Here are several SPACs that could benefit from a President Joe Biden administration.
Charging Infrastructure: Biden has called for more than 500,000 charging stations across the U.S. This could help a company like Switchback Energy Acquisition Corp (NYSE: SBE) to bring ChargePoint public.
TPG Pace Beneficial Finance Corp (NYSE: TPGY) is bringing EVBox, a European charging company, public in a SPAC deal. The company is planning to expand into the U.S. and could quickly build out its network among the growing need for charging stations.
Nuvve has vehicle to grid technology, which could help boost the efforts of charging infrastructure supporting the power grids. Nuvve is going public with Newborn Acquisition Corp (NASDAQ: NBAC).
Electric Buses: Another big story in electric vehicle adoption under Biden could be the focus on electric buses. He has singled out the need for electric buses in the past and could push for this to be a focus of the new administration.
Lion Electric, merging with Northern Genesis Acquisition Corp (NYSE: NGA), and Proterra, merging with ArcLight Clean Transition Corp (NASDAQ: ACTC), are two SPACs that could be winners with electric bus growth.
ArcLight has Audrey Lee, who serves as the co-chair of the Clean Energy for Biden organization, as a member of the SPAC team.
Electric Vehicle SPACs: Fisker Inc (NYSE: FSR) could be a former SPAC that will do well during the Biden administration. The president is all-in on electric vehicles, possibly pushing for tax credits and a new cash-for-clunkers program extended to electric vehicles.
Other electric vehicle SPACs to watch include Hyliion Holdings (NYSE: HYLN), XL Fleet Corp (NYSE: XL), Lordstown Motors Corp (NASDAQ: RIDE) and GigCapital3 (NYSE: GIK), bringing Lightning eMotors public.
Related Link: 7 Current And Former SPACs That Could Be 2020 Election Plays
SPACs With Biden Ties: Jonathan Silver served as the Executive Director of Loan Programs Office during the Obama administration, when Biden was the vice president. Silver is now a director for Plug Power (NASDAQ: PLUG) and National Grid (NYSE: NGG). Silver is one of several members behind the Peridot Acquisition Corp (NYSE: PDAC) SPAC targeting a sustainability company.
Pine Island Acquisition (NYSE: PIPP) has four former U.S. senators, the former House Minority leader and several names attached to the Biden administration team behind it. Tony Blinken and Gen. Lloyd Austin, who are Biden’s picks for Secretary of State and Secretary of Defense respectively, are expected to leave the SPAC once sworn in. This SPAC is well connected to the U.S. government and could be one to watch.
Other Clean Energy SPACs: Spring Valley Acquisition Corp (NASDAQ: SV) is targeting a company in the area of sustainability, clean energy and storage, smart grid, environmental services and recycling, and water/wastewater management.
Sustainable Opportunities Acquisition Corp (NYSE: SOAC) is targeting the ESG sector and has targeted a deal to get announced in 2021.
Solarmax is going public with Albertson Acquisition Corp (NASDAQ: ALAC) and could be a name to watch as solar stocks were seen as a positive trend off of a Biden win.
Tortoise Acquisition II Corp (NYSE: SNPR) is targeting energy transition and sustainability with its second SPAC.
Disclosure: The author has a long position in shares of HYLN, SOAC, NGA, SBE and FSR.
(Photo by the blowup on Unsplash)
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