Strong Energy, a maker of solid-state batteries backed by Ford and BMW, confirmed it has agreed to merge with a blank-check agency in a deal that values the mixed firm at about $1.2 billion.
The electrical-vehicle battery developer expects to finish its mixture with Decarbonization Plus Acquisition within the fourth quarter and record on the Nasdaq below the ticker image SLDP. Bloomberg Information reported final week the businesses have been in merger talks.
As soon as the deal closes, Strong Energy expects to have about $600 million in money, together with $165 million from a personal funding in public fairness, or PIPE.
The Louisville, Colorado-based firm expects to produce batteries that supply virtually 500 miles (805 kilometers) of driving vary to future Ford and BMW autos.
The Decarbonization Plus SPAC is an affiliate of Riverstone Funding Group. Led by CEO Erik Anderson, it raised $350 million in a March preliminary public providing.
QuantumScape, one other solid-state battery developer that counts Volkswagen Group as its largest shareholder, grew to become a public firm by means of a SPAC merger.
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