Electric vehicle technology manufacturer Proterra agreed to go public Jan. 12 through a merger with ArcLight Clean Transition Corp., a special-purpose acquisition company.

The deal values Proterra, which has a manufacturing facility in Greenville and builds buses and provides battery systems and other products for heavy electric vehicles, at $1.6 billion.

Daimler Trucks, Fidelity Management & Research Company LLC and BlackRock-managed funds also backed this transaction.

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