European tech SPAC deals in 2021
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
- Israeli MIPI specialist in $1.1bn SPAC deal
- Navitas in $1bn SPAC deal
- Quantum computing startup to join SPAC craze
- UK connected car startup in $1.1bn SPAC deal
- UK post-quantum encryption firm in $1.4bn SPAC deal
- Space tech company to IPO via SPAC deal
- Digital manufacturing startup looks to spur growth
- Active LiDAR company to go public in yet another SPAC deal
- Space-based cellular broadband startup to IPO via SPAC deal
- 3D space capture company going public via SPAC deal
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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