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Photo: Canoo

Canoo is slated to become the latest fledgling electric vehicle player to go public via merger with a special purpose acquisition company (SPAC).

Why it matters: A number of electric vehicle companies are using that model in place of traditional IPOs to raise money and begin trading.

  • Lordstown Motors and Fisker both announced SPAC deals this summer, while Nikola Motors began trading in June after one of the transactions.

The state of play: Los Angeles-based Canoo announced Tuesday the merger with Hennessy Capital Acquisition Corp. IV.

  • The deal will take Canoo public at a valuation of $2.4 billion, the companies said.
  • It's bringing in investments from funds and accounts managed by BlackRock and others, providing Canoo with about $600 million in new capital.

The backdrop: Canoo is looking to lure consumers with a subscription-based model for an eponymously-named "lifestyle" vehicle it hopes to launch in 2022. It's envisioned as an "urban loft on wheels," Axios' Joann Muller reported last year.

  • "In addition, Canoo has designed a commercial delivery [business-to-business] vehicle with expected availability in 2023 that directly capitalizes on Canoo's core skateboard technology," per the SPAC announcement.
  • The company's skateboard architecture has attracted outside interest too, with Hyundai announcing this year that it plans to develop future vehicles using it.

Go deeper: SPACs are the new IPOs

Go deeper

Ben Geman, author of Generate
Nov 20, 2020 - Energy & Environment

How Biden's win could juice electric vehicle growth

Illustration: Sarah Grillo/Axios

President-elect Biden's win could juice electric vehicle sales in the U.S. by a lot, per an analysis from the Center for Strategic and International Studies.

The big picture: Biden, who talks a lot about electric vehicles, is expected to try to scuttle Trump administration regulations that weakened the Obama-era auto mileage and emissions rule. And go even further.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Fauci says he accepted Biden's offer to be chief medical adviser "on the spot" — The recovery needs rocket fuel.
  2. Economy: U.S. economy adds 245,000 jobs in November as recovery slows — America's hidden depression: K-shaped recovery threatens Biden administration.
  3. Education: Devos extends federal student loan relief to Jan. 31
  4. States: New Mexico to allow hospitals to ration coronavirus medical care
  5. Vaccine: What vaccine trials still need to do.
  6. World: UN warns "2021 is literally going to be catastrophic"
  7. 🎧 Podcast: Former FDA chief Rob Califf on the vaccine approval process.
2 hours ago - Health

A safe, sane survival guide

Photo: Luka Dakskobler/SOPA Images/LightRocket via Getty Images

We all know, it’s getting worse.

Reality check: Here are a few things every one of us can do to stay safe and sane in coming months: