Marco F. Gatti served as Chief Financial Officer.

The company priced its initial public offering on September 24, 2020, raising $250 million in gross proceeds by offering 25,000,000 units at $10.00 per unit on the Nasdaq Capital Market under the ticker symbol ACTCU, with the Class A common shares and warrants trading separately under the symbols ACTC and ACTCW, respectively. Each unit consisted of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant entitling the holder to purchase one Class A ordinary share at $11.50. The underwriters, led by Citigroup and Barclays, held a 45-day over-allotment option to purchase up to 3,750,000 additional units, which if exercised in full would have increased the offering to $287.5 million. Of the proceeds, $250 million, or $287.5 million if the over-allotment was exercised in full, was deposited into a U.S.-based trust account at Citibank, N.A., with Continental Stock Transfer & Trust Company as trustee, representing $10.00 per unit. The sponsor purchased 7,000,000 private placement warrants at $1.00 per warrant in a concurrent private placement. The company's charter provided for redemption of 100% of public shares if no initial business combination was consummated within 24 months of the closing of the offering.

ArcLight Clean Transition Corp. completed a business combination with Proterra Inc., an American electric vehicle and battery manufacturer based in Burlingame, California, founded in 2004 by Dale Hill, which designed and manufactured battery-electric transit buses, powertrain systems, and charging systems for heavy-duty fleets. Following the closing of the merger, reported on Form 8-K filed June 17, 2021, the combined entity operated under the name Proterra Inc. and traded on Nasdaq under the symbol PTRA. Proterra delivered 199 new transit buses and battery systems for 1,229 vehicles in 2022 and reported revenue of $309.4 million that year, but subsequently filed for Chapter 11 bankruptcy in August 2023. The company's assets were ultimately split and sold in November 2023, with its powertrain business acquired by the Volvo Group, its transit bus manufacturing business sold to Phoenix Motorcars, and its charging systems business purchased by Cowen Equity.