Activate Energy Acquisition, a blank check company targeting the oil and gas sector, raised $200 million by offering 20 million units at $10.00. Each unit consists of one share of common stock and one-half of one warrant, exercisable at $11.50.
Activate Energy Acquisition is led by CEO and Chairman Thomas Fontaine, an engineer and energy entrepreneur whose current roles include serving as Chairman of Chameleon Innovations Australia. He is joined by CFO and Director David Wood, who most recently served as fractional CFO of Focused Energy.
The SPAC plans to target companies in the oil and gas sector that are unique, potentially compelling and transformational, and have low risk upside potential, among other characteristics.
Activate Energy Acquisition plans to list on the Nasdaq under the symbol AEAQU. BTIG acted as sole bookrunner on the deal.
