Fisker said it had agreed a deal with Spartan Energy Acquisition, a special purpose acquisition company sponsored by an affiliate of Apollo Global Management, which would result in the electric vehicle startup becoming a publicly listed company.

Los Angeles based Fisker said the proposed transaction was expected to provide the necessary funding to launch production of the Ocean late in 2022.

The Ocean is a full electric SUV with premium styling and features, been designed to be what Fisker claims as "the world's most sustainable vehicle, including extensive use of environmentally friendly and recycled materials".

The Ocean will be offered through an "innovative leasing package, optimised for driver convenience and accessibility", Fisker said.

Founder, chairman and CEO Henrik Fisker said: "The realisation of the world's first digital car company took another major step forward, advancing our mission to commercialise the world's most emotional and sustainable vehicles, while upholding our vision of a clean future for all.

"We are excited to partner with Apollo, a world-class financial institution which brings deep industry expertise, extensive global relationships and a shared commitment to ESG. This vote of confidence from investors, coupled with our exciting progress on the development of our first vehicle, lays out Fisker's path to 2022 and beyond."

"Spartan and Apollo have a strong commitment to sustainability and ESG, and we are excited to work with Fisker to help achieve its vision of attainable electric transportation," said Geoffrey Strong, chairman and chief executive officer of Spartan and senior partner, co-head of infrastructure and natural resources at Apollo.

"Our funding, product plans and brand development actions are on course," added Fisker.

"Prototype vehicles are expected to start durability testing by the end of this year, and we continue to make significant progress on the development of our sales and service proposition."