Climate Real Impact Solutions II, the second blank check company formed by PIMCO and industry veterans targeting climate change-fighting sectors, filed on Friday with the SEC to raise up to $210 million in an initial public offering.
The Princeton, NJ-based company plans to raise $210 million by offering 21 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. PIMCO, part of the company's sponsor group, intends to purchase $20.8 million worth of units in the offering. At the proposed deal size, Climate Real Impact Solutions II would command a market value of $263 million.
The company is led by CEO and Director David Crane, the former CEO of NRG Energy, and CFO John Cavalier, who previously served as Chairman of the Global Energy Group and Head of the Global Renewables Group at Credit Suisse. The group's previous SPAC, Climate Change Crisis Real Impact I Acquisition (CLII.U; +19% from $10 offer price), raised $200 million in September 2020.
The company's business strategy is to identify, acquire and maximize the value of a company operating in a climate sector such as renewable energy, energy efficiency, and Green Energy Service Companies, among others.
Climate Real Impact Solutions II was founded in 2020 and plans to list on the NYSE under the symbol CLIM.U. It filed confidentially on December 21, 2020. Barclays and BofA Securities are the joint bookrunners on the deal.
