Pyrophyte Acquisition II, a blank check company targeting the energy sector, filed on Friday with the SEC to raise up to $175 million in an initial public offering.
The Houston, TX-based company plans to raise $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Pyrophyte Acquisition would command a market value of $238 million.
The company is led by CEO and Director Bernard Duroc-Danner, who founded oilfield services company EVI (formerly NYSE: EVI), and was its Chairman and CEO for 29 years, as well as CFO and Director Sten Gustafson, the former CEO of helicopter transport operator Era Group (formerly NYSE: ERA). The company plans to pursue global businesses in the energy sector, although it may also acquire a domestic company. It states it does not intend to acquire companies that are excessively leveraged.
The duo's previous SPAC, Pyrophyte Acquisition (OTC: PHYTF), raised $175 million in October 2021, and is currently pending a merger with Canadian quartz silica pre-producer Sio Silica at a $708 million EV.
the former CEO of Era Group and current Chairman of Golden Energy Offshore, and Chairman , who most recently co-founded an energy sensing and artificial intelligence software company with applications in wind renewable energy. The company plans to target businesses that serve segments in the energy transition ecosystem, focusing on differentiated targets that provide products, services, equipment, and technologies that support a variety of energy transition solutions.
The Houston, TX-based company was founded in 2025 and plans to list on the NYSE under the symbol PAII.U. Pyrophyte Acquisition II filed confidentially on May 29, 2025. UBS Investment Bank and Brookline Capital Markets are the joint bookrunners on the deal.
