Billionaire Chamath Palihapitiya invests big in climate change

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The merger transaction represents a $1.6 billion enterprise value for Proterra, which will  become a publicly-listed company. Proterra will be trading on the NASDAQ under the ticker symbol PTRA.

The electric buse manufacturer will receive up $825 million in cash to fund its growth. The transaction is expected to close in the first half of this year.

On the other hand, Proterra Chairman and CEO Jack Allen said the merger will drive more growth opportunities. “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. Besides, it introduces a partner in ArcLight that has a shared focus on sustainability and renewable energy.”

Chamath Palihapitiya says world’s richest person should fight for climate change

Palihapitiya is famous for being a climate change advocate. In an interview with CNBC last Thursday, he commented about Elon Musk becoming the richest person in the world. 

He said, “It’s really incredible actually. He’s somebody I’ve known for really a long time. I’ve looked up to him for a long time…He built the great car company…Five or six years ago, what I thought he was building was an energy company and eventually people would realize that climate change actually mattered. ”