Riverstone Energy hails Solid Power listing – Solid Power announced the closing of its business combination with a special purpose acquisition vehicle – Decarbonization Plus Acquisition Corporation III (DCRC) – on 8 December 2021. On 9 December Solid Power became the only pure-play solid-state battery company to trade on the public markets. Solid Power common stock and warrants trade on the Nasdaq Global Select Market under the symbols SLDP and SLDPW, respectively.
Solid Power received gross proceeds of $542.9m from the transaction via a fully committed $195m PIPE (private investment in public equity) and $347.9m of cash held in trust net of redemptions; only 0.6% of shares held by public stockholders of DCRC were redeemed.
On 23 March 2021, Riverstone Energy made a $0.5m investment in DCRC’s sponsor and on 15 June 2021, it committed an additional $20m to the PIPE that was raised in connection with the business combination transaction. Prior to the business combination, Riverstone Energy bought 1.66m shares of Solid Power, which converted to shares of the combined company in connection with the business combination.
Riverstone Energy says that this investment, along with the recent decarbonisation investments in Decarbonization Plus Acquisition Corporation II & IV, FreeWire Technologies, GoodLeap and Hyzon Motors, demonstrates its continued efforts to increase its exposure to the global energy transition thematic while also providing the opportunity to create value for its shareholders.
About Solid Power:
Solid 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.
RSE : Riverstone Energy hails Solid Power listing