Solid Power, a US-headquartered solid-state battery manufacturer backed by several corporate investors, agreed yesterday to a reverse merger with special purpose acquisition company Decarbonization Plus Acquisition Corporation III.
The combined business will take the Nasdaq Capital Market listing acquired by Decarbonization Plus Acquisition Corporation III in a $350m initial public offering in March this year, and will have an implied $1.2 billion pro forma enterprise valuation.
The transaction will be boosted by $165m in private investment in public equity financing from Koch Strategic Platforms, a vehicle for chemicals group Koch, as well as Riverstone Energy, Neuberger Berman funds and Van Eck Associates Corporation.
Solid Power produces solid-state batteries for use in electric vehicles and mobile devices, utilising a sulfide solid electrolyte instead of the liquid electrolytes in conventional lithium-ion batteries.
The company revealed this week the series B round it announced last month was sized at $135m and led by BMW with backing from fellow carmaker Ford Motor Company and venture capital firm Volta Energy Technologies.
Ford had already invested an undisclosed amount in Solid Power in April 2019, funding that formed part of a series A round which closed at $26m in October 2020, according to a securities filing.
The round also featured battery producer A123 Systems, automotive component maker Sanoh, automotive manufacturer Hyundai, electronics provider Samsung and chemical producer Solvay, the last three through Hyundai Cradle, Samsung Ventures and Solvay Ventures respectively.
