- The pace of EV-SPAC deals in 2020 has been dizzying without showing any real signs of letting up despite some market turbulence on the way. A recap of some the deals recently completed or in the works is below.
- Electric Last Mile Solutions is in talks to go public through a merger with Forum Merger III Corp. (FIII). The company has a 675K square foot production plant in Indiana with a capacity to produce 100K vehicles annually.
- Lithium-ion battery maker QuantumScape is poised to combine with Kensington Capital (KCAC). Shares of KCAC are up more than 30% over the last few weeks.
- Canoo (CNOO) is looking for SPAC magic through a business combination with Hennessy Capital (HCAC). Canoo plans to offer its EV on a subscription-only basis when it goes into production in 2021 and wants to use a common skateboard platform across models.
- XL Fleet is aiming to go public through a merger with Pivotal Investment Corporation II (PIC.U) with an anticipated implied enterprise value of ~$1B. XL Fleet is described as the leader in connected fleet electrification solutions for commercial and municipal fleets.
- EV battery maker Romeo Systems is in advanced talks to go public through a merger with blank-check company RMG Acquisition (RMG). BorgWarner (NYSE:BWA) owns a piece of Romeo.
- EV startup Arrival (NASDAQ:ARVL) confirmed that it entered into a definitive business combination agreement with CIIG Merger Corp. (CIIC). Shares of CIIC shot up more than 60% over the last week off the SPAC excitement.
- Electric battery maker Microvast's merger talks with the blank check company Tuscan Holdings Corp (THCBU) have reportedly progressed to advanced levels.
- EV charging company ChargePoint is drawing closer to its reverse merger with Switchback Energy Acquisition (SBE).
- Lidar tech firm Luminar is going public through a $3.4B SPAC merger with Gores Metropoulos Inc (GMHI). The company just inked a key deal with Mobileye (NASDAQ:INTC). Mobileye hopes to have a robotaxi service in operation by 2022 and sell its autonomous tech stack to other companies.
- Lidar company Aeva will go public through a reverse merger with SPAC InterPrivate Acquisition (IPV.U) at a post-deal valuation of $2.1B. The deal is expected to close in early 2021.
- Electric vehicle startup Faraday Future confirmed recently that it is working on a deal soon to go public through a reverse merger with a special purchase acquisition company.
- A few EV-SPAC deals already in the books include closely-watched Nikola (NASDAQ:NKLA), Fisker (NYSE:FSR), Lordstown Motors (NASDAQ:RIDE), Hyliion Holdings (NYSE:HYLN) and Velodyne Lidar (NASDAQ:VLDR). Here is some of the share price action since June 1 on those names.
- Outside of the SPAC world, Lucid and Rivian (NASDAQ:RIVN) raised capital in the private market, while Chinese automakers Nio (NYSE:NIO), Li Auto (NASDAQ:LI) and XPeng Motors (NYSE:XPEV) all fired off traditional IPOs.
- Not to be lost in the shuffle, the EV mother ship is sitting on a market cap of over $460B. What is next for Tesla (TSLA)?
