Polestar, an electric car brand, has announced that it will be made public through a SPAC. It becomes the last of many electric car companies that have chosen to follow this path in the last year.
In the last year, we have seen EV companies such as Faraday Future, Lucid Motors, Canoo and many others being made public through SPAC deals.
This has resulted in billions of investments flowing into start-ups to speed up its electricity transition. automotive industry.
Polestar, which came out of Volvo as a fully electric brand and is owned by China's Geely, is now following suit.
Today, Polestar announced a reverse merger with Gores Guggenheim to become a public company.
Gores Guggenheim has $ 800 million in cash to contribute to the deal, and at the same time, they are entering into a $ 250 million PIPE financing agreement for a liquidity of more than $ 1 billion after the deal. The deal estimates Polestar at $ 20 billion.
The automaker delivered 10.000 electric vehicles last year and has significant operations in many markets, but the its financial situation is still unknown.
Thomas Ingenlath, CEO of Polestar, commented on the announcement:
"This is a really exciting time for Polestar. With two award-winning cars on the road today in 14 active markets on three continents, we aim to expand to 30 markets by 2023. We are excited about the targeted addition of three new premium electric cars to our lineup by 2024, starting with our first SUV to is expected to be released in 2022. In Gores Guggenheim, we found a partner with an impressive history. "The agreement will allow us to accelerate our growth, our strategy and, most importantly, our mission towards sustainable mobility."
As noted, the automaker plans to expand its range with a new electric a SUV next year and two additional models in 2024.
Source of information: electrek.co