Benzinga | Jul 28, 2021 07:25AM EDT

Fisker To Invest $10M In PIPE Supporting Allego SPAC Deal With Spartan Acquisition Corp. III

* Fisker to invest $10 million into PIPE supporting the planned merger of Allego with Spartan Acquisition Corp III

* Pro forma equity value of the merger is approximately $3.14 billion, at the $10.00 per share PIPE price, and assuming minimal Spartan shareholder redemptions

* Allego has more than 26,000 public EV charging ports across 12,000 public and private locations in 12 European countries -- with leading utilization rates and a substantial recurring user base, as well as a secured backlog of 500 premium sites

* Fisker to partner with Allego on specific period free charging offer for its customers in Europe

LOS ANGELES--(BUSINESS WIRE)-- Fisker Inc. (NYSE:FSR) ("Fisker") -- passionate creator of the world's most sustainable electric vehicles and advanced mobility solutions -- today announced it will make a $10 million private investment in public equity (PIPE) supporting the planned merger of leading European EV charging network, Allego B.V. ("Allego") with Spartan Acquisition Corp. III (NYSE:SPAQ), a publicly-listed special purpose acquisition company. Fisker is the exclusive electric vehicle automaker in the PIPE and, in parallel, has agreed to terms on a strategic partnership to deliver a range of charging options for its customers in Europe.

"Allego has been a long-standing pioneer in the push to create a seamless pan-European electric vehicle charging network," said Fisker Chairman and CEO, Henrik Fisker. "Our investment in the PIPE is motivated by strategic and tactical considerations, ensuring we have a stake in the future of EV charging networks while delivering tangible benefits to our customers."

Through the Fisker-Allego partnership announced today, the two companies are collaborating on offering electric vehicle charging and related services across multiple European markets. Included in that partnership is the provision that fleet and private customers buying or leasing a Fisker Ocean SUV between Jan. 1, 2023 and March 31, 2024 will benefit from one year of free charging (from original date of registration) on the Allego network. Further, the two companies are working on future plans to deliver a seamless charging experience for Fisker customers using the Allego 'Plug & Charge' service that utilizes the Allego Fast and Ultra-Fast charger network.

"Having Fisker both invest in our PIPE, and at the same time form a commercial partnership is a significant vote of confidence in our growth plans," said Mathieu Bonnet, CEO of Allego. "Both Fisker and Allego have a common connection through the 'Spartan' franchise of SPACs sponsored by funds managed by affiliates of Apollo Global Management, and I want to recognize the leadership of Geoffrey Strong and his team at Spartan who are constantly creating new investment opportunities across the clean mobility sector."

Founded in 2013, Allego is a leading EV charging network in Europe and has deployed more than 26,000 charging ports across 12,000 public and private locations, spanning 12 European countries. Allego's charging network includes fast, ultra-fast and AC charging solutions delivered through either owned or operated public charging networks, in addition to charging solutions for B2B customers. Allego has developed a rich portfolio of partnerships with strategic partners including municipalities, more than 50 real estate owners and more than 15 automakers.

Fisker intends to start production and deliveries on its first vehicle, the Ocean electric SUV, from Nov. 17, 2022 -- and unveil a production-intent prototype at the LA Auto Show(r) later this year. The Fisker Ocean will enter the U.S. market at a starting MSRP of $37,499 (excluding EV-related subsidies) and below (euro)32,000 in Germany (including taxes and EV-related subsidies). Including fleet orders from companies such as Credit Agricole Consumer Finance, Onto and Viggo, Fisker has more than 62,000 hand-raisers and 17,300 paid reservations for the Ocean.

"With this new funding, we are confident that Allego will be well equipped to introduce the most advanced charging technologies, continue to expand their network and be able to deliver a seamless charging experience for our customers," added Mr. Fisker.

For more information or interview inquiries, contact Fisker@GoDRIVEN360.com.