Solid Power, a solid-state battery maker supported by Ford and BMW, may be listed backdoor.

According to foreign media reports, people familiar with the matter revealed that solid-state battery maker Solid Power is in talks with blank check company Decarbonization Plus Acquisition Corp. III on the merger and listing. Ford and BMW are both investors in Solid Power.

One of the people familiar with the matter said the bad cheque company was seeking to raise more than $100m by issuing new shares to support the deal. The deal will value the combined company at about $1.2 billion, including debt. As the deal has not yet been finalized, the terms of cooperation may change, and negotiations between the two sides are still likely to break down.

A Solid Power representative didn't immediately respond to a request for comment. A spokesman for Decarbonization Plus also declined to comment.

Colorado-based Solid Power raised $130 million last month in a round led by Ford, BMW and Volta Energy Technologies LLC. The company said the money would help it start producing gauge-grade batteries on its production line early next year. "solid-state battery technology is very important to the future of electric vehicles, which is why we invest directly in this technology," Hau Thai-Tang, Ford's chief product platform and operating officer, said in a statement at the time.

Solid Power is one of the companies trying to develop solid-state batteries. Solid-state batteries provide automakers with a safer and cheaper alternative to lithium-ion batteries, which is expected to significantly accelerate the popularity of electric vehicles.

Blank check company Decarbonization Plus is a subsidiary of Riverstone Investment Group. Under the leadership of CEO Erik Anderson, the company raised $350 million in its initial public offering ((IPO)) in March.

Previously, QuantumScape Corp., supported by Volkswagen and also a solid-state battery developer, Through a merger with a blank cheque company, it became a public company with a market capitalization of about $12.3 billion as of the afternoon of June 8.