The past few months have been particularly busy for California-based Proterra, a producer of commercial vehicle electrification technology. The company has landed two significant new OEM customers, it opened a new battery manufacturing facility, and it announced it will soon be publicly traded on the Nasdaq.
The company will be listed through a transaction with ArcLight Clean Transition Corp., a publicly traded special purpose acquisition company, and its common stock is expected to trade under Nasdaq ticker symbol PTRA. The transaction represents an enterprise value of $1.6 billion for Proterra. Following the close of the transaction, Jack Allen will continue to lead the company as Chairman and CEO, and Jake Erhard, President, CEO, and Director of ArcLight Clean Transition Corp. will join Proterra’s board.
“After delivering our first electric transit bus a decade ago, Proterra has transformed into a diversified provider of electric-vehicle technology solutions to help commercial vehicle manufacturers electrify their fleets,” said Allen. “This transaction enables Proterra to take the next step towards our mission of advancing EV technology to deliver the world’s best performing commercial vehicles. In addition, it introduces a partner in ArcLight that has a shared focus on sustainability and renewable energy.”
Batteries for Volta Trucks
Volta Trucks, an electric commercial vehicle manufacturer headquartered in London, has selected Proterra as the battery supplier for the world’s first purpose-built, fully electric 16-t commercial vehicle designed specifically for inner-city freight distribution called the Zero.
According to Volta Trucks, the Zero is capable of an operating pure-electric range of 150-200 km (95-125 mi) using Proterra batteries and will eliminate an estimated 180,000 t of CO2 by 2025. It also features a central driving position, with a much lower seat height than a conventional truck. This combination, plus a glass house-style cab design, enhances safety by giving the driver a wide 220-degrees of visibility, minimizing dangerous blind spots.
Prototype testing of the Zero began in September 2020.
The supplier agreement with Proterra completes Volta Trucks’ strategic sourcing of the electric powertrain for the Zero, which is scheduled to start customer trials later this year. (Earlier in February it confirmed Meritor as the strategic drivetrain component supplier. See that coverage here.)
The truck maker said it expects “tens of thousands” of Zero trucks expected on the roads soon after series production starts approximately in late 2022.
“Embracing clean, quiet transportation for all not only benefits how we move people around cities and towns but also how we provide goods and services to the communities we live in,” said Allen. “Proterra is excited to work with Volta Trucks as we accelerate the transition to 100% clean transportation and deliver Proterra Powered clean energy vehicles to communities across Europe.”
“When talking to our extensive group of customers, vehicle range is uppermost in their minds as it sits at the heart of the vehicle’s ability to deliver for them,” said Rob Fowler, CEO of Volta Trucks. “It was therefore imperative that we work with an industry-leader to ensure the quality, longevity, and safe performance of the battery. Proterra’s cutting-edge but well-proven battery technology perfectly delivers all of this for us and our customers.”
Helping Komatsu with electric excavator
Last month, Proterra announced a new collaboration with construction equipment manufacturer Komatsu to develop its first battery-electric middle-class hydraulic excavator. The agreement represents Proterra’s entry into the off-highway vehicle market and should result in the first battery-electric construction equipment carrying its new Proterra Powered brand.
Komatsu will use Proterra’s high-performance battery systems for the development of a proof-of-concept electric excavator in 2021 before expected commercial production in 2023 to 2024.
The Proterra battery system powering the electric excavator will feature high energy density and fast charging technology, as well as a customizable design to fit within a variety of vehicles. The packaging flexibility of Proterra’s battery platform enables the optimal placement of the batteries within the excavator and replaces the need for a normal counterweight used to balance the excavator’s hydraulic arm movements.
“As more communities embrace a zero-emission future, Proterra is excited to partner with Komatsu to develop battery-electric construction equipment,” said Allen. “Proterra’s best-in-class battery technology has been proven in 16 million miles driven by our fleet of transit vehicles. What’s working in our battery-electric transit vehicles on roads across North America can work off-road, too.”
New battery manufacturing facility near Los Angeles
The batteries for Proterra’s two new OEM customers, Volta Trucks and Komatsu, will be produced at the company’s new manufacturing facility in City of Industry, CA, which opened in December.
The new battery production line, which is collocated in the company’s EV bus manufacturing plant, will produce battery packs featuring new, next-generation cells and will create dozens of new jobs in Los Angeles County, including more than two dozen positions represented by the United Steelworkers Local 675.
The facility will expand the company’s battery production capacity to meet the growing demand for the company’s industry-leading battery systems in Proterra Powered commercial vehicles and transit buses. The battery line is focused exclusively on battery production specifically for commercial vehicle OEMs.
The City of Industry facility will produce batteries featuring Proterra’s redesigned modules with cells developed with LG Energy Solution. The new battery packs will carry greater energy storage capacity and higher power density to enable increased range and faster charge times. Since 2016, Proterra and LG engineering teams have been collaborating to maximize cell performance to meet the stringent requirements of commercial vehicle markets.
