Polestar valued at $20bn as it prepares public offering
Swedish electric vehicle (EV) maker Polestar has reached an agreement to go public via a Special Purchase Acquisition (SPAC) with Gores Guggenheim Inc. The deal gives the carmaker a valuation of $20billion (€17.2bn).
An article on TechCrunch detailed that once the merger closes, the combined company will be held by a public company named Polestar Automotive Holdings UK Ltd. It will be listed on the US stock exchange Nasdaq with a ticker symbol “PSNY”.
A host of EV SPAC activity
Polestar joins a host of EV and EV-related companies to go SPAC over the past two years, including Arrival, Nikola, EVgo, Proterra, Lucid Motors, and many more.
Polestar’s aim is to build carbon-neutral vehicles and in order to achieve that it is creating a life cycle assessment framework for the EV manufacturing industry, one in which the entire manufacturing, sales, and end-of-life processes are transparent and traceable.
This deal will also enable Polestar to get to market faster in the USA and compete with Tesla.
Image of Polestar car and logo, courtesy of Shutterstock.