ECP Environmental Growth Opportunities, a blank check company formed by Energy Capital Partners targeting businesses combatting climate change, raised the proposed deal size for its upcoming IPO on Thursday.
The Summit, NJ-based company now plans to raise $300 million by offering 30 million units at $10. The company had previously filed to offer 25 million units at the same price. Each unit now consists of one share of common stock and one-third of a warrant, exercisable at $11.50; each unit previously contained one-half of a warrant. GSAM Client Accounts intends to purchase 9.9% of units in the offering, and it has also entered into a $50 million forward purchase agreement with the SPAC. At the revised deal size, ECP Environmental Growth Opportunities will raise 20% more in proceeds than previously anticipated.
The company is led by CEO and Director Tyler Reeder, a Managing Partner at Energy Capital Partners, and CFO Drew Brown, a Principal at Energy Capital Partners. Energy Capital Partners founder and Senior Partner Douglas Kimmelman serves as a Director. The company plans to target businesses in North America that are combatting climate change, specifically focusing on the transition to electric-powered technologies (electrification) and sustainable technology and services.
ECP Environmental Growth Opportunities was founded in 2020 and plans to list on the Nasdaq under the symbol ENNVU. Barclays, Morgan Stanley and BMO Capital Markets are the joint bookrunners on the deal.
