Californian 3D printed battery company Sakuu announced it would be merging with Plum Acquisition Corp. I to create a business worth some $705 million.
It said combining with Plum, led by Ursula Burns, former CEO and Chairwoman of Xerox and board member at Uber, ExxonMobil, MIT and the Ford Foundation, provides Sakuu with “unique industry insight and experience”.
Sakuu said it has existing purchase orders of over $300 million in 2023-2025. Funds from the transaction, seen at $100 million, are expected to fully support the company through its commercialisation process in 2023. The transaction is expected to complete in the third quarter of 2023.
