US Army, Airbus Battery Supplier Turns To SPAC Deal For Public Debut: WSJ

Amprius Technologies Inc has agreed to merge with a special-purpose acquisition company (SPAC)that values the company at about $1.3 billion and would take it public, Wall Street Journal reported.
Amprius makes batteries that it says are more powerful than conventional lithium-ion cells because they use energy-dense silicon in the battery’s anode instead of graphite, the traditional material.
The company sells them to customers such as Airbus SE EADSY and the U.S. Army to power electric aircraft and drones and says it can also be used for electric cars.
Amprius is combining with the transportation-focused SPAC Kensington Capital Acquisition Corp IV KCGI in a deal that will be unveiled Thursday.
Founded in 2008, Amprius joins many other clean-energy startups in reaching a SPAC deal to go public.
As part of the deal, Amprius plans to raise $200 million in equity from investors.
That money and the $230 million the Kensington SPAC raised in March could be used to expand the business, though SPAC investors can pull out their money before a deal goes through.
Photo via Company