SUBSPAC

22 SPACs That Will Save The World…

Welcome to The Rundown! Each week we’ll feature a couple talented guest writers to give their thoughts on whatever is happening in the markets right now.

One of our guest writers this week is the Michael Cascio! He’ll be sharing his thoughts about SPACs that are aiming to fund environmentally-focused companies working on solutions to climate-related issues.


Special Purpose Acquisition Companies (SPACs) offer regular individuals the opportunity to invest money alongside management teams focused on merging with companies to take them public. SPACs are the closest thing retail investors have to “late-stage” investing. Regardless of early- or late-, this type of investing is typically reserved for private markets and “accredited investors” (individuals with income exceeding $200,000 per year or net worth of over $1m).

SPACs pool money and go public as a “blank check” company with the intent to merge with and fund another company to make that other company public. The process is meant to be quicker and more efficient compared to the traditional IPO process. SPACs can be risky because you’re betting that the management team will be able find a great company and take it public. That being said, if the management team cannot execute before a set deadline the shareholders are able to redeem the underlying net asset value. This is around $10/share, the typical SPAC IPO price.

I’ve been interested in researching SPACs focused on companies in the clean energy, climate change, decarbonization, and sustainability space. I believe these categories will see tremendous investment in the next decade as our focus on protecting the environment grows and carbon-use becomes more widely analyzed and regulated by different industry professional groups. There will be many new companies in this space that will grow and go public in the future and SPACs will be a way, as we’ve already seen with electronic vehicles.

Below are twenty-two SPACs looking to fund climate and sustainability focused businesses and bring them to the public market. They’re accompanied by their IPO Size, Target investment focus, Status of operations, Merging Company (when applicable), and key Management individuals. This is meant to be more of a broad overview of the operators in the space than a deep dive of any individual company.

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ACTC ArcLight Clean Transition Corp

  • IPO Size — $250m

  • Target — Planned to target companies that serve rapidly growing segments in the clean energy ecosystem, focused on decarbonization, resilience, efficiency, or digitalization.

  • Status — Definitive Agreement

  • Merging Company — Proterra

  • Management — Dr. Ja-Chin Audrey Lee (Former VP, Energy Services, Sunrun; Co-Chair, Clean Energy for Biden), Arno Harris (Former Founder/CEO, Recurrent Energy; Director, Pacific Gas & Electric)

CCACCITIC Capital Acquisition Corp

  • IPO Size —$240m

  • Target — Looking for a business in the energy efficiency, clean technology and sustainability sectors, with a focus on companies that are positioned for success in China and other Asian markets.

  • Status — Searching

CLIIClimate Change Crisis Real Impact I Acquisition Corp

  • IPO Size — $210m

  • Target — Strategy is to identify, acquire and maximize the value of a company operating in a climate sector such as renewable energy, energy efficiency, and Green Energy Service Companies, among others.

  • Status — Definitive Agreement

  • Merging Company—EVgo

  • Management — David Crane (Fmr CEO of IPR, NRG), Beth Comstock, (Fmr CMO/CCO of GE; Director, Nike), Mary Powell (Fmr CEO, GMP), Mimi Alemayehou (SVP, Mastercard), PIMCO

CLIMClimate Real Impact Solutions II Acquisition Corporation

  • IPO Size — $230m

  • Target — Strategy is to identify, acquire and maximize the value of a company operating in a climate sector such as renewable energy, energy efficiency, and Green Energy Service Companies, among others.

  • Status — Searching (Pre-Unit Split)

  • Management — David Crane (Fmr CEO of IPR, NRG), Elizabeth Comstock, (Fmr CMO/CCO of GE; Director, Nike), PIMCO

DCRBDecarbonization Plus Acquisition Corporation

  • IPO Size — $200m

  • Target — Target businesses that may advance the objectives of global decarbonization, including those operating in the energy and agriculture, industrials, transportation, and commercial and residential sectors.

  • Status — Searching

  • Management — Erik Anderson (Founder, WRG; Exec Chairman, Topgolf); Dr. Jennifer Aaker (Author, “Dragonfly Effect”); Pierre Lapeyre, Jr (Co-founder/Sr Managing Director, Riverstone Holdings); Jim McDermott (Founder, Stamps.com)

ENVI — Environmental Impact Acquisition Corp.

  • IPO Size — $200m

  • Target — Targeting the sustainability sector and intends to focus primarily on identifying businesses that offer products, services, and technologies that generate positive impacts for the environment.

  • Status — Searching (Pre-Unit Split)

  • Management — Daniel Coyne (Co-Head US Investment Banking, Canaccord)

FSSI Foristar Sustainable Solutions Corp.

  • IPO Size — $225m

  • Target — Targeting companies whose business models contribute to the reduction of the carbon intensity in the energy, industrial, and transportation value chain, to directly or indirectly reduce greenhouse gas emissions or more generally contribute to the shift towards greater energy efficiency in production and consumption.

  • Status — Searching (Pre-Unit Split)

  • Management — Mark Comora (Founder/President, Fortistar),Mark Little (Fmr CTO, GE)

GBMT — Queen’s Gambit Growth Capital

  • IPO Size — $340m

  • Target — Targeting a sustainable business that provides solutions promoting sustainable development, economic growth, and prosperity, with sectors of potential interest including clean energy, healthcare, financial technology, mobility, and emerging technology.

  • Status — Searching (Pre-Unit Split)

  • Management — Victoria Grace (CEO, Colle Capital Partners),Anastasia Nyrkovskaya (CFO, Fortune Media),Lone Fonss Schroder (Director, IKEA Group and Volvo Car Group)

HCICHennessy Capital Investment Corp. V

  • IPO Size — $345m

  • Target — Targeting businesses in industries that compliment the management team’s background, namely those within the sustainable industrial technology and infrastructure sectors in the US.

  • Status — Searching (Pre-Unit Split)

  • Management — Daniel Hennessy, Jeff Immelt (Fmr Chairman/CEO, General Electric; Director, Twilio),Tanguy Serra (Fmr Pres, SolarCity)

LEGO — Legato Merger Corp.

  • IPO Size — $205m

  • Target — Targeting businesses in the renewables, infrastructure, engineering and construction, and industrial industries.

  • Status — Searching (Pre-Unit Split)

  • Management — Eric Rosenfeld (Fmr CEO, Allegro Merger Corp; CEO, Crescendo Partners)

NGA Northern Genesis Acquisition Corp.

  • IPO Size — $300m

  • Target — Targeting businesses with strong environmental, social, and governance profiles across industries including energy, transportation and electric mobility, data and communication, agriculture, community services, and training.

  • Status — Definitive Agreement

  • Merging Company —The Lion Electric Co.

  • Management —Michael Hoffman (Founder, Stone Capital Partners; Fmr Member Exec Committee, Blackstone), Christopher Jarrat (Executive Vice Chairman, Algonquin Power & Utilities)

NGABNorthern Genesis Acquisition Corp. II

  • IPO Size — $414m

  • Target — Focusing on opportunities making a positive contribution to sustainability through the ownership, financing, and management of societal infrastructure.

  • Status — Searching (Pre-Unit Split)

  • Management —Ian Robertson (CEO, InfraStar Investments; Fmr CEO, Algonquin Power & Utilities), Michael Hoffman (Founder, Stone Capital Partners; Fmr Member Exec Committee, Blackstone)

PDACPeridot Acquisition Corp.

  • IPO Size — $300m

  • Target — Targeting businesses that focus on environmentally sound infrastructure, industrial applications and disruptive technologies that eliminate or mitigate greenhouse gas (GHG) emissions and/or enhance resilience to climate change.

  • Status — Searching

  • Management —Alan Levande (Former Co-CEO of Covey Park Energy),Scott Prochazka (Former CEO of CenterPoint Energy),Jonathan Silver (Director, Plug Power, National Grid, Former Exec. Director of Loan Programs under Pres. Obama)

RICERice Acquisition Corp.

  • IPO Size — $240m

  • Target — Concentrating search on supply-side solutions and innovations that enable the economy to decarbonize in certain energy sectors.

  • Status — Searching

  • Management — Daniel Rice, IV (Fmr CEO, Rice Energy), James Torgerson (Fmr CEO, Avangrid)

SNPRTortoise Acquisition Corp. II

  • IPO Size — $345m

  • Target — Searching for companies in the broad energy transition or sustainability arena, targeting industries that require innovative solutions in order to decarbonize in order to meet critical emissions reduction objectives.

  • Status — Searching

  • Management — Vincent T. Cubbage (Tortoise Capital Advisors)

SOACSustainable Opportunities Acquisition Corp.

  • IPO Size — $300m

  • Target — Concentrating search on supply-side solutions and innovations that enable the economy to decarbonize in certain energy sectors.

  • Status — Searching

  • Management — Scott Leonard (Fmr CEO, GenOn Mid-Atlantic; Fmr SVP Operations, Hewlett Packard Enterprise), David Quiram (Fmr Head of Investment, Hewlett Packard Enterprise), Susan Tanski (Fmr banker at Capital One and Goldman Sachs)

SPRQ Spartan Acquisition Corp. II

  • IPO Size — $345m

  • Target — Focusing on the energy value-chain in North America, specifically on opportunities aligned with energy transition and sustainability.

  • Status — Definitive Agreement

  • Merging Company — Sunlight Financial

  • Management —Leon Black (Co-Founder, Apollo Management), Joshua Harris (Co-Founder, Apollo Management), Marc Rowan (Co-Founder, Apollo Management)

STPCStar Peak Corp II

  • IPO Size — $402.5m

  • Target — Targeting businesses seeking to be a market leader in, and/or benefit from, the increasing global initiatives to improve sustainability and/or reduce global emissions. Sectors of interest include: clean energy generation, technology and storage; sustainable food and agriculture; transportation including mobility, fueling and charging infrastructure; resource management including carbon capture and hydrogen tech; environmental services like waste management, pollution control and recycling; and water- and technology-enabled sustainable solutions.

  • Status — Searching (Pre-Unit Split)

  • Management — Michael C. Morgan (Lead Director, Kinder Morgan), Alec Litowitz (Founder/CEO, Magnetar Capital; Fmr Principal, Citadel Investment Group)

STPKStar Peak Energy Transition

  • IPO Size — $350m

  • Target — Targeting businesses seeking to be a market leader in, and/or benefit from, the increasing global initiatives to improve sustainability and/or reduce global emissions. Sectors of interest include: clean energy generation, technology and storage; sustainable food and agriculture; transportation including mobility, fueling and charging infrastructure; resource management including carbon capture and hydrogen tech; environmental services like waste management, pollution control and recycling; and water- and technology-enabled sustainable solutions.

  • Status — Searching (Pre-Unit Split)

  • Management — Michael C. Morgan (Lead Director, Kinder Morgan), Alec Litowitz (Founder/CEO, Magnetar Capital; Fmr Principal, Citadel Investment Group)

STWOACON S2 Acquisition Corp.

  • IPO Size — $250m

  • Target — Targeting businesses that employ a strategic approach to sustainability and whose pursuit of sustainability is core to driving its performance and success.

  • Status — Searching

  • Management — Adam Kriger (Exec Partner, ACON Investments; Former SVP, McDonald’s),Sarah Kirshbaum Levy (Former COO, Viacom)

SV — Spring Valley Acquisition Corp.

  • IPO Size — $232.3m

  • Target — Targeting business in the sustainability industry, including sectors like energy and power, resource management and environmental services.

  • Status — Searching

  • Management — Christopher Sorells (Lead Director, Renewable Energy Group)

SWBKSwitchback II Corporation

  • IPO Size — $316.3m

  • Target — Searching for companies in the broad energy transition or sustainability arena, targeting industries that require innovative solutions in order to decarbonize in order to meet critical emissions reduction objectives.

  • Status — Searching (Pre-Unit Split)

  • Management — Scott McNeil (CEO, Switchback I),Ray Kubis (Chairman, Gridtential)

Michael Cascio

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There’s No I In Trade

My goal is to create a community where people can educate themselves through the world of investing. I can’t do that alone, we need to build this community together. So tell me what you’re loving, tell me what you want to see more of tomorrow.

Disclaimer: This is not financial advice and should not be interpreted as such. I am not a financial advisor. I may currently own or have owned many of the SPACs mentioned above – but that does not mean I am invested now. My investing method is highly risky swing trading which means I am constantly in and out of positions. Please do your own research or hit up the #SPACsquad on Twitter to learn more about SPACs.

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