According to the latest report from Vinson & Elkins, Power Play: The State of Electric Vehicle Charging Station Finance, the continued adoption of electric vehicles (EVs) is creating new financing models to support necessary charging infrastructure.
Vinson & Elkins advised an affiliate of Riverstone Holdings LLC as lead investor in Infinitum Electric’s $80 million Series D funding. Infinitum Electric, creator of the sustainable, breakthrough air-core motor, will use the investment to vertically integrate and automate production of its motors for the commercial and industrial market segments, and complete development and commercialization of a traction motor for the rapidly growing electric vehicle market, where its exceptional breakthrough power density can significantly extend the range of electric vehicles.
Vinson & Elkins advised an affiliate of Riverstone Holdings LLC in its investment in Group14 Technologies’ $400 million Series C funding round led by Porsche AG with additional participation from OMERS Capital Markets, Decarbonization Partners, Vsquared Ventures, Moore Strategic Ventures, and other large institutional investors.
Vinson & Elkins advised FLASH, the global leader in cloud parking software and mobility transformation, in the acquisition of Ticketech, the parking technology leader in New York City.
Vinson & Elkins’ Ramey Layne was named as one of Insider’s top 9 attorneys to watch in the electric vehicle (EV) space. The list is comprised of go-to lawyers who have a vast knowledge base advising companies in the EV realm.
A team of Vinson & Elkins lawyers, led by partner Kaam Sahely and senior associate Stephanie Coco, advised Goldman Sachs Renewable Power, a strategic, long-term investor in clean energy projects and the sponsor of more than 850 solar and battery storage projects that collectively have a capacity of more than 2.6 gigawatts of renewable power, in the establishment of a financing partnership with ChargePoint (NYSE: CHPT) to reduce upfront costs of EV charging technology.
Vinson & Elkins advised Decarbonization Plus Acquisition Corporation III, a blank check company sponsored by an affiliate of Riverstone Holdings LLC, in a business combination with Solid Power, Inc., an industry-leading developer of all-solid-state battery cells for electric vehicles. The combined company’s common stock and warrants are expected to commence trading on the Nasdaq Global Select Market on December 9, 2021.
Vinson & Elkins advised First Reserve Sustainable Growth Corp. in a business combination agreement with Juuce Limited, which trades as EO Charging (“EO”), a leading provider of technology-enabled turnkey solutions for electric vehicle fleets, that would result in EO becoming a publicly listed company.
Vinson & Elkins advised Spartan Acquisition Corp. III, a publicly-listed special purpose acquisition company, in a business combination with Allego Holding B.V., a leading pan-European electric vehicle charging network.
Vinson & Elkins advised Decarbonization Plus Acquisition Corporation II, a special purpose acquisition company sponsored by an affiliate of Riverstone Holdings LLC, in a definitive agreement for a business combination with Tritium, a Brisbane-based developer and manufacturer of direct current fast chargers for electric vehicles, that would result in Tritium becoming a publicly listed company. Tritium is valued at $1.2 billion in connection with the transaction.
Vinson & Elkins represented Switchback II Corporation, a publicly traded special purpose acquisition company with a strategic focus on the energy transition sector, in a definitive business combination agreement with Bird Rides, Inc. (“Bird”), a leader in shared short range environmentally friendly electric transportation, that would make Bird a public company.
Vinson & Elkins advised Kadem Sustainable Impact Corporation with its initial public offering of 17,500,000 units at a price of $10.00 per unit. The offering closed on March 19, 2021.