Climate Real Impact Solutions II, the second blank check company formed by PIMCO and industry veterans targeting climate change-fighting sectors, raised $210 million by offering 21 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. PIMCO, part of the company's sponsor group, had indicated on $20.8 million worth of units in the offering.
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; +121% from $10 offer price), raised $200 million in September 2020 and recently announced a merger agreement with EV charging technology maker EVgo Services.
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 plans to list on the NYSE under the symbol CLIM.U. Barclays and BofA Securities acted as lead managers on the deal.
