Pyrophyte Acquisition, a blank check company targeting the energy transition ecosystem, filed on Tuesday with the SEC to raise up to $175 million in an initial public offering.
The Houston, TX-based company plans to raise $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Pyrophyte Acquisition would command a market value of $219 million.
The company is led by CEO and Director Sten Gustafson, the former CEO of Era Group and current Chairman of Golden Energy Offshore, and Chairman Bernard Duroc-Danner, who most recently co-founded an energy sensing and artificial intelligence software company with applications in wind renewable energy. The company plans to target businesses that serve segments in the energy transition ecosystem, focusing on differentiated targets that provide products, services, equipment, and technologies that support a variety of energy transition solutions.
Pyrophyte Acquisition was founded in 2021 and plans to list on the NYSE under the symbol PHYT.U. The company filed confidentially on March 12, 2021. UBS Investment Bank is the sole bookrunner on the deal.
