Henrik Fisker has reason to be all smiles with his company’s plan to go public coming to fruition.

A week after the first rumblings, Fisker Inc. confirmed today its partnering with Apollo Global Management Inc. to take the electric vehicle maker public, netting the new Fisker $1 billion to help it get its first offering, the Ocean, into production.

The company will merge with Spartan Energy Acquisition Corp., a shell company formed by Apollo Global Management Inc., and then move to an initial public offering on the New York Stock Exchange. Using a shell company to facilitate the move is a common practice when taking a company public.

After the offering, some expect the new Fisker will be worth of nearly $3 billion at the $10.00 per share PIPE price  – the price of stock that investors will pay, usually lower than the publicly traded price – and assuming minimal redemptions by Spartan shareholders. The deal is expected to be complete during the fourth quarter of this year.

(Fisker going public through merger with investor-backed shell company.)

The deal will give the Los Angeles-based company the capital it needs to get the Ocean SUV into production and on the road in 2022, according to the company.

Henrik Fisker’s newest electric vehicle entry, the Ocean, is expected to arrive in 2022.

“Today, the realization of the world’s first digital car company took another major step forward, advancing our mission to commercialize the world’s most emotional and sustainable vehicles, while upholding our vision of a clean future for all,” Founder Henrik Fisker said in a statement.

“We are excited to partner with Apollo, a world-class financial institution who brings deep industry expertise, extensive global relationships and a shared commitment to ESG. 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.”

Though the additional funds are important for certain, where the Ocean – and any potential siblings – will be built has yet to be settled. The most likely candidate is Magna International, which builds vehicles for several automakers; however, that hasn’t been confirmed. It’s also reported that Volkswagen’s MEB platform could be used to accelerate production.

(Fisker sale in the works, could take EV startup in public.)

As with Tesla and the upcoming Ford Mustang Mach-E, the Fisker Ocean will be offered in several different configurations, starting with a base version, priced at $37,499, which uses a single electric motor powering the rear wheels. All other versions will have twin motors providing through-the-road all-wheel-drive.

The AWD package makes 225 kilowatts, or 302 horsepower, and the company plans to reveal an “ultra-high-performance” version next year that promises to launch from 0 to 60 in less than 3 seconds.

Fisker shows off the company’s app, which gives users a variety of options and functions.

The standard battery pack is 80 kilowatt-hours, and the company expects range of around 300 miles, though the final EPA numbers won’t be released until later this year. If the figures hold, it would make the Ocean one of the most efficient EVs on the market, potentially yielding even better miles-per-kilowatt than Tesla delivers. It certainly would look good against the Audi e-tron which manages just 204 miles per charge despite having a 95 kWh pack.

Charging to 80% on a 150-kilowatt quick charger will take about 30 minutes, Fisker claims. While pricing has been released, those interested in driving one will not be forced to buy the Ocean as the company plans to have a robust leasing enterprise.

“Drivers of the Fisker Ocean SUV will also benefit from our unique flexible lease program that maximizes affordability, while delivering unrivaled ownership flexibility,” Fisker said. “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.”

(By the numbers: Fisker offers plenty of specs on the all-electric Ocean SUV.)

The startup hasn’t revealed all of its pricing figure yet, but it noted during the vehicle’s debut earlier this year it will offer a “flexible,” essentially open-ended, lease starting at $379 a month. Meanwhile, it is planning to include free charging using Electrify America stations, though details have yet to be revealed.

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