Finance

Finance

Select Equity Investment Into Batteries

Select Equity Investment Into Batteries

Public market performance and high interest rates provide a difficult equity capital funding backdrop

Volumes in the U.S. equity capital market rebounded in 2023 to

Public Equity

~$170bn off of a recent history lows of ~$100bn in 2022.

$175mm

$300mm

$125mm

The only battery related primary issuance were VinFast’s and

LifeZone Metals deSPAC’s. Climate tech venture capital fund raising dropped 40% in H1’23

Secondary issuances generally favored ATM (at the market)

~3,000mm

At the market offering capital strategy to bolster the balance sheet

Following-on offering Working capital and GCP

Following-on offering GCP

Following-on offering Working capital and GCP

Oct 2023

Aug 2023

May 2023

May 2023

facilities given the ability to sell shares into the market over time rather than selling large blocks through over-the-counter

Notable M&A transaction include:

Acquiror

Target

Growth Equity

Sep 2023

$300mm

$1,000mm

€850mm / €600mm

$200mm

Series B

Series D

Series C / debt financing

Series B

PMV $1.2bn

PMV >$5.0bn

Feb 2023

Aug 2023

Total raise > €2bn Sep 2023

Total raise > $400mm Sep 2023

May 2023

Jan 2023

Nov 2023(2)

Source: Deal Logic, Public Filings, Press Releases, CTVC | PMV: Post Money Valuation; GCP general corporate purpose (1) $1.2bn in in the over-the-counter market sale of 173,544,948 shares common stock as well as $1.8bn sale of 265,693,703 shares of common stock to Ayar Third Investment Company (2)Reflects the sale of the battery business

Extracted from the PDF; charts and images may read imperfectly.