Proterra Inc. will present batteries for electric transit vans that Lightning eMotors is constructing to meet rising demand from corporations wanting to electrify their fleets, the commercial electric car startups mentioned on Thursday.
Proterra and Lightning eMotors, each slated to go public by way of reverse mergers with particular objective acquisition corporations, didn’t disclose monetary particulars of the settlement.
SPACs are shell corporations that elevate money by means of an IPO of its shares to take one other company public inside two years.
Lightning eMotors, which has merged with GigCapital3 Inc. in a deal valued at $823 million, mentioned the primary transit vans with Proterra batteries are anticipated to be delivered to clients later this year.
The Colorado-based company mentioned it goals to develop its annual manufacturing capability to 3,000 automobiles this year, up from 1,000 at the moment. It buys the chassis of supply and passenger vans, buses and vans from corporations together with Ford Motors Co. and General Motors, which it then turns into electric fashions and equips with its personal expertise.
Proterra in January introduced a merger with ArcLight Clean Transition Corp. in a deal valued at $1.6 billion.
The California-based company offers electric buses and college buses to public transit companies, cities and college districts. It additionally sells batteries and charging infrastructure to fleet managers.
Proterra and Lightning eMotors are a part of a spread of commercial EV makers, together with Rivian, Fisker Inc. and Nikola Corp., in search of to build on the success of Tesla Inc.
The business has been increasing shortly at a time of rising curiosity from supply fleet operators together with United Parcel Service Inc. and Amazon.com Inc. Transit companies have additionally been wanting to electrify fleets in response to regulatory strain and in an effort to scale back greenhouse fuel emissions.