ArcLight ( ACTC ) is bringing Proterra to market at a reasonable valuation.

Proterra is a best in class commercial electric vehicle company with a solid offering, organization, and plan making it much more than an EV bus company.

Since its founding in 2004 and first bus delivery in 2009 Proterra has sold more than 1,000 EV buses in North America, the largest in region, and has a 50% market share.

The company has installed over 450 charge points. The plan is to be able to deliver peak power to handle hundreds of vehicles with fleet chargers some of which are capable of charging 40 buses at a time. The company is focused on building out fleet depots, en-route top up locations, and warehouse charging locations using existing infrastructure where possible.

Unlike many of their EV peers the price to sales ratio on any near term year is still fairly inexpensive at 13.8x compared to a lot higher levels from SPAC EVs of late.

Gross margins are expected to plateau around 25% which is likely to be more than attainable in our experience. They have a roadmap plotted to achieve this via scale and component improves by 2025 from current levels of 4%.

SOURCE : Steve Zachritz, Jan. 13, 2021, Seeking Alpha


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