FPA Energy Acquisition, a carbon neutral-focused blank check company targeting real estate businesses, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
The Alpharetta, GA-based company plans to raise $100 million by offering 10 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 warrant, exercisable at $11.50. At the proposed deal size, FPA Energy Acquisition would command a market value of $128 million.
FPA Energy Acquisition is led by CEO and Chairman Christopher Yurko, a former VP of Greenwave Energy whose current roles include Managing Director and CRO of Forsa Power Alliance, and Acting CFO Rosario Fava, the former Global Head and VP of Gasification and Biofuels for Shell Oil. The company plans to target businesses that operate in or derive a large component of revenue from real estate, with a focus on opportunities involving transforming existing office buildings into mixed use developments. In its mission to transition a redevelopment initiative to Carbon Neutrality, the SPAC intends to deploy in its acquisition target technologies like solar power, rainwater collection, and vertical indoor agriculture, among others.
FPA Energy Acquisition was founded in 2022 and plans to list on the Nasdaq under the symbol FPAQU. I-Bankers Securities and IB Capital are the joint bookrunners on the deal.
