Billionaire Chamath Palihapitiya invests big in climate change

Chamath Palihapitiya
Chamath Palihapitiya

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.

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Daimler Trucks, Franklin Templeton, Fidelity Management & Research Company LLC, and BlackRock were part of the PIPE led by Palihapitita.