7 Coming SPAC IPOs in Electric Vehicles and Green Technologies 

Lordstown Motors

DiamondPeak Holdings Corp. (NASDAQ: DPHC) is merging with electric vehicle maker Lordstown Motors Corp.  Lordstown has attracted some attention since its founding last year for its purchase of the former GM plant in Lordstown, Ohio, and for its foray into the electric pickup scrum. At a PIPE price of $10 a share, the company is valued at $1.6 billion, and the reverse merger is looking to raise about $675 million in fresh cash.

DiamondPeak shares traded at $24.97 most recently, more than double the $10 IPO price. The company will change its name to Lordstown Motors and trade on the Nasdaq under the ticker symbol RIDE.


Spartan Energy Acquisition Corp. (NYSE: SPAQ) has announced a merger with Fisker, the eponymous electric vehicle company founded by designer and builder Henrik Fisker, who founded Fisker Automotive in 2007. Spartan Energy is backed by Apollo Global Management Inc. (NYSE: APO) and has been publicly traded since October of 2018. The reverse merger values Fisker at around $2.9 billion.

Shares of Spartan Energy last traded just above $15, about 50% higher than the $10 IPO price. Following the July announcement of the combination with Fisker, Spartan’s shares touched a 52-week high of $21.60. Spartan will change its name to Fisker and trade on the NYSE. No ticker symbol has been announced yet.

Luminar Technologies

Gores Metropoulos Inc. (NASDAQ: GMHI) has agreed to a reverse merger with Luminar Technologies, another lidar technology firm aimed at the autonomous vehicle market. Luminar has raised $420 million in venture funding since its founding in 2012, and Gores Metropoulos led an August round that raised $170 million. Luminar will have an estimated value of around $2.9 billion and receive $400 million when the combination with Gores is completed.

The blank-check company’s stock closed at $10.85, up around 10% from its $10 March 2019 IPO price. Following the IPO, Gores will change its name to Luminar Technologies and trade on the Nasdaq under the ticker symbol LAZR.


Kensington Capital Acquisition Corp. (NASDAQ: KCAC) has agreed to combine with “next-generation” battery maker QuantumScape. The battery maker has received $300 million in capital from Volkswagen, which plans to use QuantumScape batteries in is electric vehicles. The deal with Kensington values the company at around $3.3 billion.

Kensington stock closed at $16.65, well off its post-IPO high of $25.75 following the announcement of the deal with QuantumScape. At the IPO, Kensington will change its name to QuantumScape and shares will trade on the NYSE under the ticker symbol QS.

Eos Energy Storage

B. Riley Principal Merger Corp. II (NYSE: BMRG) has reached a reverse merger deal with Eos Energy. The company’s pre-money value is around $290 million, and the combination is expected to provide about $225 million in cash, including $50 million of PIPE proceeds. Eos is taking on the lithium-ion battery makers with a zinc battery to store power from the grid.

The SPAC’s stock traded most recently at just over its initial offering price of $10 per share. The company will change its name to Eos Energy Enterprises. It has applied to trade on the Nasdaq under the ticker symbol EOSE.