Zimmer Energy Transition Acquisition, a blank check company formed by Zimmer Partners targeting the energy transition and sustainability space, filed on Thursday with the SEC to raise up to $350 million in an initial public offering.
The New York, NY-based company plans to raise $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $200 million at the closing of an acquisition pursuant to forward purchase agreements with Zimmer Partners and Bluescape Resources. At the proposed deal size, Zimmer Energy Transition Acquisition would command a market value of $438 million.
The company is led by CEO and Chairman Stuart Zimmer, the founder, CEO, and Portfolio Manager of investment firm Zimmer Partners. The company plans to target the energy value chain in North America, specifically energy transition and sustainability, with a primary focus on products, equipment, services, and technologies enabling the continued energy transition in the US.
Zimmer Energy Transition Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol ZTU. Citi and Barclays are the joint bookrunners on the deal.
