ST Energy Transition I, a blank check company targeting energy transition and clean energy technology, raised $250 million by offering 25 million SAIL (Stakeholder Aligned Initial Listing) securities at $10. Each SAIL security consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The sponsor promote is only 5% due to the SAIL construct, which uses a performance-based incentive structure to create alignment.
ST Energy Transition I is led by Chairman John Fredriksen, oil tanker and shipping billionaire who currently serves as President and Chair of shipping company Frontline, and CEO Gunnar Eliassen, who currently works for Fredriksen's family holding company Seatankers Group and previously was a Partner at Pareto Securities.
The company plans to leverage management's experience and target opportunities that contribute in positive ways towards energy transition and clean energy technology, focusing on businesses with growth potential, earnings visibility, and defendable market positions, among other characteristics.
ST Energy Transition I plans to list on the NYSE under the symbol STET.U. Morgan Stanley acted as sole bookrunner on the deal.
