Swedish electric-car maker Polestar said on Monday it will go public by merging with a blank-check firm backed by billionaire Alec Gores and investment bank Guggenheim Partners at a valuation of $20 billion including debt.

Polestar’s listing plans come as automakers are shifting their focus towards environmentally friendly cars amid growing pressure from politicians and investors worried about climate change.

The deal with Gores Guggenheim will include cash proceeds of around $800 million, assuming no share redemptions by public stockholders of the blank-check firm.

Additionally, the deal includes $250 million in PIPE from institutional investors of top quality.

Gores Guggenheim shares were 7.8% higher premarket.

Polestar is backed by Volvo Car Group, Geely Chairman Eric Li and other affiliates. It also includes Leonardo DiCaprio, the actor from Hollywood.

Two models are part of the premium EV manufacturer’s portfolio: a Polestar 1 hybrid and Polestar 2 fully-electric. They can be found on roads in Europe, North America, and Asia.

According to the company, it delivered approximately 10,000 vehicles in 2017 and expects to produce 290,000. It also plans to introduce three more models by 2024.

Polestar announced at the Beijing Motor Show lastyear that it had another model, the Precept. It is a more spacious sedan.

Polestar announced in June that it plans to begin building Polestar 3 electric utility vehicles in the U.S. at Volvo’s South Carolina plant.

Polestar shareholders who have an equity stake in the company will be able to roll all of their shares. However, 94% ownership will remain, according to it.

The combined company will trade on the Nasdaq under the symbol “PSNY”, and it will be called Polestar Automotive Holding UK Ltd.