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Illustration: Sarah Grillo/Axios

Quanergy Systems, a Sunnyvale, Calif.-based developer of solid-state lidar sensors, agreed to go public at an implied $1.4 billion equity value via CITIC Capital Acquisition Corp. (NYSE: CCAC).

Why it matters: There's likely to be political scrutiny on this one, given that the SPAC sponsor is backed by the Chinese government and the SPAC target once angled to have its technology integrated into Trump's border wall (although its current business appears focused on auto and IoT applications).

  • ROI: Quanergy raised around $325 million from firms like Newbury Ventures, Rising Tide Fund, G Squared, Manhattan Venture Partners, MicroVentures, Delphi Automotive, Daimler, Reform Ventures, Canas Capital, Trans-Pacific Technology Fund and HOF Capital.
  • The bottom line: "Quanergy is a developer of solid state silicon lidar units, which pulses a low-power laser through an optical phased array to measure the distance and shape of objects. Historically, lidar sensors involved moving parts — generally some mechanism to rotate the laser so it can scan the surrounding area. The company also develops perception software that interprets the sensor data." — Aria Alamalhodaei, TechCrunch

Go deeper

Women are leading the new Latin American literature boom

Photo illustration: Sarah Grillo/Axios. Photos: David Levenson, Ray Tang/Anadolu Agency/Getty Images

Gone are the whimsical elements, and in come the suspense, the gothic and the noir. The new Latin American Boom is here, and it is being led by women.

What’s happening: Writers like Argentines Samanta Schweblin and Mariana Enríquez, Mexican Fernanda Melchor and Chilean Lina Meruane have made international waves with books that comment on quotidian violence — gender and otherwise — as well as othering through pulse-racing, enthralling and occasionally beautiful horror.

Updated 24 mins ago - Sports

Olympics dashboard

Suni Lee. Photo: Jamie Squire/Getty Images

🥇 : U.S. gymnast Suni Lee wins gold in the women's individual all-around

🤸🏾‍♀️: Simone Biles reacts to "love and support" after withdrawing from all-around gymnastics and team finals, citing her mental health

🏃: U.S. pole vaulter Sam Kendricks withdraws from Games after positive coronavirus test

🏊‍♂️: Caeleb Dressel wins gold in men's 100m freestyle —Bobby Finke wins gold in first men's Olympic 800m freestyle

📷: In photos: Tokyo Olympics day 6 highlights

🗓: The Olympic events to watch today

🏃‍: Female Olympians push back against double standard in uniforms

Go deeper: Full Axios coverage

Heat dome sends temperatures soaring from Oregon to Louisiana

Forecast maximum temperatures (darker red shading represents the hottest temperatures, in the upper 90s to low 100s, Fahrenheit). July 29. Image: WeatherBell

The Pacific Northwest is once again in the midst of a heat wave after already seeing its worst such event on record this summer. Temperatures are soaring into the low 100s in some areas, while dangerous heat is also affecting the South Central states and Gulf Coast.

Why it matters: The occurrence of yet another heat wave during a drought in the West is ratcheting up wildfire risks. The heat itself is a major public health risk, as extreme heat is typically the biggest annual weather-related cause of mortality in the U.S.

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