California-based Sakuu, a developer of 3D-printed solid-state batteries, is set to become a publicly traded company. Sakuu plans to merge with special purpose acquisition company (SPAC) Plum Acquisition Corp. I, and the combined company will be known as Sakuu Holdings. It is expected to be listed on a US national exchange under the ticker symbol “SAKU” by Q3 2023, with an enterprise value of approximately $705 million.
Sakuu has reportedly received purchase orders totaling over $300 million from 2023 to 2025, and its manufacturing platform, Kavian, was designed to produce solid-state batteries on a commercial scale. While Sakuu does not yet have a factory, it has hired Porsche subsidiary Porsche Consulting to plan its targeted gigafactories worldwide.
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Sakuu CEO Robert Bagheri believes that the company's high-volume Kavian solution for printing batteries has the potential to “leapfrog decades of manufacturing stagnation.” He claims that Kavian is the only known solution for producing heavily in-demand products such as solid-state batteries that can be custom-printed rapidly and cost-effectively, taking next-generation battery manufacturing to realms never imagined.
Plum CEO Ursula Burns has also praised Sakuu's technology, stating that it represents a fundamental step change in manufacturing through its high-volume, multi-material, additive manufacturing Kavian platform. She believes that solid-state batteries, and the massive addressable market associated with them, could just be the beginning for the company.
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In recent years, IPOs via SPAC merger have become a popular way for fast-growing companies to get listed on exchanges like Nasdaq. Sakuu's decision to merge with Plum Acquisition Corp. I will allow it to bypass the lengthy process of going public through traditional means, which can take up to two years.
As the world becomes increasingly reliant on sustainable energy sources, Sakuu's innovative technology could help usher in a new era of battery manufacturing. With a successful merger and IPO, the company could be well-positioned to meet the growing demand for next-generation batteries.