Electric vehicle (EV) startup Fisker has announced plans to become a publicly traded company through a merger with Spartan Energy.
The deal, which is expected to close in the fourth quarter this year, values Fisker at $2.9 billion, despite having no production vehicles for sale.
Fisker has plans to begin producing its first, the Fisker Ocean SUV, billed as the world’s most sustainable vehicle. The company claims it will be built with parts made from recycled and vegan materials, and be available in both RWD and AWD configurations featuring a 80kWh battery pack.
The company also plans to sell an off-road version of the Ocean SUV.
The proposed deal will reportedly provide enough funds for the company to bring the Ocean SUV to production by late 2022.
The deal is similar to the one recently made by Nikola Motors, which also saw it become a publicly traded company last month.