Canoo Will Become The Latest EV Startup To Go Public

Canoo Will Become The Latest EV Startup To Go Public

Electric car startup Canoo has introduced it would merge with particular goal acquisition firm Hennessy Capital Acquisition Corp IV and go public on the NASDAQ below the ticker image ‘CNOO’ earlier than the top of the yr.

With this announcement, Canoo is following within the footsteps of Nikola Motor and Fisker which have merged with so-called ‘blank check’ acquisition firms to go public. The merger values the mixed firm at $2.four billion and can present greater than $600 million towards the event of Canoo’s electrical automobiles.

Canoo was based in 2017 by a pair of former BMW executives and plans to start promoting subscriptions to its all-electric van in early 2022, barely behind preliminary plans that known as for subscription gross sales to start in late 2021. Bloomberg notes the corporate additionally desires to launch a sports activities sedan in 2025 whereas additionally promoting electrical supply vans for industrial use from early 2023.

Watch Also: Jay Leno Checks Out The Intriguing All-Electric Canoo Van

“We have enough funding to go, from now, straight forward, laser focused to start up production and deliver our vehicles,” Canoo co-founder and chief government Ulrich Kranz mentioned in an announcement.

Hennessy chairman and chief government Daniel Hennessy added that the particular goal acquisition firm checked out greater than a dozen electrical car and superior mobility firms earlier than deciding on Canoo. “It was clear to us that this company was truly world-class,” Hennessy commented.

Canoo unveiled its seven-seat electric van in September final yr. It is underpinned by a modular platform and encompasses a single, rear-mounted electrical motor producing 300 hp and an 80 kWh battery pack. The similar platform can be used for the aforementioned industrial van and the Canoo sports activities sedan.

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