Electric car company Fisker is getting ready for its Wall Street debut, adding C-level executives and snapping up a slick 73,000 square-foot headquarters in Manhattan Beach that it's calling "Inception."
The leased headquarters will house the now Torrance-based company's design and engineering team as it ramps up to deliver the "Ocean SUV" by the fall of 2022. The company said it will double its size, bringing on about 100 employees over the coming months, most of whom will work out of the new headquarters.
<p>The move comes after Spartan Energy Acquisition Corporation <a href="https://dot.la/fisker-ipo-2646402528.html" target="_blank">announced this summer</a> a deal that valued Fisker at $2.9 billion at the time. The New York Stock Exchange-traded corporation will hold a meeting Oct. 28 to vote on the deal. If approved, Fisker will be traded under the ticker "FSR." </p><p>Under the deal — expected to close by the end of the fourth quarter — Fisker will get more than $1 billion in gross proceeds to jumpstart production of Fisker Ocean, the vision of founder Henrik Fisker, CEO and chairman of the eponymously named startup. </p><p>Last month the company announced it would establish a new technology center in San Francisco called "source code" where it would provide support for design and engineering software. And earlier this week it appointed longtime Ernst & Young auditor John Finnucan as its chief operating officer. </p><p><a href="https://dot.la/fisker-ipo-2646402528/southern-california-bars-restaurants-salons-gyms-places-of-worship-must-shut-down-indoor-operations-amid-surge-in-covid-19-cases" target="_blank">The Fisker Ocean</a>, which premiered at the Consumer Electronics Show earlier this year, starts at $37,499 and is being billed as the most sustainable vehicle, replete with a vegan interior and recycled carpet. Reservations for the either purchase or lease start at $250.</p><p><span></span>Special purpose acquisition companies, known as a SPACs, enabled electric-vehicle startup Nikola Corp to go public this summer and have become a quick route to Wall Street for many companies. </p><p>Aston Martin designer Fisker's previous venture, Fisker Automotive, fell into bankruptcy in 2013 and was bought by a Chinese group that rebranded it Karma. That company <a href="https://dot.la/karma-car-2646367624.html" target="_self">recently secured $100 million from investors</a> and it <a href="https://dot.la/karma-automotive-ipo-2646804376/particle-4" target="_blank">hopes to go public as well.</a> </p>
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Electric car startup Canoo announced Tuesday plans to go public in a deal that values the company at $2.4 billion. It will be the fourth carmaker to do so this year as the industry rides on Tesla's soaring Wall Street valuations.
The merger with Hennessy Capital Acquisition, a special purpose acquisition company, gives Canoo access to $600 million that will help it produce and launch its first commercial vehicle by 2022.
<p>It's also the second electric car company, <a data-linked-post="2646402528" href="https://dot.la/fisker-ipo-2646402528.html" target="_blank">behind Fisker in Los Angeles</a>, to skip the traditional path to an IPO as the industry takes hold in Southern California. Earlier this year, the Chinese-owned luxury electric carmaker Karma, based in Irvine, <a data-linked-post="2646804376" href="https://dot.la/karma-automotive-ipo-2646804376.html" target="_blank">said it was talks with investment bankers to go public</a>. It is expected to close by the end in the fourth quarter of 2020.</p><p>Canoo Inc. will be listed on the Nasdaq under the ticker symbol "CNOO."</p><p>Canoo was founded in 2017 as Evelozcity by two former BMW executives. It opened up a waitlist in January for their eponymous prototype vehicle — a futuristic looking minivan — that it will offer to drivers as a subscription service. Canoo said its 300 workers designed, engineered and manufactured the beta vehicle in 19 months, completing more than 50 physical crash tests.</p><p class="shortcode-media shortcode-media-rebelmouse-image">
<a href="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjY3NDI3My9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY0NzQ2MTE4M30.DOno2wICfp0j9sjZE51lNeO0t82z6BUVdz-5QHCr8-Q/img.jpg?width=980" target="_blank"><img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjY3NDI3My9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY0NzQ2MTE4M30.DOno2wICfp0j9sjZE51lNeO0t82z6BUVdz-5QHCr8-Q/img.jpg?width=980" id="66bb2" class="rm-shortcode" data-rm-shortcode-id="fc89aeae777bc5c9cba5ff5214ffe7ea" data-rm-shortcode-name="rebelmouse-image" /></a>
<small class="image-media media-caption" placeholder="Add Photo Caption...">Canoo's "skateboard design" places components of the electric powertrain on a flatbed with wheels underneath the car much like a trailer..</small><small class="image-media media-photo-credit" placeholder="Add Photo Credit...">
Photo Courtesy of Canoo
</small>
</p><p>Electric vehicle maker Rivian, which plans to sell electric pickup trucks next year, <a href="https://dot.la/rivian-fisker-karma-2646385202/a-super-charged-electric-vehicle-market-rivian-fisker-and-karma-rake-in-funds" target="_self">announced it raised $2.5 billion in July</a>. It was followed by Los Angeles-based Fisker's news that it <a href="https://dot.la/fisker-ipo-2646402528/fisker-set-to-go-public-with-2-9b-valuation-ev-suv-to-roll-out-by-2022" target="_self">will go public in a deal with a SPAC</a> valued at $2.9 billion. Both are direct competitors, although neither is on the market yet.<br/></p><p>And Hyundai Motor Group, <a data-linked-post="2645109330" href="https://dot.la/canoo-hyundai-electric-vehicle-2645109330.html" target="_blank">tapped the Torrance-based startup</a> earlier this year to design the powertrain that will be used for their electric vehicles. <br/></p><p>"Today marks an important milestone of Canoo's effort to reinvent the development, production and go-to-market model of the electric vehicle industry," said Canoo co-founder and CEO, Ulrich Kranz. "Our technology allows for rapid and cost-effective vehicle development through the world's flattest skateboard architecture, and we believe our subscription model will transform the consumer ownership experience.</p><p><span></span>Canoo's "skateboard design" places components of the electric powertrain on a flatbed with wheels underneath the car much like a trailer. That design can be switched out on different vehicle shells.</p><p>Elon Musk's publicly traded Tesla, now valued at at $351.4 billion, became the most valuable car company in the world this July. And while it only produces a fraction of the world's new cars, its skyrocketing share value has given momentum to the $95 billion electric vehicle market, with sales expected to quadruple by 2025.</p>
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Here are the latest updates on news affecting Los Angeles' startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for more.
Today:
- LA Bars, Gyms and Salons Go Dark Again
- Fisker set to go public with $2.9b valuation, EV SUV to roll out by 2022
- Apple Allocates $400M to Affordable Housing in California
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Southern California Bars, Restaurants, Salons, Gyms, Places of Worship Must Shut Down Indoor Operations Amid Surge in COVID-19 Cases
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzQyMDM0Ny9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYyOTEyNzMzOX0.iAGyu93QLg4u7of6jR5kB1LcjJs1dH_dlc2ndkknWGs/img.jpg?width=980" id="a7312" class="rm-shortcode" data-rm-shortcode-id="deb62c3b61d59ad6fe2da2d592929dd4" data-rm-shortcode-name="rebelmouse-image" />Image courtesy of Musso & Frank's<p> Bars, gyms, places of worship, salons and offices for non-critical sectors will largely go dark again in Southern California. As coronavirus cases surge, Gov. Gavin Newsom announced a list of new statewide restrictions and targeted closures in 30 counties including Los Angeles. </p><p> Statewide, all bars, dine-in restaurants, wineries, movie theaters, museums, card rooms and entertainment centers must close indoor operations, Newsom said on Monday. </p><p> "This is a new statewide action effective today," he said. </p><p> <span></span>In counties on the state's watch list, which include Los Angeles, Riverside, San Bernardino and Ventura counties, personal care services including salons and barbershops, along with indoor malls and fitness centers must close indoor operations. </p><blockquote class="twitter-tweet">Effective immediately, CA is closing some indoor business operations statewide and additional indoor business operations in counties on <a href="https://twitter.com/CAPublicHealth?ref_src=twsrc%5Etfw">@CAPublicHealth</a> Monitoring List for 3 consecutive days.<br><br>📍Find the updated list of counties here: <a href="https://t.co/snYe5v55Rw">https://t.co/snYe5v55Rw</a> <a href="https://t.co/W3wBJp2ap5">pic.twitter.com/W3wBJp2ap5</a><br>— Office of the Governor of California (@CAgovernor) <a href="https://twitter.com/CAgovernor/status/1282754914821656576?ref_src=twsrc%5Etfw">July 13, 2020</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script><p> Those on the watchlist are among the most populous parts of the state, containing about 80% of Californians. </p><p> Restaurants are still allowed to stay open for outdoor dining and takeout. <br> </p><p> As of Monday, California had more than 329,000 cases and 7,040 deaths. </p>Fisker Set to Go Public with $2.9b Valuation, EV SUV to Roll Out by 2022
<img lazy-loadable="true" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzQ1MzYxNS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1MzAwMzU5MH0.KjTk7UCExD0E7jgdTCxdRO7pR0kI-TbtMYQgsD6_HJw/img.jpg?width=980" id="fccd6" class="rm-shortcode" data-rm-shortcode-id="d9feb4bf17ba371882a99b14ebfa134a" data-rm-shortcode-name="rebelmouse-image" data-width="2000" data-height="1347" /><p>Electric car startup Fisker is set to go public through a merger that values the company at $2.9 billion and allows it to begin producing its first vehicle by 2022. </p><p>Los Angeles-based Fisker <a href="https://www.fiskerinc.com/wp-content/uploads/2020/07/Fisker-Press-Release-NYSE-Merger-Apollo-Spartan-Energy-FINAL-Sunday-1530PST-D360-FINAL.pdf" target="_blank">announced the deal </a>with Spartan Energy Acquisition Corp, a special purpose acquisition company backed by private equity firm Apollo Global Management on Monday. It comes as investors look for the next Tesla Inc, which has seen soaring valuation in recent weeks.</p><hr><p>The deal - expected to close by the end of the fourth quarter - will give Fisker more than $1 billion in gross proceeds to jumpstart production of Fisker Ocean, the vision of founder Henrik Fisker, CEO and chariman of the eponymous named startup. The arrangement spotlights the use of special purpose acquisition companies, known as a SPACs. Another SPAC enabled electric-vehicle startup Nikola Corp to go public last month. Nikola shares have soared since their debut. </p><p>The Fisker Ocean, which premiered at the Consumer Electronics Show earlier this year, starts at $37,499 and is being billed as the most sustainable vehicle, replete with a vegan interior and recycled carpet. Reservations for the either purchase or lease start at $250. </p><p>"This vote of confidence from investors, coupled with our exciting progress on the development of our first vehicle, lays out Fisker's path to 2022 and beyond," said Fisker, a one time Aston-Martin designer. <br></p><p>He <a href="https://www.cnbc.com/2020/07/13/ev-startup-fisker-to-go-public-through-merger-with-apollo-backed-firm-at-combined-value-of-2point9-billion.html" target="_blank">told CNBC </a>that the agreement was the best way to get the line of vehicles produced, but said the company does not intend to build its own plant. While the EV market is expected to soar in coming years, startups struggle to find funding for the capital intensive demands of building a car. </p><p>"Our funding, product plans and brand development actions are on course," Fisker said in the announcement. "Prototype vehicles are expected to start durability testing by the end of this year, and we continue to make significant progress on the development of our sales and service proposition."</p><p>Fisker's previous venture, Fisker Automotive, fell into bankruptcy in 2013 and was bought by a Chinese group that rebranded it Karma. That company, which has been struggling after several layoff rounds and restructuring, <a href="https://dot.la/karma-car-2646367624.html" data-linked-post="2646367624" target="_blank">last week secured $100 million from investors</a>. It hopes to use that to raise a total of $300 million and roll out a line of electric vehicles.<br></p>Apple Allocates $400M to Stem California's Housing Crisis
<img lazy-loadable="true" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzQ1Mzk5My9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1ODc4NTA4NX0.9JQGPcYmwGZAoyQaWD66_9e0bt4dF4HRlHCOe0lGtD8/img.jpg?width=980" id="96c4a" class="rm-shortcode" data-rm-shortcode-id="f9eea1ac10a1579d146be0552a48fec0" data-rm-shortcode-name="rebelmouse-image" data-width="9375" data-height="4688" />white and brown wooden house during night timePhoto by Carl Nenzen Loven on Unsplash<p>Apple announced today that it has allocated its first $400 million toward addressing California's housing crisis. The Silicon Valley giant had said last November it would commit $2.5 billion to the effort over multiple years. </p><p>Apple first partnered with Housing Trust Silicon Valley in hopes of bringing affordable housing and mortgage assistance to the Bay Area. Now, they're expanding their partnership to California House Finance Agency (CalHFA), a state agency that supports renters and homebuyers in two ways: Their single family division allows families to apply for loans and work with loan officers directly to tailor a plan to their income. Their multifamily division helps housing developers apply for loans to create more affordable housing.</p><p>The funding is heavily concentrated around the Silicon Valley and the Bay Area, but cities statewide will be able to apply for their housing assistance in areas throughout the state where the company is present, including Culver City.</p><p>"Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution," said Tim Cook, Apple's CEO, in a press release. </p><p>The company is dividing its financial assistance to have the broadest possible impact: $1 billion for an affordable housing investment fund, $1 billion for first-time homebuyer mortgage assistance fund, $300 million Apple-owned land for affordable housing, $150 million Bay Area housing and $50 million to support vulnerable populations.</p><p>The low-cost housing efforts will roll out over the next five years across the Bay Area, but two of the four programs are already underway.</p>From Your Site Articles
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