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Polestar Polestar , the Global Electric Performance Car Company , Signs Agreement to be Publicly Listed Through Combination with Gores Guggenheim , Inc. ● ● ● Polestar is a global pure play , premium electric vehicle ( " EV " ) company based in Sweden , with a mission to produce progressive , electric performance cars designed and engineered without compromise Transaction implies an enterprise value of approximately USD 20 billion Polestar currently has two award - winning cars in production and rapidly growing sales in 14 active markets across three continents Proceeds from the business combination are expected to be used to help fund significant investment in products and the expansion of operations and markets to create a leading company in the rapidly growing global premium Ev market Transaction includes approximately USD 800 million of cash from Gores Guggenheim , Inc.'s trust account ( subject to applicable stockholder redemption rights ) and USD 250 million in cash from PIPE financing anchored by top - tier institutional investors Existing Polestar investors include Volvo Car Group and affiliates of Geely Chairman Eric Li , and actor and activist Leonardo DiCaprio , amongst others Gothenburg and Los Angeles - September 27 , 2021 - Polestar Performance AB and its affiliates ( " Polestar " or the " Company " ) , the global electric performance car company , and Gores Guggenheim , Inc. ( " Gores Guggenheim " ) ( Nasdaq : GGPI , GGPIW and GGPIU ) , a special purpose acquisition company ( " SPAC " ) formed by affiliates of The Gores Group and Guggenheim Capital , LLC , announced today that they have entered into a definitive business combination agreement ( the " Business Combination Agreement " ) . Upon closing of the proposed business combination , the combined company will be held by a new public company that will be named Polestar Automotive Holding UK Limited , which is expected to be listed on Nasdaq under the ticker symbol " PSNY ” . The transaction implies an enterprise value of approximately USD 20 billion . Founded in 2017 by Volvo Cars and Zhejiang Geely Holding , Polestar is a global pure play , premium electric performance vehicle manufacturer . The Company's two award winning electric performance cars , Polestar 1 and Polestar 2 , are currently on roads across Europe , North America and Asia . In addition , the Company has plans to launch three new models by 2024. Polestar delivered approximately 10,000 vehicles in 2020 and expects to sell approximately 290,000 vehicles per year by 2025. Existing investors include Volvo Car and affiliates of Geely Chairman Eric Li , and actor and activist leonardo DiCaprio , amongst others . Polestar has drawn extensively on the industrial heritage , knowledge and market infrastructure of Volvo Cars . Polestar's combination of deep automotive expertise , paired with its cutting - edge technologies and agile , entrepreneurial culture , underpins the Company's potential for growth and success . Sustainability is at the core of Polestar's business model , and the Company has ambitious industry - leading targets ,