European tech SPAC deals in 2021

European tech SPAC deals in 2021
Business news |
eeNews Europe has identified 9 technology special acquisition companies Europe and Israel in the first half of 2021, compared to 24 in North America and one in Australia.
By Nick Flaherty

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The bubble of special acquisition companies (SPACs) is continuing and is starting to see more popularity with European and Israeli tech companies

eeNews Europe has identified 9 technology SPACs in Europe and Israel in the first half of 2021, compared to 24 in North America and one in Australia. However some of these such as Rockley Photonics have European founders, and others such as Solid Power have strong European investors such as BMW.  

While such companies can list on the London Stock Exchange, regulators are looking at ways to loosen the requirements. In the meantime the vast majority of SPAC deals see a listing on the NASDAQ exchange in the US, as well as the New York Stock Exchange.

The SPAC companies raises money from investors to acquire companies, releasing cash for significant expansion. Deals typically value the combined company at over $1bn and release around $300m to $400m. This is key for electric vehicle and aircraft makers as well as those companies developing networks of chargers and those launching satellites and space systems.

While the operational headquarters of the target companies remains the same, the combined company is often based is tax havens such as the Cayman Islands or the US. This may well be an increasing issue for investing companies based and regulated in Europe.

Tech is actually a small part of the boom. 298 SPACs had an initial public offering in 2021 so far, raising more than $97bn, exceeding the total for 2020. Many of the companies that went public last year are trading under their initial value, but these are all in the early stages of development which is less usual for the stock market.

European technology SPAC deals

EVGo, France

EV charging networks

Acquirer: Climate Change Crisis Real Impact I Acquisition Corp.

Valuation: $2.6 billion

Other Investors: Vision Ridge Capital Partners

Otonomo, Israel

Connected car data

Acquirer: Software Acquisition Group Inc. II

Valuation: $1.4 billion

Some Investors: Bessemer Venture Partners, SK Holdings

Lilium, Germany

eVTOL

Acquirer: Qell Acquisition Corp

Valuation: $3.3 bn

Some Investors: Tencent Holdings, Freigeist Capital

Wejo, UK

Connected car data

Acquirer: Virtuoso Acquisition Corp.

Valuation: $1.1bn

Some Investors: General Motors

Vertical Aerospace, UK

eVTOL

Acquirer: Broadstone Acquisition Corp.

Valuation: $2.2bn

Some Investors: Honeywell

Valens, Israel

MIPI connectivity

Acquirer: PTK Acquisition

Deal value $1.1bn

Other investors:  Mediatek

Arqit, UK

Post quantum encryption

Acquirer: Centricus Acquisition Corp

Deal value : $1.4bn

Other investors: Virgin Orbit 

Navitas, Ireland

GaN power chips

Acquirer Live Oak II SPAC Business Combination

Deal value $1.04bn

Wallbox, Spain

EV chargers

Acquirer : Kensington Capital Acquisition Corp. II.

Deal value $1.5bn

Related SPAC articles 

Next: US tech SPAC deals in 2021


Achronix Semiconductor
FPGAs

Acquirer: Ace Convergence Acquisition

Valuation: $2 billion

Some Investors: Battery Ventures, New Science Ventures

Faraday Future

EVs

Acquirer: Property Solutions  

Valuation $3.4bn

Helbiz

eScooters

Valuation: $408m

Acquirers: GreenVision Acquisition

 

Proterra, Canada

Electric buses

Acquirer: ArcLight Clean Transition Corp

Valuation: $1.6bn

Some Investors: Tao Capital Partners, Daimler

Microvast

EV chargers

Acquirer: Tuscan Holdings Corp

Valuation: $3bn

Some Investors: IFC Venture Capital Group, CITIC Securities

 

Astra

Space launcher

Acquirer: Holicity Inc

Valuation: $2.1bn

Some Investors:  ACME Capital, Airbus Ventures

Hyzon Motors

Fuel cell commercial EV

Acquirer: Decarbonization Plus Acquisition Corp

Valuation: $2.1bn

Some Investors: Honeywell

Latch

Smart locks

Acquirer: TS Innovations Acquisitions Corp.

Valuation: $1.56bn

Some Investors: Lux Capital, RRE Ventures

AEye

Lidar sensor

Acquirer: CF Finance Acquisition Corp.

Valuation: $2bn 

Some Investors: BootstrapLabs, Taiwania Capital

Xos

EV trucks

Acquirer: NextGen Acquisition Corp.

Valuation: $2bn

Some Investors: Build Capital Group, Proeza Ventures 

Lucid Motors

EVs

Acquirer: Churchill Capital Corp IV
Valuation: $11.75bn
Some Investors: Venrock, Saudi Arabia’s Public Investment Fund

Joby Aviation

eVTOL

Acquirer: Reinvent Technology Partners

Valuation: $6.6bn

Some Investors: Intel Capital, Capricorn Investment Group

IonQ

Quantum Computers

Acquirer: dMY Technology Group Inc. III

Valuation: $2bn

Some Investors: GV, New Enterprise Associates 

Evolv Technology
IoT security

Acquirer: NewHold Investment Corp

Valuation: $1.25bn

Some Investors: Stanley Ventures, Lux Capital

IronNet Cybersecurity

Cybersecurity

Acquirer: LGL Systems Acquisition Corp.

Valuation: $1.2bn

Some Investors: ForgePoint Capital, C5 Capital

Rockley Photonics

Photonics

Acquirer: SC Health Corp

Valuation: $1.2bn

Some Investors: Kreos Capital, Morningside Venture Investments

Velo3D

Lidar

Acquirer: JAWS Spitfire Acquisition Corp

Valuation: $1.6bn

Some Investors: Khosla Ventures, Piva Capital

NextNav, US

Indoor location services

Acquirer: Spartacus Acquisition Corp

Valuation: $1.2bn

Some Investors: New Enterprise Associates, Fortress Investment Group

Quanergy

Lidar sensors

Acquirer: CITIC Capital Acquisition Corp. (China)

Valuation $1.4bn 

Solid Power

Solid State battery

Acquirer: Decarbonization Plus Acquisition

Valuation $1.2bn

Investors: BMW, Ford

 

Embark, US

Self driving truck software

Acquirer Northern Genesis Acquisition Corp. II

Valuation $5.2bn

Investors Sequoia Capital 

Tritium, Australia

EV chargers

Acquirer: Soaring Eagle Acquisition Corp

Valuation: $1.2bn

Some Investors: Gilbarco Veeder Root

 

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