Canoo is the most recent electrical car startup in america to go public, with its shares beginning to commerce on the Nasdaq on Tuesday beneath ticker image “GOEV.”

The shares opened at a worth of $22.82 and on the time of writing had been buying and selling at $20.36. Canoo is assumed to have acquired roughly $600 million from the deal.

For its itemizing, Canoo adopted within the footsteps of fellow EV startups Nikola, Lordstown Motors, and Fisker by coming into a so-called “reverse merger” with a particular objective acquisition firm whose shares are already publicly traded, on this case Hennessy Capital Acquisition Corp. One other EV startup, Mullen Technologies, additionally plans to go public through a reverse merger.

Canoo was established in 2018 by a number of former Faraday Future executives. The corporate is predicated in Los Angeles and already has near 300 workers.

Canoo has developed a modular EV platform that can initially be utilized in a small but spacious minivan additionally referred to as Canoo. The minivan is anticipated to launch in late 2021 and be adopted by a last-mile delivery van in 2022. A sporty coupe can be within the firm’s plans.

What’s going to set Canoo aside from different EV startups is a subscription enterprise mannequin. Clients can pay a set month-to-month payment that covers all prices, together with registration, upkeep, insurance coverage, and charging. These subscribers will not personal their automobiles, however they will even be capable of give these automobiles again at any time when they need.