The technologies that underpin electric vehicle (EV) batteries have become relatively mature in a short period of time. Start-ups are devising game-changing solutions as automakers seek better performance at lower cost, and efforts are also being made at a factory level to tackle the ‘hidden emissions’ that are associated with EVs.

Norway-based manufacturer Freyr is one such supplier and is due to go public on the New York Stock Exchange through a merger with Alussa Energy, a Cayman Islands-listed special purpose acquisition company (SPAC) that was formed in 2019. The deal values Freyr at US$1.4bn and will give the company an immediate US$850m boost to the balance sheet.

SPAC deals—also…