Moving beyond electric vehicles themselves, blank-check companies are targeting battery developers critical to the growing demand for zero-emission commercial vehicles.
The most attractive battery-making companies have track records and significant revenue, reducing the risk to investors. The special purpose acquisition companies (SPACs) sponsoring their public debuts promise hundreds of millions of dollars for rapid scaling of the businesses.
Take Romeo Power Inc., founded in 2015 by expatriates of Tesla, SpaceX, Amazon and Samsung. Romeo (NYSE: RMO) completed a business combination with RMG Acquisition Corp. on Dec. 28. It has $545 million in contracted orders and a customer base representing 68% of North American Class 8 truck manufacturers.
