Why ArcLight Clean Transition Stock Popped Today

Shares of ArcLight Clean Transition (NASDAQ: ACTC) popped as much as 12% this morning after Proterra, which is merging with the special purpose acquisition company (SPAC), scored part of a landmark deal for electric school buses. As of 11:10 a.m. EST, the stock was up 6%.

The board of education in Maryland's Montgomery County, a suburb just outside of Washington, D.C., has approved a massive contract for electric school buses, the largest municipal deal for buses ever. The contract to lease over 300 electric buses spans 16 years and is valued at $169 million. The county is working to upgrade its entire bus fleet of over 1,400 vehicles over the next 20 years.

Image source: Getty Images.

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Source Fool.com