Lightning EMotors, a Colorado-based company that provides commercial fleet electrification technology and services, is in talks to go public by way of a merger with blank-check firm GigCapital3, according to a report by Bloomberg.

According to Bloomberg, GigCapital3 is seeking to raise about $100 million in new equity to fund a merger with Lightning EMotors, which formerly bore the name ‘Lightning Systems’ and only had a name change this October.

Lightning EMotors provides electrification solutions for commercial fleets of vehicles such as passenger vans, city buses, and motor coaches. The company helps to upgrade existing fleets with electrified systems and doesn’t manufacture its own vehicles. It’s similar to another company, XL Fleet, which is also set to go public via a blank-check merger.

GigCapital3, the reported blank-check target, debuted this May with $200 million raised from investors. It’s now said to be looking to raise more money to fund a merger with Lightning EMotors as is often seen in the case of blank-check mergers.

As a private company, Lightning EMotors is backed by $50 million in outside funding. Its investors include BP Ventures and Cupola Investments.

Lightning EMotors is based out of the municipality of Loveland, Colorado.

Photo: Tim Reeser, CEO, Lightning EMotors|by National Renewable Energy Lab is licensed under CC BY-NC-ND 2.0

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