All-solid-state battery producer Solid Power is going public on the Nasdaq through a special purpose acquisition company (SPAC) merger with Decarbonization Plus Acquisition Corp III (DCRB) - Get Report valued at $1.24 billion, the firms announced on Tuesday.
Upon closing, the combined company will be called Solid Power Inc and its common stock and warrants will trade on the Nasdaq under the ticker symbol SLDP.
Decarbonization Plus shares were trading down 11.2% to $10.74 on Tuesday morning.
"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," said Solid Power CEO Doug Campbell.
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Solid Power has eight years of technology development under its belt, and three years of manufacturing development. The company says its lone objective is to produce better-performing, all-solid-state batteries.
Solid says its batteries could provide a near 500-mile vehicle range on a single charge, which would be a 50% to 75% increase over any commercially available lithium-ion battery today.
"Solid-state batteries have long been the elusive technology breakthrough in the battery category for the better part of a decade," said DCRC board chairman Robert Tichio. "Solid Power's technology is built around a manufacturing process that would be indistinguishable to lithium-ion batteries, putting this Company in a league of its own."
The company estimates a nearly $220-billion total addressable market for solid-state batteries.
The company recently held a $135-million series B funding round, which brings the total amount of money the company has raised to about $650 million.