Kensington Capital, whose blank-check firms have already taken public QuantumScape and Wallbox has tapped former Daimler chief Dieter Zetsche as vice chairman for a fourth automotive-focused particular function acquisition firm.

Its newest SPAC, Kensington Capital Acquisition Corp IV, filed Thursday to boost $200 million in an preliminary public providing. The corporate stated it’ll concentrate on buying a enterprise “working within the international automotive and automotive-related sector.”

SPACs provide early-stage firms a better route for going public than a standard IPOs. As is typical with different SPACs, Kensington Capital IV can have two years to discover a merger goal and full a deal, or face the prospect of refunding its buyers.

Zetsche, who left Daimler in 2019, brings greater than 45 years of automotive expertise to the SPAC, together with his function within the 2007 cut up of Daimler and Chrysler, in response to the submitting.

Zetsche additionally serves on the board of Luminar Applied sciences, an organization that was backed by tech billionaire Peter Thiel and went public in a SPAC deal in 2020.

Kensington’s first SPAC reached a deal in 2020 to accumulate solid-state battery startup QuantumScape. The mixed firm’s shares listed in November that 12 months and have fallen about 26 p.c from its worth on the time.

Kensington’s second SPAC took Barcelona-based electrical automobile charging firm Wallbox public final in October. Wallbox shares have jumped 49 p.c since then.