SUBSPAC

Another Lidar Deal…

The Daily Dish (6/22/21)

Lidar company Quanergy to go public via $1.4B SPAC deal

Quanergy Systems, the Sunnyvale, California-based lidar company, said Tuesday it has agreed to merge with special purpose acquisition fund CITIC Capital Acquisition Corp., a Chinese blank-check firm affiliated with the country’s largest state-owned investment conglomerate.

Quanergy is a developer of solid state silicon lidar units, which pulses a low-power laser through an optical phased array to measure the distance and shape of objects.

Quanergy has had a bumpy road to the NYSE. The company generated a lot of hype after it announced in 2016 that it had developed a lidar that cost $250 or less.

Quanergy says the proceeds from the SPAC transaction will be used to accelerate research and development, pay down debt and fund working capital.

Upon closing, Quanergy will be listed on the NYSE under the ticker symbol “QNGY.” The SPAC, CITIC Capital Acquisition Corp., is sponsored by CITIC Capital Holdings Limited, an investment firm backed by Chinese conglomerate CITIC Group.

The company anticipates CFIUS greenlighting the deal because CITIC would keep its stake in the company below 10%, and Quanergy does not record any personal driver data, Reuters reported.

Former Rice Energy Crew is Back with Another SPAC 

Two months after announcing their first SPAC merger, Rice Acquisition Corp has found a pair of companies to buy for $1.2 billion. Rice Acquisition Corp II went public under the ticker RONI, raising $345 million and like the last SPAC, it is interested in businesses which can decarbonise heavy industry. 

Back in April, the first SPAC from Rice announced a deal to buy Archaea Energy LLC and Aria Energy LLC, who are both developers of projects which capture gas produced by decomposing landfill materials. 

There is buzz around dhow natural gas can further the energy transition, through the production of hydrogen. The idea of isolating hydrogen from natural gas and then capturing and sequestering the carbon dioxide made in the process is referred to as blue hydrogen.

Blue hydrogen has captured the attention of many in the oil industry as it will repurpose existing pipelines to carry increasing amounts of hydrogen, first blended into the natural gas mix and eventually on its own. 


Family Offices Tap Into SPAC Boom 

Family Offices have been participating in the SPAC boom but in smaller numbers compared to hedge funds and other institutional investors.

Prominent investors include family offices of tech entrepreneur Michael Dell, real estate mogul Barry Sternlicht and former hedge fund executive Dan Och. 

Some billionaires have decided to set up their own Spacs, with or without family office backing including former Facebook executive Chamath Palihapitiya and hedge fund manager Bill Ackman. Billionaire George Soros’s family office has also been in the hunt for Spac opportunities. 

Family Offices are largely exempt from registering with the Securities and Exchange Commission and have a lot of connections within the industry. Family Offices also have a lot more flexibility and nimbleness when it comes to making investments in Spacs. 


Climate Transition Capital Launches $226 Million SPAC 

Climate Transition Capital is an SPAC which aims to invest in companies which pioneer climate transition with over 190 million Euro ($226 million) raised.

The company has already attracted investment from BlackRock, the worlds largest asset management company and commodities trader Hartree. 

SPACs aim to raise funds to take a private company public through a merger and have been the fastest in the global craze in funding with record amounts being funnelled into SPACs over the last few years. 


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