Peridot Acquisition II, the second blank check company formed by Carnelian Energy Capital targeting businesses with a positive environmental impact, raised $360 million by offering 36 million units at $10. The company offered 6 million more units than anticipated. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
The company is led by Chairman Tomas Ackerman, a co-founder and Partner of Carnelian Energy Capital. He is joined by CEO and Director Preston Powell, a Managing Director at Carnelian, and CFO Stephen Wedemeyer, the current CFO of Carnelian. Carnelian's previous SPAC, Peridot Acquisition (PDAC; +6% from $10 offer price), went public this past September and has a pending merger agreement with battery recycler Li-Cycle.
Peridot Acquisition II intends to target opportunities and companies that focus on environmentally sound infrastructure, industrial applications, and disruptive technologies that eliminate or mitigate GHG emissions and/or enhance resilience to climate change.
Peridot Acquisition II plans to list on the NYSE under the symbol PDOT.U. UBS Investment Bank and Barclays acted as lead managers on the deal.
