Solid Power (SLDP) to Trade on Nasdaq as SLDP After Completing Business Combination with Decarbonization Plus Acquisition Corp III (DCRC)
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Solid Power, Inc. (“Solid Power”), an industry-leading developer of all-solid-state battery cells for electric vehicles, today announced the completion of its previously announced business combination following a special meeting of Decarbonization Plus Acquisition Corporation III’s (“DCRC”) (NASDAQ: DCRC) stockholders on December 7, 2021. The combined company will retain the Solid Power, Inc. name and its common stock and warrants are expected to commence trading on the Nasdaq Global Select Market under the ticker symbols “SLDP” and “SLDPW,” respectively, on December 9, 2021.
“Solid Power has spent the last ten years developing all-solid-state battery technology that is designed to deliver the increased performance demanded by both automakers and consumers. We are excited to have completed our business combination with DCRC and we are looking forward to our future as the only pure-play solid-state company trading on the public markets,” said Doug Campbell, Co-Founder and Chief Executive Officer of Solid Power. “Solid Power’s focus continues to be on the commercialization of our next-generation all-solid-state battery cells for automotive applications. We plan to use the proceeds from this transaction to fund our capital-light business model through vehicle integration, which we expect to occur in 2026.”
Solid Power received gross proceeds from the transaction of approximately $542.9 million from its fully committed $195 million PIPE and the receipt of approximately $347.9 million of cash from DCRC’s trust account net of redemptions. Of the shares voted at the special meeting of DCRC stockholders on December 7, 2021, over 99.9% voted to approve the business combination. In addition, only 0.6% of shares held by DCRC’s public stockholders were redeemed.
“We believe the future of electric mobility will be fueled by all-solid-state batteries,” said Robert Tichio, Chairman of the Board of DCRC prior to the business combination and a current member of Solid Power’s board. “As a company that isn’t just advancing concepts, but rather advancing commercialization, we look forward to the company’s continued success as they work to deliver shareholder value through the advancement of all-solid-state battery commercialization in future electric vehicles.”
AdvisorsStifel, Nicolaus & Company, Incorporated acted as financial advisor to Solid Power. Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as financial advisors to DCRC. J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Stifel, Nicolaus & Company, Incorporated acted as PIPE placement agents to DCRC. Needham & Company and Roth Capital Partners served as Capital Markets Advisors to DCRC. Wilson Sonsini Goodrich & Rosati, P.C. served as legal counsel to Solid Power, Vinson & Elkins L.L.P. served as legal counsel to DCRC, and Mayer Brown LLP served as legal counsel to the placement agents on the PIPE transaction.
About Solid PowerSolid Power is an industry-leading developer of all-solid-state rechargeable battery cells for electric vehicles and mobile power markets. Solid Power replaces the flammable liquid electrolyte in a conventional lithium-ion battery with a proprietary sulfide-based solid electrolyte. As a result, Solid Power's all-solid-state battery cells are expected to be safer and more stable across a broad temperature range, provide an increase in energy density compared to the best available rechargeable battery cells, enable less expensive, more energy-dense battery pack designs and be compatible with traditional lithium-ion manufacturing processes. For more information, visit http://www.solidpowerbattery.com/.
About Decarbonization Plus Acquisition Corporation IIIDecarbonization Plus Acquisition Corporation III was a blank check company sponsored by an affiliate of Riverstone Holdings LLC and represented a further expansion of Riverstone's 15-year franchise in low-carbon investments, having established industry leading, scaled companies with more than $5 billion of equity invested in renewables.
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