Benzinga | Jul 19, 2021 05:42AM EDT

Fast Radius Nears $1.4B SPAC Merger With ECP Environmental Growth Opportunities: WSJ

* Digital manufacturer Fast Radius Inc is on the verge of closing a deal to go public via a $1.4 billion special-purpose acquisition company (SPAC) merger with ECP Environmental Growth Opportunities Corp (NASDAQ:ENNV), the Wall Street Journal reports.

* United Parcel Service Inc (NYSE:UPS) backed Fast Radius uses a cloud-based software platform and manufacturing techniques including 3-D printing to make unique parts, accelerating product and supply-chain development.

* Fast Radius is likely to generate $445 million in its SPAC deal and a $100 million private investment in public equity (PIPE).

* The PIPE is also likely to feature a forward-purchase agreement with Goldman Sachs Asset Management LP and UPS and Palantir Technologies Inc (NYSE:PLTR).