Clean Earth Acquisitions, a blank check company targeting the clean and renewable energy industry, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The Bee Cave, TX-based company plans to raise $200 million by offering 20 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, Clean Earth Acquisitions would command a market value of $258 million.
The company is led by Executive Chairman Nicholas Parker, the Chairman of Parker Venture Management and former Managing Partner of Global Acceleration Partners, and CEO Aaron Ratner, the President of Cross River Infrastructure Partners and the ClimateTech Venture Partner at Vectr Ventures.
The company plans to leverage management's experience and target the clean and renewable energy industry, focus on businesses that serve key and evolving segments in the clean energy ecosystem, including those involved in carbon, hydrogen, sustainable agriculture, and renewable energy. It does not plan to target early-stage start-up companies, companies with speculative business plans, or companies that are excessively leveraged.
Clean Earth Acquisitions was founded in 2021 and plans to list on the Nasdaq under the symbol CLINU. The company filed confidentially on October 27, 2021. Citi is the sole bookrunner on the deal.
