Polestar is the latest buzzy electric vehicle startup to accelerate its sprint to market through a merger with a blank-check firm, referred to as a SPAC.
The Volvo affiliate last week announced a reverse merger with special purpose acquisition company Gores Guggenheim, which will take Polestar public at a valuation of $20 billion.
The new financial posture should help Polestar, which launched in late 2017, with its aggressive growth plans. It looks to grab a 2.3 percent share of the global premium market by 2025. The automaker has two models on the market but plans to launch three more by the end of 2024.
It also expects to more than double the global markets in which it operates, going from 14 to 30 in about two years.