Fisker Inc. and Spartan Energy Acquisition Corp., a special purpose acquisition company sponsored by an affiliate of Apollo Global Management, Inc. (together with its consolidated subsidiaries, “Apollo”), announced they have entered into a definitive agreement for a business combination that would result in Fisker becoming a publicly listed company.
Based in Los Angeles, Fisker is developing electric vehicles designed to be eco-friendly. The proposed transaction is anticipated to provide the company the necessary funding to bring its first product, the Fisker Ocean, to production in late 2022.
The Fisker Ocean is a fully electric SUV with premium styling and features. The company's aim for the vehicle is for it to be "the world’s most sustainable vehicle," by including environmentally friendly and recycled materials.
Nikola combines with VectoIQ
Another OEM, Nikola Corp., announced the completion of its previously announced business combination with VectoIQ Acquisition Corp., a publicly traded special purpose acquisition company, and its listing on the Nasdaq Global Select Market.
The transaction proceeds are expected to accelerate vehicle production, allow the company to break ground on its manufacturing facility in Coolidge, AZ, and continue its hydrogen station infrastructure roll out.
The company expects to generate revenue by 2021 with the roll out of its Nikola Tre Class 8 BEV, followed by the Nikola Two Class 8 FCEV starting in 2023. The build out of hydrogen fueling stations will serve Nikola customers’ fleets, such as Anheuser-Busch.