EV-Charging Startup FreeWire Is in Blank-Check Merger Talks
(Bloomberg) -- FreeWire Technologies Inc., an electric-vehicle charging and power startup, is in talks to go public through a merger with DHC Acquisition Corp., a blank-check firm, according to people with knowledge of the matter.
DHC is discussing raising new equity to support a transaction, which is slated to value the combined entity at more than $1 billion, one of the people said. As with all deals that aren’t finalized, terms could change and it’s possible talks could fall apart.
Representatives for FreeWire and DHC didn’t immediately have a comment.
San Leandro, California-based FreeWire, led by Chief Executive Officer Arcady Sosinov, makes chargers that include embedded batteries for energy storage to avoid straining power grids. Its products can fully charge an EV battery in 20 to 30 minutes.
In January, the company said it raised $50 million in a round led by energy-focused private equity firm Riverstone Holdings, the venture arm of BP Plc, Energy Innovation Capital, Trirec and Alumni Ventures Group.
The company’s products are used to charge electric vehicles and power events and construction sites, its website shows. It has said it aims to have more than 2,500 ultrafast charging stations by 2025, and has an agreement with BP to install chargers in the U.K. The company in May named Michael Beer, a former Luminar Technologies Inc. executive, as chief financial officer.
DHC is led by co-CEOs Thomas Morgan Jr, who founded Corps Capital Advisors, and Chris Gaertner, a technology investment-banking veteran. The SPAC raised million $310 million in a March initial public offering.
Electric-vehicle charging startups including Wallbox, ChargePoint Holdings Inc., Tritium, EVBox and EVgo have agreed to go public via SPAC mergers.
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