Sustainable battery technology provider Sakuu to go public via SPAC merger deal
Sakuu Corporation, a sustainable battery technology provider, will become a publicly traded company, following a business combination agreement with Plum Acquisition Corp. I, a special purpose acquisition company (SPAC).
Post-closing, the combined entity will be renamed Sakuu Holdings Inc. and is anticipated to be traded on a US national exchange.
Sakuu’s existing equity holders are anticipated to hold approximately 80% interest in the pro forma company.
With an enterprise value of around $705 million, Sakuu has invented Kavian additive manufacturing platforms to produce SwiftPrint batteries and other active devices.
Sakuu’s platforms are used to manufacture next-generation lithium (Li) metal batteries and Li-metal all-solid-state batteries for industries including e-mobility, aerospace, grid energy storage, and electric vehicles.
The sustainable battery technology provider has two facilities — a solid-state battery pilot line facility and an additive manufacturing engineering facility, both located in Silicon Valley, California.
Robert Bagheri — Sakuu Founder and CEO said: “Our high-volume Kavian solution for printing batteries can potentially leap-frog decades of manufacturing stagnation.
“With this proposed merger, the strong support of the exceptional leadership team at Plum, and our dedicated investors, we feel Sakuu is well-positioned to create a paradigm shift in complex manufacturing, starting first with batteries.”
Sakuu expects to raise around $100 million in private and public capital as part of the closing of the transaction.
The battery technology company anticipates to use the proceeds from the transaction to commercialize its battery technologies.
Sakuu is said to have existing purchase orders exceeding $300 million in 2023-2025.
Ursula Burns — Plum Acquisition Chairwoman said: “I’ve always been fascinated by fundamental step changes in approach that unlock significant value in otherwise incrementally evolving industries.
“Sakuu represents an opportunity for such a fundamental step change in manufacturing through its high-volume, multi-material, additive manufacturing Kavian platform – something that has impressed even a printing industry veteran like me.”
The close of the merger is expected to occur in third quarter of 2023, subject to regulatory approvals and certain customary closing conditions.
Plum Acquisition is founded by Ursula Burns, Kanishka Roy, and Mike Dinsdale.