Dieter Zetsche’s latest gig | Automotive News

Dieter Zetsche’s latest gig | Automotive News

Kensington Funds, whose blank-check providers have currently taken community QuantumScape and Wallbox has tapped former Daimler CEO Dieter Zetsche as vice chairman for a fourth automotive-targeted particular goal acquisition organization.

Its newest SPAC, Kensington Funds Acquisition Corp. IV, submitted Thursday to increase $200 million in an preliminary community offering. The enterprise stated it will emphasis on obtaining a business enterprise “working in the world wide automotive and automotive-relevant sector.”

SPACs give early-stage companies an simpler route for likely public than a regular IPOs. As is usual with other SPACs, Kensington Funds IV will have two several years to locate a merger target and full a deal, or experience the prospect of refunding its buyers.

Zetsche, who still left Daimler in 2019, brings extra than 45 decades of automotive experience to the SPAC, such as his function in the 2007 split of Daimler and Chrysler, according to the filing.

Zetsche also serves on the board of Luminar Systems, a enterprise that was backed by tech billionaire Peter Thiel and went general public in a SPAC offer in 2020. Daimler and Luminar on Thursday declared an agreement for Luminar to source Mercedes-Benz with lidar know-how.

Kensington‘s initially SPAC arrived at a offer in 2020 to receive reliable-state battery startup QuantumScape. The blended firm’s shares stated in November that calendar year and have fallen about 26 per cent from its price tag at the time.

Kensington’s second SPAC took Barcelona-dependent electrical vehicle charging enterprise Wallbox public final in October. Wallbox shares have jumped 49 percent because then.