Power & Digital Infrastructure Acquisition II, a blank check company targeting electrical power grid transition, filed on Thursday with the SEC to raise up to $250 million in an initial public offering.
The company plans to raise $250 million by offering 25 million units at a price of $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, Power & Digital Infrastructure Acquisition II commands a market value of $313 million.
Power & Digital Infrastructure Acquisition II is led by Chairman Theodore Brombach, founder of the financial services firm XMS Capital Partners; CEO and Director Patrick Eilers, a Managing Partner of TEP, a private equity firm focused on the electrical grid and renewable energy; and CFO James Nygaard Jr., a Managing Director of XMS Capital Partners. The company plans to leverage management's experience and pursue opportunities that are driving the US electrical power grid transition, both on the supply and demand side.
Management's previous SPAC Power & Digital Infrastructure Acquisition (XPDI) currently has a pending merger agreement with crypto mining and services company Core Scientific.
The Chicago, IL-based company was founded in 2021 and plans to list on the Nasdaq under the symbol XPDBU. Barclays and BofA Securities are the joint bookrunners on the deal.
