Battery Producer Solid Power To Go Public Via $1.2 Billion SPAC Merger

Solid-state battery manufacturer Solid Power Inc. said it is going public via a merger with a special acquisition purpose company (SPAC) Decarbonization Plus Acquisition Corporation III (NASDAQ: DCRC), in a business deal that will value the company at a pro forma enterprise valuation of $1.2 billion.

The company will debut on the NASDAQ stock exchange once the transaction is completed under the ticker symbol “SLDP”.

"Today marks an important milestone of commercializing Solid Power's next generation of all-solid-state batteries that can alleviate the two largest passenger EV pain points: range anxiety and cost. In addition to our existing partners, Ford and BMW, we are now excited to partner with the DCRC team that shares our vision of powering a cleaner, safer and cost-effective electric future,” said Doug Campbell, co-founder, and CEO of Solid Power.

Assuming there will be no redemptions by the SPAC’s stockholders, the transaction is expected to provide Solid Power with roughly $600 million in cash, including a $165 million PIPE investment led by Koch Strategic Platforms, Riverstone Energy Limited, Neuberger Berman funds, and Van Eck Associates Corporation.

"With nearly a $220 billion total addressable market, Solid Power is well-positioned for significant growth for years to come. Through the vision and leadership of Doug Campbell, they have built an incredible team, developed an all-solid-state battery technology platform that is expected to outperform lithium-ion and future next-generation battery technologies, and attracted a collection of world-class investors and partners," Robert Tichio, Chairman of the Board of DCRC and Partner at Riverstone Holdings LLC, added.

Solid Power plans to use the fresh capital to fund its operations and facilitate growth. The deal is expected to close in the fourth quarter of 2021.

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