Spring Valley Acquisition IV, a blank check company targeting the power infrastructure and decarbonization industries, raised $200 million by offering 20 million unit at $10. Each unit consists of one share of common stock and one-fourth of one warrant, exercisable at $11.50.
The company is led by CEO and Chairman Christopher Sorrells, the former Lead Director for Renewable Energy Group (now part of Chevron) and a former Operating Partner for Natural Gas Partners' NGP Energy Technology Partners. He is joined by CFO Jeff Schramm, the former CFO of Lehigh Technologies. Spring Valley Acquisition IV plans to target the power infrastructure and decarbonization industries.
Management's previous SPACs include Spring Valley Acquisition III (SVAC; +6.5% from $10 offer price), Spring Valley Acquisition II (SVIIF; +27%), and SMR developer Eagle Energy Metals, and Spring Valley Acquisition, which completed its combination with nuclear tech developer NuScale Power (SMR; +77%) in 2022.
Spring Valley Acquisition IV plans to list on the Nasdaq under the symbol SVIVU. Cohen & Company Securities and Clear Street acted as joint bookrunners on the deal.
