Israeli company, ZOOZ Power, which provides flywheel-based power boosting solutions for the electric vehicle charging infrastructure market, has agreed to a merger with a SPAC company, Keyarch Acquisition Corp., and then to be listed on Nasdaq.

The transaction values ZOOZ Power at an agreed equity value of up to. USD100 million, which reflects USD60 million at closing and up to USD40 million of additional contingent consideration through shares issued.

Ellenoff Grossman & Schole is serving as U.S. legal advisor to Keyarch, with Goldfarb Gross Seligman acting as Israeli legal advisor, while Lowenstein Sandler is serving as U.S. legal advisor to ZOOZ, with Shibolet & Co. as Israeli legal advisor.