On June 15, 2021, Solid Power, Inc., an industry-leading producer of all-solid-state batteries for electric vehicles, and Decarbonization Plus Acquisition Corporation III (DCRC) announced a definitive agreement for a business combination that would result in Solid Power becoming a publicly listed company. Upon closing of the transaction, the combined company will be named "Solid Power, Inc." and its common stock and warrants are expected to trade on NASDAQ under the new ticker symbol "SLDP" and "SLDP WS," respectively. Wilson Sonsini Goodrich & Rosati represented Solid Power in the transaction.
The business combination values Solid Power at an implied $1.2 billion pro forma enterprise value. Upon closing of the transaction and assuming no redemptions by DCRC public stockholders, Solid Power is expected to have approximately $600 million in cash, including a $165 million fully committed PIPE transaction anchored by investors Koch Strategic Platforms, Riverstone Energy Limited, Neuberger Berman funds, and Van Eck Associates Corporation. Cash proceeds to Solid Power will be used to fund operations and support Solid Power's growth.
The Wilson Sonsini team that advised Solid Power on the transaction includes:
Corporate
Bob O'Connor
Mark Baudler
Austin March
Virginia Harris
Benjamin Armuth
Technology Transactions
Adam Shevell
Energy and Infrastructure
Peter Mostow
CFIUS
Joshua Gruenspecht
Anne Seymour
Seth Cowell
Real Estate
Jim McCann
Martin Sul
Sierra Bunnell
Privacy
Matt Staples
Daniel Chen
For more information, please see Solid Power's press release.