Connect with us

Hi, what are you looking for?



Canoo To Go Public, Bollinger To Expand

Canoo is about to go public with the help of a special purchase acquisition company and Bollinger Motors is moving to new headquarters and doubling the size of its staff. The EV revolution is picking up speed.

Special purpose acquisition company. Commit that phrase to memory, because it is the new financial vehicle that companies are using to go public while circumventing many of the strictures the SEC places on “normal” IPOs. In theory, investors fork over a pile of dough to an investment company that specializes in purchasing other companies. In theory, those investors have no idea what their money will be used for.

Canoo prototype

Canoo prototype, image courtesy of Canoo

These outfits have come to be known as “blank check companies.” Instead of investors saying “I want to purchase shares in XYZ Corp,” they simply park their money with an asset purchase company and trust its management will make wise decisions. So far this year, Nikola, Lordstown, and Fisker have all gone public in this fashion. Now Canoo, the innovative EV company that rose from the ashes of Faraday Future, says it will do the same. Its shares will trade under the stock symbol CNOO.

In this case, the purchaser is Hennessy Capital Acquisition Corporation founded by David Hennessy. According to TechCrunch, the transaction will unlock about $600 million from investors like BlackRock and others, which will be used to get Canoo’s innovative skateboard chassis into production. That skateboard isn’t the only innovation from Canoo, however. The company says its vehicles won’t be sold. Instead, customers will sign up for a subscription. Use it for as long as you need it; cancel at any time. That idea should leave many executives at traditional car companies shaking their heads.

Canoo is getting a lot of interest these days. Hyundai has forged a partnership with the company and says some of its future electric cars will be built on the Canoo skateboard. In theory, any kind of body can fit on a Canoo skateboard, from a funeral hearse to a replica of a Mercedes 300 SL. Canoo calls them “top hats.” But the company is leaning heavily on a transportation as a service model for ride hailing and ride sharing passengers as well as last mile delivery vehicles in crowded cities.

Bollinger Expands

Bollinger electric Class 3 truck chassis

Bollinger electric Class 3 truck chassis, image courtesy of Bollinger

One electric car company that is not planning an IPO is Bollinger Motors, founded by Robert Bollinger, which makes rugged electric pickups and SUVs, both of which look strong enough to pull a small freight train. It says it is transferring its headquarters to Oak Park, Michigan to accommodate a doubling in size of its staff from 40 engineers to 80.

In an e-mail to CleanTechnica, Robert Bollinger says the move, “couldn’t have come at a better time. We were bursting at the seams with new engineers. It was especially difficult to keep everyone 6 feet apart.”

Every new IPO is an opportunity for those who missed the boat on Tesla’s phenomenal stock run-up to profit from the EV revolution. Last year, NIO shares were selling for around $2.00. Today they are trading at around $14.00 each. But that doesn’t mean every new company that goes public is going to see a similar gain in its share price. There is money to be made in EV company stocks, but not all of them will have Tesla-like explosions in value. Invest wisely.

Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Written By

Steve writes about the interface between technology and sustainability from his home in Florida or anywhere else the Singularity may lead him. You can follow him on Twitter but not on any social media platforms run by evil overlords like Facebook.


You May Also Like

Clean Transport

Everyone is talking about the electric vehicle race between Amazon and Walmart, but the US Postal Service is also coming on strong.


Walmart seems eager to tie the knot with Canoo to take on the Amazon/Rivian team-up.

Clean Transport

Walmart will purchase 4500 electric delivery vehicles from Canoo for use in its last mile delivery ecosystem.


Hyundai plans new EV factories in South Korea.

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.