EV maker Polestar to go public at $20 billion valuation via SPAC

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imageStock Markets11 minutes ago (Sep 27, 2021 06:16AM ET)

(C) Reuters. FILE PHOTO: People look at a Polestar car during the Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Michaela Rehle

By Krystal Hu and Nick Carey

(Reuters) -Swedish electric-car maker Polestar said on Monday it will go public by merging with a blank-check firm backed by billionaire Alec Gores and investment bank Guggenheim Partners at a valuation of $20 billion including debt.

The deal with Gores Guggenheim Inc will include cash proceeds of around $800 million and a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors.

The premium EV maker, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor and activist Leonardo DiCaprio among its investors.

Polestar’s offering includes two models – a hybrid performance car known as Polestar 1 and a fully electric Polestar 2, which are currently on roads across Europe, North America and Asia.

Polestar raised $550 million in external funding in April and announced plans in June to build Polestar 3 electric sport utility vehicles at Volvo’s U.S. plant in South Carolina starting in the second half of 2022.

EV maker Polestar to go public at $20 billion valuation via SPAC

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