ArcLight Clean Transition Corp. (NASDAQ: ACTC) shares are trading up 7.12% at $17.90 in premarket trade this morning. ArcLight stock gained 15.64% during the last trading session to close at $16.71. A trading volume of 1.26 million shares was recorded for the ACTC stock last day, which was less than the 1.66 million daily average volume published over the past 50 days. Recent development of its affiliated firm has enabled ACTC stock price to rise.
What was the recent move?
In order to facilitate the decarbonization of government, industrial, and consumer segments, ArcLight Clean Transition Corp. places a focus on market leaders. As a result, ACTC targets large addressable markets with differentiated technology and sustainable competitive advantages that can provide significant shareholder value over the long term.
ArcLight prioritizes companies led by experienced management teams that will allow it to utilize their experience to optimize shareholder value. As a special purpose acquisition company, ACTC recently entered into a merger agreement with Proterra Inc, leading innovator in commercial vehicle electrification technology.
The Washington State Department of Enterprise Services has recently selected Proterra to be a vendor to supply zero-emission battery-powered transit buses and charging infrastructure under the state’s regional Cooperative Purchasing Contract.
Proterra was chosen to help reduce the costs of purchasing vehicles by streamlining access to vehicles best suited for particular transit needs. A pre-established contract with the Washington State Cooperating Purchasing program allows transit agencies and universities to buy Proterra battery-electric buses and charging infrastructure.