Solid Power, a promising solid-state battery start-up backed by Ford Motor (NYSE:F) and BMW (OTC:BMWYY)(OTC:BAMXF), said that it has agreed to go public via a merger with special purpose acquisition company (SPAC) Decarbonization Plus Acquisition III (NASDAQ:DCRC). 

The deal values the combined company at about $1.2 billion. 

Many investors have been overwhelmed by the number of SPAC deals in the electric-vehicle space over the last year, and some have soured on the space now that a couple of last year's darlings have turned out to be, well, less than they seemed. But if you still believe that electric vehicles are the future (I do), Solid Power is worth a close look. It's a company with real potential, with some big customers ready and waiting for its products, and with technology that's much closer to mass production than that of its most prominent rivals. 

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