BMW-Backed Solid Power Seals SPAC Deal at $1.2 Billion Valuation
- Solid state battery maker merging with Decarbonization Plus
- Company expects to offer almost 500 miles of driving range
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Solid Power, a maker of solid-state batteries backed by Ford Motor Co. and BMW AG, confirmed it’s 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 Corp. III in the fourth quarter and list on the Nasdaq under the ticker symbol SLDP, according to a statement. Bloomberg News reported last week the companies were in merger talks.