Billionaire investor Chamath Palihapitiya announced on Tuesday that he just made his “biggest investment in climate change.”
In a tweet, Palihapitiya mentioned that he led a $415 million Private Investment in Public Equity (PIPE) in the merger deal between ArcLight Clean Transition Corp (NASDAQ: ACTC) and Proterra, a leader in commercial electric vehicle technology.
ArcLight is a publicly traded special purpose acquisition company (SPAC) focused on market leading companies that facilitate the decarbonization of industrial,
government and consumer segments.
I just made my biggest investment in climate change.$ACTC is merging with @Proterra_Inc to help take it public. I led the $415M PIPE.@Proterra_Inc is NA’s #1 EV bus OEM. The company’s technology, their lead and their revenues made this a no brainer for me. 1-pager attached. pic.twitter.com/Lv1Q6zkQwj
— Chamath Palihapitiya (@chamath) January 12, 2021
Daimler Trucks, Franklin Templeton, Fidelity Management & Research Company LLC, and BlackRock were part of the PIPE led by Palihapitita.
