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EV Startup Canoo Is Said to Be In Talks for Hennessy SPAC Deal
"The special purpose acquisition company, or SPAC, is in talks with investors to raise about $300 million in new equity for the deal, which would take Canoo public and value the combined entity at more than $2 billion, said the people, who asked not to be identified because the talks are private. "
Who is Canoo:
“Canoo is a Los Angeles based company creating and offering unique electric vehicles (EV) for subscription only and is designed for a world in which transportation is becoming increasingly electric, shared and autonomous.
A new business model that focuses on reducing production and infrastructure costs to make EVs more affordable to customers. The model wil will likely include perks like automatic vehicle registration, maintenance, insurance management and charging through a single app on a customer’s phone.”
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Canoo's First Design Prototype
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Sustainable Competitive Advantages:

• Skateboard design allows them to develop near infinite products and tap markets
  • Delivery/transort market, taxi/uber, #vanlife, near infinite potentials
• Membership only program which will lower user cost and improve the bottom line
• Leadership has strong connections along the value chain
• Partnerships that legitimize and grow the business

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Other Highlights:

• 2021 Launch
• Targeting only key cities (throughout US/China) that represent a majority of the EV market
• High-tech with level 2.5 Autonomy
• Steer-by-wheel
• 7 Seat interior, 250 Miles on full charge, 125 MPH top speed
• Reached Beta testing phase within 19 months of inception
• 300+ employees and hiring more

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Subscription Model:
A membership model that puts an end to ownership, providing a hassle - and commitment-free EV subscription for one monthly, affordable price and with no set end date. The subscription may include services such as registration, maintenance, insurance management and charging—all from a single app … providing consumers with the convenience and value they deserve.
Canoo frees its members from the hassle and commitment of car ownership, saves them time and enables a more efficient way to use a car. By providing an attractive EV at an affordable price via its membership model, Canoo can reduce carbon emissions and increase the usage of cars.
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Skateboard Platform:
Canoo is developing a “skateboard” architecture, which will house a battery and electric drivetrain that can achieve up to 300 miles of range. All of Canoo’s vehicles will share the same underpinning. Different cabins or “top hats” will be married on top to create the four unique vehicles. Leveraging the same fixed and flat skateboard allows for reduced R&D costs, efficient production and a better use of interior space. The skateboard houses the most expensive components of the vehicle and is designed in a way that most crash testing does not need to be repeated per vehicle, reducing the vehicle’s development cycle timeline and costs.
The propriety skateboard platform houses the battery and electrical management systems, HVAC systems, drive machines, crash support, and suspension components.
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The Skateboard
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Potential Skateboard Uses
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Design :
“An Urban Loft on Wheels” - Think VW 60's Bus on Acid
"We chose to completely rethink car design and focus on what future users will actually need … which is naturally personalized, intuitive and secure. Therefore, the non-driving features such as navigation, music or heating can be controlled via phone.
Canoo maximizes the unique benefits of EV technology by providing vehicles that have both a very large interior and very small overall footprint, perfect for city use. The minimalist design gives subscribers everything they need and nothing they don’t.
Canoo’s vehicles will move away from traditional three box car design, which have separate compartments for the engine, passengers and luggage. Instead, the Company is embracing a minimalist design that maximizes interior space
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Minimalist
Party van anyone?
Steer-By-Wire:
The canoo will be the first true steer-by-wire vehicle on the market - without a hardware connection between the steering wheel and wheels. This means the canoo steers by electric signals only. Steer-by-wire offers weight savings and paves the way for autonomous driving. We have complete freedom to locate the steering wheel to suit any cabin design and driver position. It also leads to a more responsive and smoother driving experience.
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Vehicle Specs:
DRIVE UNIT

• • One permanent magnet synchronous electric motor
• • Rear wheel drive
• • Power of the electric motor: 300 hp

BATTERY PACK & CHARGING

• • Battery pack size: 80kWh
• • 250 miles range
• • DC fast charging: 28 minute charging time to 80%

PERFORMANCE

• • Top speed: 125 miles/ hour (electronically limited)
• • 0-60: 6.3 seconds (single motor)

DIMENSIONS & WEIGHT

• • Length: 4421mm
• • Width: 1898mm (without mirrors)
• • Height: 1846mm
• • Wheelbase: 2850mm
• • Interior volume: 188.1 cubic feet
• • Gross vehicle weight: 2600Kg

BODY

• • Steel body
• • Cabin mounted on rolling chassis (skateboard architecture)
• • Thermoplastic (thermoplastic polymer) outer skin is robust, lightweight, corrosion free and dent resistant

CHASSIS

• • Transverse composite leaf spring suspension (front and rear) with stabilizer and twin tube damper
• • 20” wheels
• • Variable ratio, speed sensitive drive by wire electronic power steering
• • Brake by wire with manual back up electromechanically boosted four-wheel anti-lock disc brakes with electronic brake force distribution

OTHER FEATURES:

• 7 Seater
• Ability to use powertrain waste heat for cabin heating for greater efficiency
• Over the air software updates
• 5 star safety rating
• Ability to be fully autonomous
• The vehicle utilizes seven cameras, five radars, and 12 ultrasonic sensors

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MANAGEMENT TEAM
Canoo is headed by industry leaders. They boast deep connections throughout the automotive and EV world – furthered backed by Hennessy’s team/connections.
• Ulrich Kranz — In Charge of Canoo; formerly head of BMW, Kranz is also on the board of Fisker
• Richard Kim — In Charge of Design; formerly Exterior Designer of the BMW i3, i8 Concept Coupe & i8 Concept Spyder
• Paul Balciunas — In Charge of Corporate Development & CFO; formerly Director, Corporate Finance & Business Development at Faraday Future VP, Global Automotive Investment Banking
• Bill Strickland — In Charge of Vehicle Programs & Purchasing; formerly Chief Program Engineer at Ford, Assistant Chief Engineer at Ford, Product Development Launch Manager at Ford
• Andrew Wolstan — In Charge of Legal; formerly Corporate Associate Munger Tolles & Olson LLP, M&A Associate Simpson Thacher & Bartlett LLP
• Meera Pisharody — In Charge of HR; formerly Senior Director of HR at Minted, Director of Global People Operations at Mozilla
• Clemens Schmitz-Justen – In Charge of Manufacturing; formerly President of BMW manufacturing USA
• Phil Weicker – In Charge of Powertrain & Electronics; formerly Senior Director of Battery at CODA
• Sohel Merchant – In Charge of Vehicle Architecture; formerly Tesla, Ford Motor Company
• Alexi Charbonneau – In Charge of Skateboard & Cabin; formerly SpaceX, Tesla, Honda
• Christoph Kuttner – In Charge of Interior & Exterior Systems; formerly BMW, Tesla, Mahindra
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Partnership with Hyundai/Kia:
Hyundai Motor Group recently said it plans to invest $87 billion in future growth over the next five years, including $52 billion in future technologies for the Hyundai brand, $25 billion in electrification and future mobility for Kia, $4 billion joint-venture with Aptiv to speed development of self-driving vehicle technology, a 100 million-euro investment in Arrival, an air-taxi tie-up with Uber and a $6.7 billion push to commercialize clean hydrogen technology to power trucks, cars and ships.
By 2025, Hyundai-Kia hopes eco-friendly vehicles, including EVs, will account for 25 percent of its total sales.
Hyundai says it’s got plans to create a variety of purpose-built vehicles that could come from Canoo’s skateboard.”
https://www.forbes.com/sites/alanohnsman/2020/02/11/hyundai-adds-electric-vehicle-skateboard-project-with-la-startup-canoo-to-its-87-billion-mobility-push/#7e66aa201017
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Partnership with Nvidia:
“The NVIDIA DRIVE AGX platform provides high-performance, energy-efficient compute for object detection and sensor fusion. State-of-the-art algorithms will inform the driver on what’s around the vehicle, including cross-traffic alerts, blind spot detection and pedestrian detection, as well as convenience features such as adaptive cruise control and lane-centering control. The software-defined platform also allows for more advanced features, like auto lane change, traffic light recognition and evasive steering to be introduced when they become available.”
Partnership with Blackberry:
“BlackBerry and electric vehicle startup Canoo announced the ADAS systems for the company’s membership-based semi-autonomous EVs will be powered by the BlackBerry QNX operating system (OS), including radar sensors, parking sensors and cameras.
Canoo aims to bring its first production vehicles to market with advanced level 2 (or level 2.5) autonomous features as standard at the end of 2021. Level 2.5 features are consistent with partial autonomy, enabling the vehicle to manage acceleration and steering and monitor components of its environment in certain conditions.”
Partnership with ArcelorMittal:
“The high level of advanced steels in this vehicle demonstrates steel’s many advantages, which also relate to its versatility, recyclability and its contribution to global green-house gas reduction. In these areas, steel outperforms other materials used in the automotive marketplace. ArcelorMittal is the the world's leading steel and mining company with large market share the auto sector.”
China Connections:
“Canoo is backed by David Stern, a director at Prince Andrew’s startup incubator, and Pak Tam Li, the head of a massive investment firm in China and the son-in-law of a man who was once the fourth-most senior leader in China. Canoo has also received support from Taiwanese touchscreen supplier TPK, which is run by billionaire Michael Chiang, two people with knowledge of the company’s finances tell The Verge. In fact, Canoo’s headquarters in Torrance, California is owned by a shell company set up by Foster Chiang, TPK’s vice chairman, according to property records.”
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Competition:
VW, Rivian, GM, Toyota, NIO, Xpeng, Weltmeister, BYTON, AIWAYS, Arrival and Lucid Motors among others. As you can see the market is being saturated with major and lesser players battling for position.
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Product Roll Out:
- “We will roll out city-by-city,” he says. “Eight to 10 cities represent more than 70% of all the electric vehicle population [so] there is no need to provide our EV nationwide.”
- The plan for 2021 is to launch in Los Angeles and have another eight cities account for the company’s U.S. market. That means four on the West Coast and four on the East Coast, according to Kranz.
- “After the launch in the U.S. we are considering launching the vehicle in China… There are 18 cities that represent 75% of the EV population in China,” he said.
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Market Data:
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EU as an Example
Global
US
“The global autonomous vehicle market is expected to reach nearly $600 billion by 2026.
I could go deeper in market research but it's late and I have covered the market more lightly in previous write ups: https://www.reddit.com/SPACs/comments/i1f21b/cant_have_evs_without_the_ev_infrastructure/ https://www.reddit.com/SPACfeed/comments/hw2439/soac_and_the_esg_spac_etf/
The EV market isn't going anywhere and its set for significant CARG over the next decade while key players battle for market position/share.
It will be supported through gov subsidies and major organizations transitioning to EV for example: Kyoto Protocol/The Moving Forward Act, USPS EV Contract, Amazon, Walmart Fedex etc going electric.
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Helpful Links/More Info about Canoo:
https://www.youtube.com/watch?v=JvWFpnUbRv8 – Canoo General Vid
https://www.youtube.com/watch?v=Qaeq23sabCc – CEO Interview at Automobility LA
https://insideevs.com/reviews/432692/jay-leno-canoo-drive-review/ - Jay Leno’s Garage
https://www.forbes.com/sites/samabuelsamid/2019/09/24/introducing-canoo-no-paddles-required-for-this-electric-van/#465c6744641d – Forbes Article
https://www.bloomberg.com/news/articles/2019-09-25/california-startup-plans-to-sell-electric-vehicles-by-subscription - Bloomberg Article
https://www.cnn.com/2019/09/24/cars/canoo-electric-car-subscription/index.html - CNN
https://www.press.canoo.com/ - Canoo Press
Hennessy Capital Acquisition Corp.
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HCAC IV:
This Hennessy team is made of experienced veterans featuring connections to NASA, Haliburton, McKinsey & Company, Honeywell, and AT&T among others.
http://www.hennessycapllc.com/independent-directors/
Structure:

• · 300m in trust
• · August 27th Extension Vote
• · 72% institution owned (JP Morgan, BMO, BOA, Deutsche Bank, Goldman, Morgan Stanley)
• · Nomura, Stifel UW
• · Warrants 1:1
  Additional Terms:
  
• Crescent Term: $9.20 threshold
  
• Anchor Investor: BlackRock $32.5M
  
• Forward Purchase: Nomura $125M
  

Hennessy’s Previous SPAC’s
HCAC I - BLBC hit 25 – Bluebird Bus https://www.marketwatch.com/investing/stock/ecol
HCAC II - DSKE hit 14 – Daseke Trucking https://www.marketwatch.com/investing/stock/dske
HCAC III - ECOL hit 28 before merging then 75 - Waste Management https://www.marketwatch.com/investing/stock/ecol
DSKE is one the largest trucking/freight logistics companies in the US. They are restructuring and are getting rid of debt. They just beat earnings last week. Warrants are super cheap closing at 0.19c on Friday. Looks like a good buying opportunity IMO.
- Daseke Investor Pres - here
- Earnings Call Transcript - here
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More HCAC Info:
https://www.reddit.com/SPACfeed/comments/hw1xya/hcac_the_next_potential_meme_spac/
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Risks:

• Terms of a deal haven’t been finalized and the talks could still fall apart
• Maybe the market responds negatively at "just another EV SPAC" announcement?
• Sector tailwinds could cool off leaving Canoo/HCAC in the dust
• Maybe the market was expecting Proterra and will react poorly? Unlikely

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Final Thoughts:

• A forward looking company with 10,000 pre orders, strong leadership looking and balance sheet synergies set for high growth in key EV markets of US and (hopefully) China.
• Canoo is set to become a top contender in the EV market for years to come thanks to their membership program, key strategic partnerships, skateboard/IP and first to market advantage despite EV SPAC market saturation.
• Sector tailwinds and ability to partner with (more) major players in the automotive, delivery/transport/taxi, software, battery and other technology sectors will further support and substantiate Canoo’s growth/market cap potential.
• Company has/will have direct ties to Uber, Tesla, Fisker, China, BMW, NASA, Blackrock, Nomera, Faraday Future, Hyundai, Kia, Nvidia, Blackberry among others plus more TBA
• Canoo > Proterra
• 2b valuation likely puts this just out of reach without a TBA PIPE (maybe this is why HCAC LOI taking time to come to fruition).

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Disclaimer: I am long HCAC
TLDR: HCAC is rumored to be merging with Canoo – a company with potential to become a market leader in the EV world