EV startup Canoo has announced that later this year it will become publicly listed following in the footsteps of other electric vehicles automakers such as Nikola and Tesla.
Canoo said in a press release that it will go public via a special-purpose acquisition company, or SPAC, called Hennessy Capital Acquisition Corp IV (HCAC). After the merger, which currently has Canoo valued at $2.4 billion, the company will be known as Canoo Inc and be listed under the ticker symbol “CNOO.”
Canoo has been working on a skateboard platform, which is a modular electric rolling chassis that will give the flexibility to create a different range of models. The company is currently working with Hyundai to codevelop new electric platforms. The startup skateboard will be used for the new and upcoming Hyundai and Kia EVs. The Korean company already has its own EV options such as the Kona, which just achieved the 1000 km range milestone, so this move highlights how Hyundai is pressing on the accelerator to speed up its electrification.
The fact that other automakers are hiring Canoo to develop platforms will help the electrification process and the containment of costs, according to Canoo co-Founder and CEO Ulrich Kranz.
“Our technology allows for rapid and cost-effective vehicle development through the world’s flattest skateboard architecture, and we believe our subscription model will transform the consumer ownership experience,” he said.
The Californian company has designed a 7-seater EV that will be distributed under a subscription model, similar to the ones of Fisker and Polestar, and it will be launched in 2022. It is designed with either 2- or 4-wheel drive and will have up to 300 hp. The modular skateboard will offer up to 80 kWh of battery capacity.
The merger with Hennessy will free up approximately $600 million that the company will put towards the development and production of these vehicles.
“We are thrilled to partner with Canoo on their mission to reinvent urban mobility with a greener, simpler and more affordable portfolio of EV solutions,” said Daniel Hennessy, chair and CEO of HCAC, in a statement.