Car tech, a U.S. stamped auto-body parts manufacturer and subsidiary of Korean supplier, Shinyoung Co., and AltEnergy Acquisition announced a business combination agreement. If approved, Car Tech would list on the nasdaq.
The transaction aims to expand Car Tech's U.S. manufacturing operations with an emphasis on its growing EV battery-related body parts business.
The aggregate merger consideration is $80 million minus any shortfall in AltEnergy's obligation to source at least $50 million in a private placement to be completed immediately prior to the merger, plus an additional $40 million in earnout shares, according to an 8-K.
AltEnergy originally raised $230 million in a November 2021 IPO to focus on companies engaged in clean and renewable energy. The SPAC's current deadline extension runs to May 2024.
Shin Young Group was established as Shin-A Metal Company in 1974. Today, Shin Young and its affiliates provide body parts, molds, and automation solutions to major automotive companies worldwide, including in Korea, China, the U.S., and Germany. Car Tech was founded in 2016 to lead Shinyoung's expansion of U.S. sales while being strategically positioned to diversify overseas sales and expand in the U.S. market. Car Tech is a Tier-one supplier that directly supplies parts to BMW, Volvo, and volkswagen and is scheduled to supply battery cases for electric vehicles to BlueOval SK beginning in 2025.
Source: AltEnergy Acquisition Combining with Car Tech in M Deal