Auto startups backed by blank-check companies

10/22/2020 | 07:37am

(Reuters) - A number of auto-related startups have signed billion-dollar-plus deals to go public with special purpose acquisition companies, known as SPACs.

In addition to Nikola, two more startups - lidar maker Velodyne and electric truck developer Hyliion - have gone public through reverse mergers with SPACs, while at least eight others are waiting in the wings.

Fisker Inc

Founded: 2016

Headquarters: Torrance, CA

Commercial partner: Magna International

SPAC partner: Spartan Energy Acquisition Corp

Product: Electric vehicles

Production start: Late 2022

2019 revenue: $0

Lordstown Motors

Founded: 2019

Headquarters: Lordstown, OH

Commercial partners: General Motors, Samsung SDI

SPAC partner: DiamondPeak Holdings Corp

Product: Electric trucks

Production start: Late 2021

2019 revenue: $0

Canoo

Founded: 2018

Headquarters: Torrance, CA

Commercial partner: Hyundai

SPAC partner: Hennessy Capital Acquisition Corp

Product: Electric vehicles

Production start: Mid 2022

2019 revenue: $0

ChargePoint

Founded: 2007

Headquarters: Campbell, CA

Commercial partners: BMW, Nissan, Volkswagen, General Motors

SPAC partner: Switchback Energy Acquisition Corp

Service: Electric vehicle charging

Production start: In production

2019 revenue: $200 million

QuantumScape

Founded: 2010

Headquarters: San Jose, CA

Commercial partner: Volkswagen

SPAC partner: Kensington Capital Acquisition Corp

Product: Solid-state battery

Production start: 2024-2025

2019 revenue: $6.5 million

Romeo Power

Founded: 2016

Headquarters: Vernon, CA

Commercial partner: BorgWarner

SPAC partner: RMG Acquisition Corp

Product: Electric vehicle batteries

Production start: In production

2020 revenue: $11 million (fiscal year estimate)

Luminar

Founded: 2012

Headquarters: Orlando, FL

Commercial partners: Volvo Car, Toyota, TuSimple, Nvidia

SPAC partner: Gores Metropoulos Inc

Product: Lidar sensors

Production start: Late 2022

2019 revenue: $15 million

XL Fleet

Founded: 2009

Headquarters: Boston, MA

Commercial partners: Isuzu, Enterprise

SPAC partner: Pivotal Investment Corp

Product: Electric truck conversions

Production start: In production

2019 revenue: $7 million

Velodyne

Founded: 1983

Headquarters: San Jose, CA

Commercial partner: Ford Motor

SPAC partner: Graf Industrial Corp

Product: Lidar sensors

Production start: In production

2019 revenue: $307 million

Hyliion

Founded: 2015

Headquarters: Austin, TX

Commercial partners: Toshiba, Dana, Faurecia

SPAC partner: Tortoise Acquisition Corp

Product: Electric trucks

Production start: 2021-2022

2019 revenue: $1 million

Source: Companies

(Reporting by Paul Lienert in Detroit; Editing by David Clarke)

© Reuters 2020
Copier lien
Latest news about "Economy & Forex"
5m ago
5m ago
9m ago
11m ago
13m ago