Battery Manufacturer Sakuu to Combine with Plum Acquisition I in $705M Deal

Sakuu, an additive manufacturing and solid-state battery company, and Plum Acquisition I today announced a definitive business combination agreement at an implied enterprise value of $705 million.

Sakuu created what it calls the Kavian™ platform for the commercial-scale production of next-generation SwiftPrint™ batteries and other complex active devices.

If approved, Sakuu Holdings would list on a US national exchange under the ticker symbol SAKU.

The proposed transaction is anticipated to provide the with gross proceeds of approximately $100 million in cash after the payment of transaction expenses — even in a 95% redemption scenario — through a combination of private and public capital, including from structured debt and equity solutions, secured debt, and the SPAC's cash in trust.

Sakuu's current equity holders are expected to own approximately 80% of the pro forma company after closing, which is expected in the third quarter.

Founded in 2016, Sakuu operates two facilities in , California, where it is headquartered: a solid-state battery pilot line facility, and an additive manufacturing engineering facility.

Plum I raised $300 million in a March 2021 IPO. Read more.

Source: Battery Manufacturer Sakuu to Combine with Plum Acquisition I in 5M Deal