Ford-sponsored Solid Power spoke with Decarbonization SPAC

Ford-sponsored Solid Power spoke with Decarbonization SPAC

Solid Power, a generator of solid state batteries calculated by Ford Motor Co. and BMW AG among its investors include Decarbonization Plus Acquisition Corp. He is in talks to make it public through a Merger with III, according to people who know about the subject.

The company, which has a blank check, wants to raise more than $ 100 billion in new equity to allow the combined entity to accept a $ 1.2 billion transaction, including debt, one person said. Conditions could change and as with all unfinished agreements, conversations may collapse.

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The Solid Power representative did not immediately respond to the request for comment. A spokesman for Decarbonization Plus declined to comment.

Colorado-based Solid Power raised $ 130 million last month in a round led by Ford, BMW and Volta Energy Technologies LLC, the company said will help it produce automotive-scale batteries in its production line early next year. “Solid-state battery technology is important for the future of electric vehicles, which is why we are investing directly in it,” Thai Thai-Tang, Ford’s product platform and operations manager, said at the time.

Solid Power is one of the companies trying to develop solid state batteries, an innovation that promises to accelerate the adoption of electric vehicles tremendously, offering motorists a safer and cheaper alternative to lithium-ion batteries.

Decarbonization Plus is a subsidiary of SPAC Riverstone Investment Group. Led by CEO Erik Anderson, it raised $ 350 million in a public offering in early March.

QuantumScape Corp., a solid state battery developer that considers Volkswagen AG to be the main shareholder, became a public company through the merger of SPAC. The market value on Tuesday evening was about $ 12.3 trillion.

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