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

Steph Willems
by Steph Willems
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]

Join the conversation
2 of 3 comments
  • SCE to AUX SCE to AUX on Jul 13, 2020

    "touting the man’s “world-renowned” design track record" Similar to John DeLorean's, so yeah.

  • Lorenzo Lorenzo on Jul 13, 2020

    Well, Henry Ford only succeeded with his second car company, although the first, renamed Cadillac, is still operating. Maybe the second time's the charm for Henrik. At least this time he's got a model that's currently popular. That makes me wonder if the SUV craze will be winding down, though.

  • Tassos the seller's name: "My VW Sucks" (!!!)WHy am I not in the very least surprised.
  • George Who’s winning the UAW strike? Nobody.Who’s losing the UAW strike? Everybody.
  • Zznalg Now, a slam of Subaru. I own an Outback Wilderness. Subaru has capitulated to lawyers and the regulatory environment to render life with their vehicles quite unpleasant. A few cases in point: The vehicles won't allow you to drive one MPH without ALL the seatbelts fastened. You cannot pull a Subaru out of a garage or parking space with no seatbelt without the car screaming at you. First there is the annoying beeping. After a few seconds Subaru ups its game and raised the volume ridiculously. To get it to shut up, I've even had to turn off the car and open a door. It is not enough to put it into park. The beeping continues. I am Not talking about driving without a seatbelt. I'm talking about 1 MPH maneuvers in one's own driveway. Next, the car's auto-breaking is tuned to slow you down or even slam on your brakes at every possible opportunity. The other day, my Wilderness decided to do just that almost resulting in my being rear ended. For NO reason. Next, the Outback Wilderness' transmission is tuned to prevent forward motion. It does its best to NOT GIVE POWER in nearly every situation unless you keep the accelerator depressed for more than 1-3 seconds. This is actually unsafe. In fact at highway speeds, when one presses the gas, the car momentarily reduces power and slows down. The paddle shifters help. But overall, Subaru has so neutered the Outback Wilderness to make a potentially great vehicle quite a drag to own and actually unsafe, in the service seemingly of preventing lawsuits and satisfying the EPA. I know not all of this may apply to the Crosstrek Wilderness but if you test drive one, you would be advised to look for these flaws.
  • Art_Vandelay UAW leadership always brings up CEO pay. Yet they never bring up that their last deal would likely have been better for membership had they not been on the take from those same CEO's. UAW members have far more beef with their own leadership than senior management of their companies.
  • IH_Fever Another day, more bloviating between the poor downtrodden union leeches and the corporate thieves. But at least pantsuit guy got a nice new shirt.