Lithium-metal battery supplier SES Holdings said it planned to go public through a merger with Ivanhoe Capital Acquisition Corp., a publicly listed special-purpose acquisition company, or SPAC.
The proposed transaction, announced early Tuesday, is expected to provide the battery-maker with capital to accelerate its expansion plans. The companies valued the combined entity at $3.6 billion.
Proponents of lithium-metal batteries for electric vehicles see the technology as an option that could slash battery costs and ramp up energy density, compared with the current battery technologies in use.
The deal takes place against a backdrop of roaring interest in EV battery chemistry as automakers lay out their plans to electrify.
SES, of Singapore, formerly known as SolidEnergy Systems, in 2015 caught the eye of General Motors, which is now an investor.
Other investors include Hyundai Motor Co., Kia Corp. and Chinese automakers Geely Holding Group and SAIC Motor.