Project Energy Reimagined Acquisition, a blank check company targeting the "Electric Grid 2.0", raised $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The Redwood City, CA-based company is led by CEO and Director Srinath Narayanan, the founder and Managing Partner of Edgewater Investments, founder and Managing Member of PANA Investments, and Chairman and CEO of Smilodon Corp.
The company plans to target what it calls the "Electric Grid 2.0," which it believes addresses several mega trends that are creating a long tail of value-creating opportunities within the energy storage value-chain.
Project Energy Reimagined Acquisition plans to list on the Nasdaq under the symbol PEGRU. J.P. Morgan and BofA Securities acted as joint bookrunners on the deal.
