Iron electrolyte flow battery company ESS Inc has become the latest energy storage industry player to target public listing of its stock, announcing a merger with a special purpose acquisition company (SPAC).
Stem Inc’s shares begin trading on the New York Stock Exchange today, after the “artificial intelligence-driven clean energy storage services” company completed its business combination with special purpose acquisition company (SPAC) Star Peak Energy Transition Corp.
Equity investors have already committed more than US$300 million to lithium battery recycler Li-Cycle’s plan to go publicly-listed through a special purpose acquisition company (SPAC) merger.
Stem Inc has revealed its financial results for 2020 ahead of listing on the New York Stock Exchange, admitting that despite expecting a fourfold increase in revenues this year, the company is unlikely to achieve profitability until at least the end of next year.
The sudden and rapid use of Special Purpose Acquisition Companies (SPACs) to launch privately-held companies into publicly-listed entities is a minor phenomenon of our time and some players in clean energy industries including energy storage, have been quick to join the wave. It can work out really well, but it can also all end in tears: so choose wisely, says Charles Lesser, partner at Apricum – The Cleantech Advisory.
