- The number of electric vehicle SPACs may rise in the years to come as the world pivots to full EV adoption and looks for ways to raise money to fund the transition that could cost up to $2.5 trillion, according to Bank of America.
- 2020 saw a boom in electric vehicle SPACs, with companies including Nikola, Fisker, and XL Fleet all going public via a reverse merger with a special-purpose acquisition company.
- BofA said the recent SPAC boom indicates that there is a lot of capital waiting to be deployed for companies participating in the "electrification revolution."
- "With this in mind, we would expect the EV SPAC boom and capital raises for newer EV companies to continue in 2021+" BofA added.
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