The electric automaker Fisker has reached a deal to list on the New York Stock Exchange through a merger with Spartan Energy Acquisition, an affiliate of Apollo Global Management.

The companies said the deal would provide gross proceeds of more than $1 billion that will fully fund the development of an all-electric SUV, Fisker Ocean, through the start of production in 2022.

“Prototype vehicles are expected to start durability testing by the end of this year, and we continue to make significant progress on the development of our sales and service proposition,” founder and chief executive officer Henrik Fisker said in a statement. In an interview on CNBC, Fisker said, “I think this is the only way forward.”

Fisker has previously announced plans for a luxury sedan that would compete with the Tesla Model S, and he is credited with designing the BMW Z8 and Aston Martin DB9. He said the company plans to share hardware of the vehicle with other automakers.

The pro formal value of the merger is about $2.9 billion, the companies said. The funding includes a $500 million fully committed common stock PIPE at $10 per share. Investors include Moore Strategic Ventures and AllianceBernstein.

The boards of directors of Spartan and Fisker have approved the transaction, which is expected to close in the fourth quarter.

Last month, Nikola, the maker of battery-electric and hydrogen-electric vehicles and parts, went public through a reverse merger with a publicly traded special purpose acquisition company, VectorIQ.

That deal raised more than $700 million for Nikola, from investors including Fidelity Management & Research Company, ValueAct Spring Fund, and P. Schoenfeld Asset Management.

Andrej Sokolow/picture alliance via Getty Images

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