TortoiseEcofin Acquisition III, the third blank check company led by Vincent Cubbage targeting the energy transition and sustainability arena, filed on Friday with the SEC to raise up to $300 million in an initial public offering.
The Leawood, KS-based company plans to raise $300 million by offering 30 million shares at $10. The offering does not contain warrants. At the proposed deal size, TortoiseEcofin Acquisition III would command a market value of $384 million.
The company is led by CEO and Chairman Vincent Cubbage, who currently serves as Managing Director of Private Energy at Tortoise Capital Advisors, and CFO, President, and Director Stephen Pang, who currently serves as a Managing Director and Portfolio Manager at TortoiseEcofin Investments. The company plans to target businesses in the energy transition or sustainability arena, focusing on industries that require innovative solutions to decarbonize in order to meet critical emission reduction objectives.
Management's previous SPACs include Tortoise Acquisition II (SNPR; +22% from $10 offer price), which went public in September 2020 and has a pending merger agreement with EV charging network Volta Industries, and Tortoise Acquisition, which went public in February 2019 and completed its combination with electric powertrain developer Hyliion Holdings (HYLN) in October 2020.
TortoiseEcofin Acquisition III was founded in 2021 and plans to list on the NYSE under the symbol TRTL. Barclays and Goldman Sachs are the joint bookrunners on the deal.
