Unlike SPAC listings that raised huge amounts of money for electric truck startups that haven’t sold a single vehicle–including Lordstown Motors, Nikola and Arrival–Proterra has generated revenue for more than a decade from electric transit buses.
“It’s the perfect time for us to go public mainly because this commercial vehicle market is at an inflection point,” says Allen, who was truckmaker Navistar’s COO and executive vice president before arriving at Proterra.
In 2020, hydrogen- and battery-powered truck startup Nikola founder and former CEO Trevor Milton resigned after a report by short-seller Hindenburg Research accused him of lying about its technical capabilities and market readiness of its products.
It’s also supplying battery packs, components and charging equipment to companies including coach bus builder Van Hool, industrial equipment manufacturer Komatsu, school bus maker Thomas and Volta, a startup maker of electric delivery trucks.
Energy Secretary Jennifer Granholm served on its board of directors until taking up her current position this year and President Joe Biden made a virtual visit to Proterra’s Greenville, South Carolina, bus factory in April.