Startup automaker Fisker is poised to become a public company in a deal that it says will enable the company to begin production on its first electric vehicle in late 2022.

Fisker announced Monday that it had agreed to a $2.9 billion deal to merge with private equity firm Apollo Global Management’s Spartan Energy Acquisition Corp.

Spartan Energy is known as a special purpose acquisition company, which is an entity with no operations that is set up to make deals enabling private companies to go public.

With the deal, which is expected to deliver more than $1 billion in proceeds for Fisker, the startup says it will have enough cash “to fully fund the development of the all-electric Fisker Ocean through (the) start of production.”
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