California-based EV maker Fisker Inc. and Spartan Energy Acquisition Corp. have announced they have entered into a definitive agreement for a merger that would result in Fisker becoming a publicly listed company.
The proposed transaction is anticipated to provide Fisker the necessary funding to bring its first product, the Fisker Ocean, to production in late 2022.
Spartan Energy is a special purpose acquisition company sponsored by an affiliate of Apollo Global Management.
Henrik Fisker, Fisker CEO and founder, says: “Today, the realization of the world’s first digital car company took another major step forward, advancing our mission to commercialize the world’s most emotional and sustainable vehicles, while upholding our vision of a clean future for all. We are excited to partner with Apollo, a world-class financial institution who brings deep industry expertise, extensive global relationships and a shared commitment to ESG. This vote of confidence from investors, coupled with our exciting progress on the development of our first vehicle, lays out Fisker’s path to 2022 and beyond.”
He adds: “Drivers of the Fisker Ocean SUV will also benefit from our unique flexible lease program that maximizes affordability, while delivering unrivaled ownership flexibility. Deployed through our proprietary app, our leasing model has been designed to appeal to customers looking for the ultimate in sustainable mobility and freedom from traditional and restrictive leasing programs.”
The business combination values Fisker at a $2.9 billion.
The Fisker Ocean is a fully electric SUV with premium styling and features and has been designed to be the world’s most sustainable vehicle, including extensive use of environmentally friendly and recycled materials.