Fisker, Eager to Attract All Sorts of Green, Goes Public

As predicted last week, Fisker Inc., the company created by Henrik Fisker that aims to introduce an ultra-eco electric crossover, the Ocean, in 2022, has announced plans to go public.

Again, as expected, Fisker made its move by merging with a blank check company backed by a private equity firm.

Valued at $2.9 billion, the merger with Spartan Energy Acquisition Corp., an affiliate of Apollo Global Management, is expected to land the company $1 billion in gross proceeds, with common stock priced at $10 per share. The combined board of directors will feature existing Fisker members and an individual appointed by Apollo.

Production of the Ocean is set for 2022, with deliveries starting late that year. Boasting a range of 250 to 300 miles, the California-based company’s crossover aims to flaunt its green cred in an already green segment. Recycled fishing nets are just one eco-friendly material destined for the interior of this vehicle. Indeed, Fisker describes the Ocean as “the world’s most sustainable vehicle.”

Whether this model can sustain reach volume production and sustain consumer interest is another matter, as the compact EV crossover space will be fairly crowded by late 2022.

But that’s a concern for another day. On Monday Fisker himself was basking in the glow of those incoming investor dollars.

“This vote of confidence from investors, coupled with our exciting progress on the development of our first vehicle, lays out Fisker’s path to 2022 and beyond,” Fisker said in a joint release. “Drivers of the Fisker Ocean SUV will also benefit from our unique flexible lease program that maximizes affordability, while delivering unrivaled ownership flexibility. Deployed through our proprietary app, our leasing model has been designed to appeal to customers looking for the ultimate in sustainable mobility and freedom from traditional and restrictive leasing programs.”

Spartan CEO and co-head of infrastructure and natural resources at Apollo, Geoffrey Strong, talked up Fisker’s ecological commitment, touting the man’s “world-renowned” design track record. He also spoke favorably of Fisker’s management team.

With the boards of Fisker and Spartan having both approved the merger, the deal is expected to be completed in the fourth quarter of this year. In the meantime, the Ocean is also said to begin durability testing later this year.

[Image: Fisker, Inc]