Solid Power, a maker of solid-state batteries backed by Ford and BMW, confirmed it has agreed to merge with a blank-check firm in a deal that values the combined company at about $1.2 billion.
The electric-vehicle battery developer expects to complete its combination with Decarbonization Plus Acquisition in the fourth quarter and list on the Nasdaq under the ticker symbol SLDP. Bloomberg News reported last week the companies were in merger talks.
Once the deal closes, Solid Power expects to have about $600 million in cash, including $165 million from a private investment in public equity, or PIPE.
The Louisville, Colorado-based company expects to supply batteries that offer almost 500 miles (805 kilometers) of driving range to future Ford and BMW vehicles.
The Decarbonization Plus SPAC is an affiliate of Riverstone Investment Group. Led by CEO Erik Anderson, it raised $350 million in a March initial public offering.
QuantumScape, another solid-state battery developer that counts Volkswagen Group as its biggest shareholder, became a public company through a SPAC merger.