VentureSouth partner Proterra goes public.

VentureSouth portfolio company Proterra will become a publicly traded company through the acquisition of ArcLight Clean Transition Corp., the investment company announced today.

The special purpose acquisition values the electric vehicle manufacturing company at $1.6 billion and boosts its resources for additional growth, according to a news release. After the merger closes, which is expected in 2021's second quarter, Proterra's stock will be traded on the Nasdaq under the ticker symbol PTRA.

Proterra is based in Silicon Valley, but Greenville serves as its East Coast operations and manufacturing base.

VentureSouth first invested in the company when Proterra moved to Greenville from Colorado in 2011 as local investors partnered with the Upstate Carolina Angel Network, the predecessor to Venture South, and SCRA.

Since its founding, Proterra has manufactured and delivered more than 300 megawatt hours' worth of battery systems and 550 heavy duty electric transit buses, including those used in...