Follow-on PIPE significantly exceeds minimum cash requirement to complete business combination.
– Gross proceeds at merger closing in Q1 2021 expected to exceed $560M
– Funding accelerates Aeva’s expansion in automotive, consumer and industrial markets
Aeva, a leader in next generation 4D LiDAR sensing and perception systems, and InterPrivate Acquisition (“InterPrivate”), announced that Sylebra Capital (“Sylebra”), the global technology investment firm, has entered into an investment agreement to support the expected business combination between Aeva and InterPrivate.
Under the terms of the agreement, Sylebra, a current holder of InterPrivate common stock, has committed to purchase an additional $200 million of InterPrivate common stock in connection with the expected closing of the business combination. Sylebra has also entered into a one-year lock-up agreement on the majority of its investment, and will vote all eligible shares in favor of the transaction. The investment significantly exceeds the minimum cash requirement contemplated by the business combination agreement, paving the way for the completion of the transaction in Q1 2021.
“This investment by Sylebra provides a major vote of confidence in Aeva’s business model and growth plans. Proceeds from this investment will further accelerate our ability to capitalize on customer demand for Aeva’s industry 4D LiDAR on a chip technology in the automotive, consumer, and industrial markets,” said Soroush Salehian, Co-Founder and CEO at Aeva.
“We founded Sylebra with the vision of backing innovative companies that have the potential to become category leaders in large, addressable markets where fundamental technology differentiation will ultimately make them ubiquitous,” said Dan Gibson, Sylebra’s Chief Investment Officer. “We have conducted thorough diligence on the LiDAR and perception industry and believe that Aeva’s approach is best-in-class. We are impressed with what Mina, Soroush and their team have built and we are excited to be part of this journey,” he added.
Ahmed Fattouh, Chairman & CEO of InterPrivate added, “We are excited to welcome Sylebra as a long-term investment partner. The combined proceeds from this financing, the previously announced private placement, and InterPrivate’s cash in trust are now expected to exceed $560 million. Upon closing, Aeva will have a strong balance sheet to pursue strategic opportunities to realize mass market adoption.”
 All dollar amounts included in this press release assume there are no redemptions from the InterPrivate trust account in connection with the closing of the business combination.