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Solid Power, Industry-leading All-solid-state Battery Producer, To List On NASDAQ Through Merger With Decarbonization Plus Acquisition Corporation III
- Merger with Riverstone Holdings LLC's Decarbonization Plus Acquisition Corporation III (NASDAQ: DCRC) constitutes significant milestone in commercialization
About this update from Solid Power, Inc.
[{"type":"text","content":"- Merger with Riverstone Holdings LLC's Decarbonization Plus Acquisition Corporation III (NASDAQ: DCRC) constitutes significant milestone in commercialization of Solid Power's next generation all-solid-state batteries\n - Ford and the BMW Group aim to utilize Solid Power's low-cost, high-energy battery technology in forthcoming electric vehicles\n - Solid Power's balance sheet was recently bolstered following its approximately $135 million Series B Round, which is in addition to the $165 million PIPE and $350 million from DCRC's cash in trust, and assuming no redemptions by DCRC's public stockholders, Solid Power will receive upon closing, for a total amount raised of approximately $650 million\n - Ford and BMW recently participated in previously announced approximately $135 million Series B financing in Solid Power\n - Pro forma implied enterprise value of the combined company is approximately $1.2 billion\n - Upon closing, the combined company is expected to list on NASDAQ under the ticker symbol \"SLDP\"\n - Companies will host a webcast and conference call on June 15 at 8:00 am EST\n\n\nLOUISVILLE, Colo. and MENLO PARK, Calif., June 15, 2021 /PRNewswire/ -- Solid Power, Inc. (\"Solid Power\"), an industry-leading producer of all-solid-state batteries for electric vehicles, and Decarbonization Plus Acquisition Corporation III (\"DCRC\") (NASDAQ: DCRC) today announced a definitive agreement for a business combination that would result in Solid Power becoming a publicly listed company. Upon closing of the transaction, the combined company will be named \"Solid Power, Inc.\" and its common stock and warrants are expected to trade on NASDAQ under the new ticker symbol \"SLDP\" and \"SLDP WS,\" respectively. Upon closing, Solid Power is expected to have a nine-person board composed of a majority of independent directors and will continue to be led by Solid Power's existing management team, which brings deep technological and manufacturing experience.\nWith eight years of technology development and three years of manufacturing development, Solid Power has been working to deliver on one objective – produce better performing all-solid-state batteries using low-cost, industry standard processes. Solid Power manufactures its batteries on the company's pilot production line, which essentially mirrors lithium-ion manufacturing processes,...