The Alussa- Freyr deal is not a particularly terrible arrangement as far as SPACs go. However, it’s worth highlighting because it shows the difference between a hot SPAC and one that’s getting ignored by the market. Without any investor attention, Freyr could end up being a bust. With the Freyr merger, Alussa intends to dominate the market for clean battery production. This should work, right? After all, Quantumscape (NYSE: QS) has been one of the biggest SPAC winners in the space. So, why is QS stock worth over $50 and ALUS stock just shy of $11? Reading through the investor presentation, a few things stand out. First, the company is based in Norway — the American market tends to prefer companies based in the Silicon Valley or other engineering hotspots like Boston. Second, it’s unclear how much proprietary technology Freyr has itself.