Beard Energy Transition Acquisition, a blank check company targeting electric power grid opportunities, raised $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.
The SPAC is led by CEO and Chairman Gregory Beard, the CEO and co-Chairman of sustainably-powered Bitcoin miner Stronghold Digital Mining (Nasdaq: SDIG), which IPO'd in October 2021 and closed Tuesday 8% above the offer price. Beard previously served as Global Head of Natural Resources and Senior Partner at Apollo Global Management. CFO Sarah James is a director at Stronghold Digital, and previously served as CFO of SPAC Alussa Energy prior to its merger with FREYR Battery (NYSE: FREY).
Beard Energy Transition Acquisition intends to focus on electric power grid opportunities associated with energy transition infrastructure buildout. Specifically, it plans to seek out opportunities to optimize the supply and demand sides of the electrical power grids supplied by intermittent renewable energy.
The New York, NY-based company plans to list on the NYSE under the symbol BRD.U. Citi acted as sole bookrunner on the deal.
