Electric vehicle battery maker Solid Power announced Tuesday that it will go public by merging with Decarbonization Plus Acquisition Corporation III blank checks into a deal valued at $1,200 million.
The company is expected to have approximately $600 million in cash, $165 million from investors such as Koch Strategic Platforms, Riverstone Energy Limited, the budget of Neuberger Berman and Van Eck Associates Corporation. The capital will be used to finance operations and growth.
Ford Motors and BMW recently participated in the $135 million B-Series financing of forged power in May. The two corporations have also expanded their partnerships with Solid Power to protect all forged state batteries for long-lasting electric vehicles.
Upon completion of the transaction, which is expected to close in the fourth quarter of 2021, the merged company will use the Nasdaq slate key “SLDP. “
Solid Power is expected to have a nine-person board composed of a majority of independents and will continue to be led through Solid Power’s existing control team.
Other electric vehicle brands have an audience through PSPC this year, such as Lucid Motors and Nikola Corp.
PSPC, front corporations to merge with personal corporations with the goal of including them in the stock market, has skyrocketed in popularity over the next year.
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