SPACs, or special purpose acquisition companies, are struggling to collect previously committed cash in the latest sign of discontent in this once-booming corner of equity capital markets. At least three SPACs closed their respective deals this month without all of the money private investors had pledged to contribute. While fickle capital isn’t ideal, the moves […]
EV Maker Lucid Rises in Nasdaq Debut After Merger With Klein-Backed SPAC
The luxury electric-vehicle maker, run by an ex-Tesla engineer, had agreed to go public in February through a merger with Churchill Capital Corp IV. The merger gave the combined company a pro-forma equity value of $24 billion. Shares of Lucid Group Inc rose as much as 11% on their Nasdaq debut on Monday after the […]
American Electric Vehicle Startup Canoo to Build Plant in Oklahoma
Until the plant opens, VDL Nedcar in the Netherlands will build Canoo’s seven-seat vehicle for the US and European markets. It will employ more than 2,000 people and will also have assembly as well as a body and paint shop. An electric vehicle from the startup Canoo. U.S. electric vehicle startup Canoo said on Thursday […]
Iron Flow Battery Maker ESS Inc Goes Public in a $1.07 Billion SPAC Deal
Iron electrolyte flow battery company ESS Inc has become the latest energy storage industry player to target public listing of its stock, announcing a merger with a special purpose acquisition company (SPAC). The US company told Energy-Storage.news that a definitive agreement has been entered into for a business combination with ACON S2 Acquisition Corp, a […]
Electric Startup Volta Trucks to Expand Model Range
Company founder Carl-Magnus Norden told Reuters the expanded model range – trucks in the 7.5-tonne, 12-tonne, 16-tonne and 19-tonne weight categories – is based on customer demands to add to its first model, the Volta Zero. LONDON: Electric truck startup Volta Trucks said on Thursday it will add three new models for inner city zero-emissions […]
How to Plug Into Electric-Vehicle Chargers
Chargers may prove better investments than many EV makers, but stock pickers still need to choose between a plethora of business models. Among the picks and shovels in the electric-vehicle boom are charging points. They seem to be more reliable bets than the startup car brands looking to take on Tesla, but investors still need […]
Apollo SPAC Tied to Solar Lender Sinks to Palihapitiya’s Price
Solar stocks swooned Monday, casting a pall on an Apollo-backed special purpose acquisition company and enabling clean-energy investors to buy in at the same price as Wall Street titans like venture capitalist Chamath Palihapitiya. Apollo Capital Management-sponsored Spartan Acquisition Corp. II fell as much as 0.7% to $10, the price at which investors including Palihapitiya, […]
GIC-backed Greenko Energy raises $940m through latest bond issue
Green energy Holdings has raised $940 million for refinancing through its latest bond issue that closed on Monday, with the demand for Moody’s Investors Service’ Ba1 rated bond being over $2.5 billion. “At 3.85%, this is the lowest priced and largest bond in non-investment grade by any corporate from India,” said a person aware of […]
Billionaire Denis Sverdlov scores 3,000% gain through electric vehicle SPAC
Denis Sverdlov’s Arrival Ltd, merged with a SPAC CIIG Merger Corp, is now worth $15.3 billion, more than double its valuation at the start of last year. Denis Sverdlov, a former Russian deputy minister, was already a wealthy man from a telecom startup when he turned his attention to electric vehicles and founded Arrival Ltd. […]
Romeo Power And RMG Acquisition Corp. Announce Closing of Business Combination with $900 Million SPAC Deal
ROMEO POWER AND RMG ACQUISITION CORP. ANNOUNCE CLOSING OF BUSINESS COMBINATION; ROMEO POWER TO TRADE ON NYSE UNDER TICKER “RMO” AS OF DECEMBER 30, 2020 LOS ANGELES, CA: Romeo Systems, Inc. (“Romeo Power”), an energy technology leader delivering large-scale electrification solutions for complex commercial applications, announced today that it has completed its business combination (“Business Combination”) […]
