Batteries are the latest landing pad for investors, TechCrunch reports.
In the past week alone, two companies have announced plans to become publicly traded by merging with SPACs. European battery manufacturer FREYR said last week it would become a publicly traded company through a special purpose acquisition vehicle with a valuation at $1.4 billion. Houston-area startup Microvast yesterday announced its own SPAC, at a $3 billion valuation.
A $4.4 billion combined valuation for two companies with a little over $100 million in revenue (FREYR has yet to manufacture a battery) would seem absurd were it not for the incredible demand for batteries that’s coming. Read more.
