Clean Earth Acquisitions, a blank check company targeting the clean and renewable energy industry, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50.
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 ClimateTech Venture Partner at Vectr Ventures and former President of Cross River Infrastructure Partners.
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 plans to list on the Nasdaq under the symbol CLINU. Citi acted as sole bookrunner on the deal.
