- It added that the company will have $600 million in cash after completing the merger with Decarbonization Plus Acquisition Corp III
- SPACs are publicly listed shell companies that raise funds intending to merge with private companies to take them public
As per a report by Reuters, Solid Power Inc, an electric-vehicle battery maker backed by Ford Motor Co and BMW, said that it would go public by merging with a blank-check firm in a deal that values the combined entity at around $1.2 billion. It added that the company will have $600 million in cash after completing the merger with Decarbonization Plus Acquisition Corp III.
$165 million from private investors
The report added that this included $165 million from private investors such as Koch Strategic Platforms, Riverstone Energy Limited, Neuberger Berman funds and Van Eck Associates Corporation. Ford and BMW had last month participated in Solid Power’s $135 million early-stage financing round.
SPACs are publicly listed shell companies that raise funds intending to merge with private companies to take them public. The transaction is expected to close in the fourth quarter, after which Solid Power would be listed on the Nasdaq under the new symbol “SLDP”, added the report.
