Spring Valley Acquisition II, the second blank check company formed by Pearl Energy Investment Management targeting the sustainability 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 consummation of an initial business combination, and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Christopher Sorrells, the former Lead Director for Renewable Energy Group (now part of Chevron) and a former Operating Partner for Natural Gas Partners' NGP Energy Technology Partners. Spring Valley Acquisition II plans to leverage management's experience and target the sustainability industry, including energy and power, resource management, and environmental services, among others.
Management's previous SPAC, November 2020 IPO Spring Valley Acquisition, completed its combination with nuclear tech developer NuScale Power (SMR; +7% from $10 offer price) this past May.
Spring Valley Acquisition II plans to list on the Nasdaq under the symbol SVIIU. Citi and Guggenheim Securities acted as joint bookrunners on the deal.
