Mitsui, Edison Energy, BMW, Daimler, General Motors and Exelon-backed electric bus manufacturer Proterra achieved a $1.6bn enterprise value in the deal as special purpose acquisition companies take off in the sector.

The US-based bus company agreed a reverse merger with special purpose acquisition company ArcLight Clean Transition.

The transaction gives Proterra a $1.6bn enterprise valuation and will be boosted by $415m in private investment in public equity (PIPE) financing anchored by Daimler Trucks, a subsidiary of automotive manufacturer Daimler.

Investment and financial services group Fidelity also participated in the PIPE, along with Franklin Templeton, private investor Chamath Palihapitiya and funds and accounts managed by BlackRock.

Proterra manufactures plug-in electric buses for…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.