• News
  • Guides
  • Reviews
  • Media
  • About
  • News
  • Guides
  • Reviews
  • Media
  • About
Sign up Now (For Free)

Sign up for our newsletter and receive the latest automotive news in your inbox!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Thanks for subscribing!
News
Read Now
  • All News
  • Automakers
  • Automobiles
  • Auto Shows
  • Business
  • EVs & Environment
  • Guides
  • Lawsuits/Legal
  • Regulatory
  • Ride-Sharing
  • Safety & Recalls
  • Technology
Recent
  • Toyota is No. 3 — Third Automaker to Pass EV Tax Credit Threshold
  • Ford Gains Ground on Strong June Sales, Up 31.5% YOY
  • Q&A: Cadillac Lyriq Exterior Design Manager Josh Thurber
  • After 18% Sales Slide, Tesla No Longer World’s Best-Selling EV Brand
  • Get Updated on Cars, EVs and More with the Headlight News Podcast
  • Founder of Spartan Diesel Technologies Faces a Year in Jail for Selling Diesel Defeat Devices
  • What Costs More: New Car or Rent? The $1K a Month Car Payment Hit’s New Highs
  • The Rearview Mirror: The End of the Road for Route 66
  • Here We Go Again: Automakers Report June Sales Decline
  • Recession or Not, U.S. Car Market is in For a Big Boom
Editor’s Choice
    Reviews
    Read Now
    • All Reviews
    • Classic Cars
    • Concept Cars
    • Convertibles
    • Coupes
    • Crossovers/CUVs
    • Diesel
    • Hot hatches
    • Hybrids
    • Luxury Vehicles
    • Minivans
    • Muscle Cars
    • Pickups
    • Sedans
    • Sports Cars
    • Super Cars
    • SUVs
    Recent Reviews
    • A Week With: 2022 Lexus NX 350h
    • A Week With: 2022 Jeep Grand Cherokee 4xe Overland
    • A Week With: 2022 Volkswagen Tiguan SE R-Line Black
    • First Drive: 2023 Cadillac Lyriq
    • First Drive: 2022 Ford Bronco Everglades Edition
    • A Week With: 2022 Mazda3 2.5 S AWD Hatchback
    • First Drive: 2023 Honda HR-V
    • First Drive: 2022 Ford Bronco Raptor
    • A Week With: 2022 GMC Terrain AT4 AWD
    • A Week With: 2022 Cadillac Escalade Sport
    Editor’s Choice
      Guides
      Car Warranty
      • Endurance Warranty Reviews
      • BMW Extended Warranty
      • Extended Warranty For Cars Over 100k Miles
      • Extended Car Warranty Cost
      • Subaru Extended Warranty
      • CarShield Reviews
      • CarShield Cost
      • Aftermarket Car Warranty
      • CARCHEX Warranty Reviews
      • Reputable Extended Car Warranty Companies
      • Used Car Warranty Companies
      • Best Car Warranty
      • Is CarShield A Scam?
      • Mercedes Extended Warranty
      • CarShield Plans
      Insurance
      • How To Identify A Car Insurance Company
      • Geico Mechanical Breakdown Insurance
      • How Far Back Does A Car Insurance Company Look
      • Mechanical Breakdown Insurance For Used Cars
      • State Farm Mechanical Breakdown Insurance
      • Mechanical Breakdown Insurance From Progressive
      • Dollar A Day Insurance
      • Auto Insurance For SSI Recipients
      • Car Insurance Rates After A Suspended License
      • Auto Insurance For Salvage Vehicles
      • Average Cost of Dodge Ram 1500 Car Insurance
      • Car Insurance Florida
      • Full Coverage Auto Insurance
      • GrubHub Insurance
      • Amazon Delivery Auto Insurance
      Shipping
      • Car Shipping Companies
      • uShip Reviews
      • Auto Shipping From California To Hawaii
      • Montway Auto Transport Reviews
      • Cheap Car Shipping
      • Easy Auto Ship Reviews
      • Auto Shipping Miami
      • Auto Shipping To Alaska
      • Car Shipping Cost
      • Auto Shipping Hawaii
      • Auto Shipping Puerto Rico
      • Sherpa Auto Transport Reviews
      • Auto Shipping Atlanta
      • Auto Shipping Boston
      • Auto Shipping. Chicago
      About
      • About Us
      • Contact Us
      • Terms of Use
      • Privacy Policy
      • Affiliate Disclosure
      • Sitemap
      TheDetroitBureau.com

      More than just “another” place to find news, reviews, spy shots, commentary, features, and guides about the auto industry. TheDetroitBureau doesn’t stop with the press releases or confuse a few lines of opinion with insightful, in-depth reporting.

      Contact Us

      Like what you see? Have some ideas for making The Detroit Bureau.com even better? Let us know, we’d love to hear your voice.

        Media
        Listen Now
        • Headlight News: All Episodes
        More from TheDetroitBureau
        • Guides
        • Latest News
        • Auto Reviews
        • Podcasts
        Headlight News

        TheDetroitBureau.com’s Headlight News offers a look at the past week’s top automotive news stories, as well as what’s coming up in the week ahead. Check out the week’s top story and our latest review…along with a dive into the past with this week in automotive history.

        home > news > Automakers > Fisker Going Public Through Merger with Investor-Backed Shell Company

        Fisker Going Public Through Merger with Investor-Backed Shell Company

        Deal could be worth $2.9 billion after public offering later.

        Michael Strong
        Michael Strong , Managing Editor
        July 14, 2020
        Henrik Fisker shows off the new Ocean to a crowd at the Consumer Electronics Show in Las Vegas earlier this year.

        Electricity is hot! Aside from a marketing slogan that may have been used during Thomas Edison’s time it’s also appropriate now when describing the auto industry, the latest example being the move by Fisker Inc.’s plans to go public for about $2.9 billion.

        The company will merge with Spartan Energy Acquisition Corp. a shell company formed by Apollo Global Management Inc., and then move to offer stock in the near future. Using a shell company to facilitate the move is a common practice, most recently used by EV maker Nikola Corp.

        Ultimately, Apollo and other investors will put as much as $1.5 billion into the new version of Fisker to get the company to the finish line with the Ocean, which is supposed to be available in 2022. At some point during that timeframe, the initial public offering will likely happen; however, officials haven’t confirmed that.

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

        The possibility was broached just a few days ago when the startup EV maker led by former luxury car designer Henrik Fisker secured $50 million in funding to help bring his new Ocean battery-electric sport-utility from prototype to production.

        It became quickly apparent that Fisker, who has already created one EV company, which ultimately went bankrupt, was brewing up something bigger. Fisker aims to compete with Tesla Inc., which was how it went down with his first entry, Fisker Automotive. It ran into a series of problems, however, and went bankrupt in 2013, its assets sold off the following year to China’s Wanxiang Group.

        However, investors think there is room for at least one more player in that space.

        (Fisker lands $50M investment to help launch production of Ocean EV.)

        “In electrification, we could have played in buses or trucks, but the car part is a very fast-growing market,” Geoffrey Strong, chairman and chief executive of Spartan and the co-head of infrastructure and natural resources at Apollo, told Reuters.

        “While there is room for several brands, we think that Fisker and Tesla will be at the forefront of the pure-play car and SUV segment of the EV market in the years ahead.”

        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. Reuters also reported that Volkswagen’s MEB platform could be used to accelerate production.

        As noted earlier, this isn’t Henrik Fisker’s first electric rodeo. After his first effort went under, he reentered the chase in November 2016, initially teasing plans for an all-electric sedan, to be called the eMotion, using a concept called a supercapacitor, rather than conventional batteries.

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

        With the technology now expected to require years of development, Fisker has opted to go back to lithium-ion batteries and, with the Ocean, opt for the SUV body style that now dominates the American market.

        Recently Published
        2023 Toyota bZ4X XLE FWD driving

        Toyota is No. 3 — Third Automaker to Pass EV Tax Credit Threshold

        Yesterday
        2022 Ford F-150 Tremor - front 3-4

        Ford Gains Ground on Strong June Sales, Up 31.5% YOY

        Yesterday

        Q&A: Cadillac Lyriq Exterior Design Manager Josh Thurber

        Yesterday

        Leave a Reply Cancel reply

        Your email address will not be published. Required fields are marked *

        Share this article:
        © The Detroit Bureau 2022
        • Guides
        • Privacy Policy
        • Terms of Use
        • Affiliate Disclosure
        • Contact Us
        • Sitemap
        Follow Us: