Fisker Inc. is the latest electric car maker to go public with a valuation of $2.9 billion after merging with a blank-check company that is being backed by private equity firm Apollo Global Management.

Fisker will take on rivals Tesla and Nikola as it looks to launch its electric SUV, the Fisker Ocean. Nikola recently went public and has seen its share price soar as it announced it was coming to market with an electrified pickup truck dubbed the Badger.

Fisker has found itself in a bidding war, which was reportedly being led by Spartan Energy Acquisition Corp – a special purpose acquisition company (SPAC), Reuters reported.

Under the SPAC, Fisker will bring in $1 billion, including $500 million from Alliance Bernstein and BlackRock Inc., the news outlet said. A SPAC typically uses funding from an IPO along with borrowed monies to purchase a company usually within two years. Nikola was funded through a SPAC deal as well.

Los Angeles-based Fisker, which is expected to start production on the Ocean SUV in late 2022, was started by Henrik Fisker, a former Aston-Martin designer in 2016. The company said it is planning on selling the Ocean EV with a starting price tag of $37,500.

Fisker said the Ocean SUV will have a 250- to 300-mile driving range along with an interior made of vegan and recycled materials and be offered with a flexible lease program.

Henrik Fisker, 56, previously founded an automotive company, Fisker Automotive, which filed for bankruptcy in 2013. At the time, the company ran through $1.4 billion in private investments and loans funded by taxpayers, Reuters said.

Fisker electric SUV Fisker has branded the Fisker Ocean as an electric luxury SUV and the world's most sustainable vehicle and is collaborating with Electrify America to develop charging technology. Photo: Fisker Inc.