Los Angeles-based electric vehicle charging network operator EVgo said early on Friday morning that it will be going public, via an acquisition by a special-purpose acquisition company (SPAC). According to EVgo, it has entered into a definitive business combination agreement with Climate Change Crisis Real Impact I Acquisition Corporation, with the combined entity expected to trade under the new ticker symbol EVGO. EVgo said that it expects to receive $575M in net proceeds, which it will use to fund and accelerate its growth strategy and network buildout. The transaction is being funded by a private placement of common stock into EVgo (PIPE), with investments from acific Investment Management Company LLC (PIMCO), funds and accounts managed by BlackRock, Wellington Management, Neuberger Berman Funds and Van Eck Associates Corporation. EVgo operates more than 800 fast charge locations for electric vehicles, including more than 800 fast charging locations.
Elon Musk, the CEO and founder of Hawthorne, California-based companies SpaceX and The Boring Company said on Thursday that he is donating $100M to a new prize for the best carbon capture technology. Musk said more details would be announced next week. Musk has spoken in the past about the existential threat posed by climate change, and also runs Tesla--which makes electric cars, solar panels, and battery energy storage systems. Musk also has described his efforts at launching people and payloads into space with SpaceX as part of a grand plan to "second chance for humanity" in case of destruction on earth.
Am donating $100M towards a prize for best carbon capture technology— Elon Musk (@elonmusk) January 21, 2021
Irvine-based smart television maker VIZIO is launching a set of free sports programming on its devices, saying this week that it has added NFL Channel, Pac-12 Insider, and beIN SPORTS XTRA, as well as the CBS Sports App to its VIZIO apps and free channels. The company said all of the three channels and the app are free to its SmartCast viewers. Terms of the content deal were not announced. VIZIO said the move will help provide more access to games and shows covering professional, collegiate, and international sports.
La Jolla-based Avidity Biosciences, a biopharmaceuticals company which is developing oligonucleotide-based therapies, said this week that it as named W. Michael Flanagan, Ph.D., as its Chief Technical Officer. Dr. Flanagan was most recently Senior Director and Project Team Leader, Oncology and Immunology for Genentech, and also previously served at Sunesis Pharmaceuticals, Gilead Sciences, and Merck & Co. Avidity's lead product candidate, is aimed at treating myotonic dystrophy type 1, and its other muscle programs are focused on the treatment of Duchenne muscular dystrophy, facioscapulohumeral muscular dystrophy, Pompe disease and muscle atrophy.
Los Angeles-based OpenDrives, a developer of network attached storage (NAS) products for the enterprise, said on Thursday that it has raised $20M in a Series B funding round. The funding was led by IAG Capital Partners. According to the company, the new funding will go to grow the company and accelerate product development. The company has now raised $30M in total. As part of the funding, the company said it also mde a strategic investment in Ctrl IQ; no details on the size of that investment were announced. OpenDrives is developing Network Attached Storage (NAS) which the company says provides high performance computing (HPC), on-prem, and hybrid cloud capabilities for the enterprise, media and entertainment, pharmaceutical, and federal government agency markets. The company's CEO is David Buss.
San Diego-based Decipher Biosciences, a provider of genomic testing for urological cancer, has filed for an IPO, saying it is looking to raise up to $100M in an offering on the Nasdaq Global Market. The IPO is being underwritten by Evercore ISI, Wells Fargo Securities, Canaccord Genuity, and BTIG. The company has received funing from Yonghua International, CRG Partners, Tekla Capital, and UnitedHealth Group. The company has applied to list as DECI on the Nasdaq Global Market.
San Diego-based Plexium, a biotech startup focused on discovering and developing protein degrading therapeutics directed towards historically challenging drug targets, announced this morning that it has raised $35M in a financing round. The funding is an extension of the company's October 2019 Series A round. The funding was led by Lux Capital and Pivotal BioVentures, and also The Column Group, DCVC Bio and other curren tinvestors. As part of the funding, it has added Adam Goulburn, Partner at Lux Capital and Rob Hopfner, Managing Partner at Pivotal BioVentures, to its board, with Mike Grey joining as Chariman of the Board; Grey also serves on the boards of BioMarin Pharmaceutical, Mirati Therapeutics, Horizon Therapeutics, and other biotech companies.