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Electric vehicle startup Canoo to go public via SPAC

Canoo, the Los Angeles-based electric vehicle startup, has hit a bargain to merge with special-purpose acquisition firm Hennessy Capital Acquisition Corp ., with a market its evaluation of $2.4 billion.

The announcement Tuesday celebrates the fourth hour this summer that an electric vehicle company has skipped the traditional IPO path and instead taken the company public through a uniting arrangements with a SPAC, also known as blank check fellowships. Nikola Corp ., Fisker Inc. and Lordstown Motor have also gone public — or announced those arrangements to — via a SPAC.

Canoo said it was able to raise $ 300 million in private investment in public equity, or PIPE, including investments from funds and accounts managed by BlackRock. Through the transaction, Canoo said it will have about $ 600 million that will go towards the production and start of electrical vehicles constructed off of its underlying skateboard technology.

Once the transaction closes, the blended operating fellowship will be specified Canoo Inc. and will continue to be listed on the Nasdaq Stock Market under the ticker mark “CNOO.”

HCAC Chairman and CEO Daniel Hennessy is betting on Canoo’s business simulate and its skateboard architecture and technology, which he noted in a statement has already been substantiated by key partnerships such as with Hyundai Motor Group.

Canoo started as Evelozcity in 2017, founded by former Faraday Future executives Stefan Krause and Ulrich Kranz. The corporation rebranded as Canoo in outpouring 2019 and debuted its first vehicle last September. The first Canoo vehicles, which will be offered only as a due, were expected to appear on the road by 2021. That timeline appears to have slipped to 2022, according to information shared alongside Tuesday’s announcement.

The heart of Canoo’s first vehicle, which inspects more like a microbus than a traditional electric SUV, is the ” skateboard ” building that houses the batteries and the electric drivetrain in a chassis underneath the vehicle’s cabin. That building caught Hyundai’s interest earlier this year. The Korean automaker announced in February plans to jointly develop an electric vehicle platform with Canoo, based on the startup’s proprietary skateboard design. The platform used only for future Hyundai and Kia electric vehicles as well as the automaker group’s so-called ” purpose constructed vehicles .” The PBV, which Hyundai showcased at Ce 2020, is a pod-like vehicle that the company says can be used for many purposes in transit, such as a diner or clinic.

Canoo isn’t just focused on concoctions for consumers. It likewise aims to offer business-to-business( B2B) vehicle configurations as well. All of Canoo’s EVs will share the same skateboard and use different cabins or “top hats” that can be paired on top to create unique vehicles, the company said. The corporation is aiming to produce its first B2B vehicle designed for give in 2023. This B2B vehicle will be designed to operate in thick-witted urban settings and concentrates on last-mile delivery.

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