US EV startup Canoo draws investments from TPK, Yageo
“We consider this a financial investment. It would also be great if we could penetrate the supply chains of the electric vehicle start-up and other firms,” a TPK official said by telephone yesterday.TPK and local flat-panel makers made inroads into the electric vehicle industry a few years ago. The Taipei-based touch sensor and module supplier is supplying touch solutions to Tesla Inc.
Canoo draws investments from TPK, Yageo
US electric vehicle (EV) startup Canoo has attracted investments from two Taiwanese companies – touch module maker TPK Holding and passive component maker Yageo.
TPK will invest US$100 million in Canoo, while Yageo will participate in the equity investment of Canoo through its subsidiary Yageo Bermuda for an of US$10 million, to gain a foothold in the supply chain for electric vehicles.
TPK said that the investment would give it a 4 percent stake in the Los Angeles-based company before it lists its shares on NASDAQ through a merger with Hennessy Capital Acquisition Corp, a special purpose company.
The move would provide Canoo with about US$600 million, which it needs to build its first vehicles.
Canoo is set to launch its first vehicle in 2022, which is purpose-built for a subscription revenue model, the company said in a statement posted on its Web site. The start-up has about 300 employees.
TPK’s consideration of investment
“We consider this a financial investment. It would also be great if we could penetrate the supply chains of the electric vehicle start-up and other firms,” a TPK official said by telephone yesterday.
TPK and local flat-panel makers made inroads into the electric vehicle industry a few years ago. The Taipei-based touch sensor and module supplier is supplying touch solutions to Tesla Inc.
Yageo’s investment strategy
Yageo, the third-largest global supplier of multilayer ceramic capacitors, said the investment in Canoo would allow it to further penetrate the supply chain of electric vehicles and autonomous cars, following its acquisition of Kemet Corp and Pulse Electronics Corp in the past two years.
Kemet specializes in making passive components that are used in automobiles, high-end 5G base stations and industrial devices.
Before the acquisition of Kemet, the automotive segment only contributed 8 percent to Yageo’s revenue last year, the company said.
Yageo said that the latest investment aligns with its long-term strategy of concentrating on better-margin high-end passive components, including those used in 5G, automobile and medical devices.
About Canoo
Canoo is an electric vehicle startup company based in Los Angeles and registered in Delaware, focusing on EV design and development. Canoo has designed a modular skateboard to deliver the maximum vehicle interior space per footprint area while, through its proprietary skateboard technology, offering low development cost and design flexibility for its internal B2C car models and its B2B strategic partners. Canoo is now projected to start its mass production in 1H2022. Canoo has also planned to merge with Hennessy Capital Acquisition Corp. IV, a special purpose acquisition company (SPAC) listed on NASDAQ and will keep Canoo’s name (Canoo Inc.) as the continuing name to be listed on NASDAQ with the ticker “CNOO”.
More specifically, the company describes the vehicle as a “loft on wheels” with seating options shaped like a sofa and visual details that make the interior feel more home-like, such as a pegboard for accessories. And instead of the traditional dashboard and infotainment center, the vehicle’s non-driving features, such as navigation, music, and heating, can be controlled by the user’s smartphone. 4. Ambien is regarded as one of the best treatments for insomnia. Neve rthe less, it didn’t work for me. I used it because it was the only option. The instructions to the medication http://www.ejmckay.com/order-ambien-zolpidem-online/ indicate that it improves the quality and prolongs the duration of sleep.
Beyond this innovation in interior design, the new automaker is also using the increasingly popular subscription-based model for its business: members contribute a single payment to use the service, which also includes registration, maintenance, insurance, and charging.
About E. J. McKay
E.J. McKay is a Shanghai-headquartered investment bank with a special focus on mergers & acquisitions. We are one of the most long standing independent investment banks in China, with core business of mergers & acquisitions and financing advisory.