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Spartan Energy Acquisition Corp (SPAQ) is a SPAC acquiring electric vehicle company Fisker Inc.
The boards of directors of both Spartan and Fisker have unanimously approved the proposed transaction, which is to be completed in Early Sepetmber.
$SPAQ is currently trading at $13
The boards of directors of both Spartan and Fisker have unanimously approved the proposed transaction, which is to be completed in Early Sepetmber.
$SPAQ is currently trading at $13
Fisker Inc. is an American electric vehicle automaker founded by Henrik Fisker in 2016. It is the relaunch of Fisker Automotive which was founded in 2007 by Mr Fisker.
It is important you understand that there is a difference between Fisker Inc and Fisker Automotive.
It is important you understand that there is a difference between Fisker Inc and Fisker Automotive.
In 2011, Fisker Automotive released one vehicle - the Karma. It was marketed as a 'Premium Electric Sports Sedan'.
The Karma launched successfully and attracted many high profile customers such as Justin Bieber and Leonardo DiCaprio. It sold 2,000 units priced at $100,000.
The Karma launched successfully and attracted many high profile customers such as Justin Bieber and Leonardo DiCaprio. It sold 2,000 units priced at $100,000.
But, trouble was not far ahead for Fisker and the Karma. In 2011, the battery supplier for Fisker, A123 Systems filed for Bankruptcy.
This left Fisker without a battery supplier and production of the Karma was suspended indefinitely. Fisker was now without a revenue stream.
This left Fisker without a battery supplier and production of the Karma was suspended indefinitely. Fisker was now without a revenue stream.
To make matters worse, In 2012, Hurricane Sandy destroyed a Fisker warehouse. Inside were 300 Fisker Karmas ready to be shipped to Europe.
Fisker Lost $30 Million of revenue overnight.
Fisker Lost $30 Million of revenue overnight.
In 2013, Mr Fisker resigned and Fisker Automotive filed for bankruptcy.
Mr Fisker's first attempt at running Fisker was not successful. However, the failure was down to two events outside of Mr Fisker's control.
This was the beginning of the EV game, mistakes were likely.
Mr Fisker's first attempt at running Fisker was not successful. However, the failure was down to two events outside of Mr Fisker's control.
This was the beginning of the EV game, mistakes were likely.
So who is Mr Fisker?
Henrik Fisker, 53, is described as a 'automotive designer and entrepreneur'.
He has dual Danish-American citizenship and graduated in 1989 with a degree in transportation design.
Henrik Fisker, 53, is described as a 'automotive designer and entrepreneur'.
He has dual Danish-American citizenship and graduated in 1989 with a degree in transportation design.
He is regarded as one of the most talented automotive designers of this generation. During his career, Henrik has worked for Aston Martin, BMW, Maserati and Ford.
Cars which Fisker has designed include the legendary Aston Martin DB9 and BMW Z3 & Z4.
Cars which Fisker has designed include the legendary Aston Martin DB9 and BMW Z3 & Z4.
In 2016, three years after quitting Fisker, Henrik announced his intention to revive Fisker Automotive as Fisker Inc.
Joining Henrik at the helm is Don Jackson, former production advisor to Volkswagen and Toyota and as well as host of other experienced individuals.
Joining Henrik at the helm is Don Jackson, former production advisor to Volkswagen and Toyota and as well as host of other experienced individuals.
In 2018, they announced the Ocean. Fisker heralds the Ocean as the world's greenest EV. The name 'Ocean' reflects that the interior of the Ocean is made entirely from recycled sea plastic.
The Ocean has already won 9+ awards, reflecting strong worldwide momentum and popularity.
The Ocean has already won 9+ awards, reflecting strong worldwide momentum and popularity.
The Ocean starts at $37,000 and comes with 300 miles of range.
It can achieve 0-60 in less than 3 seconds and has the equivalent of 300 horsepower. Fisker are planning to release an 'Ultra Power' version, with an even faster 0-60 and top speed.
It can achieve 0-60 in less than 3 seconds and has the equivalent of 300 horsepower. Fisker are planning to release an 'Ultra Power' version, with an even faster 0-60 and top speed.
The Fisker Ocean is a hub of innovation, for example, the roof of Ocean acts as a solar panel and can charge the car as it drives.
The Ocean also has a 'California' mode, where at the touch of one button every glass panel (except windshield) is lowered down, giving a truly 'open air feeling'.
The Ocean also has very attractive financing options and like Tesla, Fisker will not have physical car dealerships.
Thousands of paid reservations for the Ocean have already been made, which is set to arrive in 2022.
Thousands of paid reservations for the Ocean have already been made, which is set to arrive in 2022.
Fisker have also partnered with Volkswagen to design, deliver and adapt it's MEB chassis for use on the Fisker Ocean.
Fikser will also have access to Volkswagen parts and the Volkswagen supply chain. RELIABILITY + EXPERIENCE!
Fikser will also have access to Volkswagen parts and the Volkswagen supply chain. RELIABILITY + EXPERIENCE!
One of Fisker Automotive's downfalls was that it relied upon an external supplier for Its car batteries.
Henrik has learnt from this and Fisker Inc. has developing its own 'Battery Technology'. Fisker has also filed more than 10 battery patents and has its own in house Lab
Henrik has learnt from this and Fisker Inc. has developing its own 'Battery Technology'. Fisker has also filed more than 10 battery patents and has its own in house Lab
Here are some of the Top Electric SUVs on the Market
Audi E-Tron: $92,000
Tesla Model S: $85,000
Tesla Model X: $84,000
Mercedes EQC: $84,000
Hyundai Kona E: $49,000
Tesla Model 3: $48,000
Kia E-Niro: $45,000
Ocean Starting Price: $37,000
Audi E-Tron: $92,000
Tesla Model S: $85,000
Tesla Model X: $84,000
Mercedes EQC: $84,000
Hyundai Kona E: $49,000
Tesla Model 3: $48,000
Kia E-Niro: $45,000
Ocean Starting Price: $37,000
So how Fisker will pay for the production of the Ocean over the next two years?
The IPO will provide Fisker with over $500m in cash as well as $500 in PIPE investments. Enabling them to fully fund the development of Ocean through 2022 without any additional revenue required.
The IPO will provide Fisker with over $500m in cash as well as $500 in PIPE investments. Enabling them to fully fund the development of Ocean through 2022 without any additional revenue required.
'Fisker is in talks to enter future Extreme-E team competitions'
Extreme E, is a new racing series which will see electric SUVs go head to head in extreme locations around the world, including arctic, desert and jungle.
Seems Fisker has plans to develop offroad vehicles..
Extreme E, is a new racing series which will see electric SUVs go head to head in extreme locations around the world, including arctic, desert and jungle.
Seems Fisker has plans to develop offroad vehicles..
Fisker also has a unique partnership with Electrify America, the largest, Fast charging network for EVs in the US.
Drivers will enjoy a 'frictionless charging experience' and the two companies are also working together on reducing charge times without compromising battery life.
Drivers will enjoy a 'frictionless charging experience' and the two companies are also working together on reducing charge times without compromising battery life.
Fisker are also entering the car rental industry. Fisker has filed a patent for âEMAASâ which is described as:
âCar rental; rental of electric cars; motor vehicle leasing services; car sharing services...â
Fisker also has plans for a full lineup of eight plug-in models by 2026.
âCar rental; rental of electric cars; motor vehicle leasing services; car sharing services...â
Fisker also has plans for a full lineup of eight plug-in models by 2026.
Cool Fact Time: Henrik Fisker claims he has a 'host of celebrities' ready to partner with Fisker and to help promote the company.
The only name revealed so far by Mr Fisker is actor Nikolaj Coster-Waldau, who plays Jamie Lannister in Game of Thrones.
The only name revealed so far by Mr Fisker is actor Nikolaj Coster-Waldau, who plays Jamie Lannister in Game of Thrones.
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I hope you've enjoyed reading the most comprehensive $SPAQ / Fisker thread out there.
Don't forget to follow and RT for future DD threads.
@yatesinvesting @StockLizardKing @ChrisRandone @iamjohn_c @StanTradingMan @dantheholy @alexcutler247
