Arclight Clean Transition Corp (NASDAQ:ACTC) stock price is up 10% during pre-market on Wednesday, following the biggest E-school bus deal in U.S.
The Board of Education in Maryland’s Montgomery County voted unanimously on Tuesday evening to approve a 16-year, $169 million contract to lease 326 buses, part of a plan that could result in the county replacing its entire 1,422-bus fleet over the next 20 years.
The vehicles will be built by Thomas Built Buses Inc. and Proterra. Proterra is an electric vehicle (EV) company with a focus on buses. Proterra announced on Jan. 12 a plan to go public with the help of Boston-based ArcLight Clean Transition Corp.,a special purpose acquisition company (SPAC).
The contract would be the first electric school bus contract in the nation that is not dependent on federal grants, noted Todd Watkins, the transportation director of Montgomery County Public Schools.