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Going green: SPAC Climate Change Crisis Real Impact I Acquisition files for a $200 million IPO

September 10, 2020

Climate Change Crisis Real Impact I Acquisition, a blank check company formed by PIMCO and industry veterans targeting climate change-fighting sectors, filed on Thursday with the SEC to raise up to $200 million in an initial public offering.

The Princeton, NJ-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. PIMCO, part of the company's sponsor group, intends to purchase $20 million worth of units in the offering. At the proposed deal size, Climate Change Crisis Real Impact I Acquisition would command a market value of $250 million.

The company is led by Chairperson Mary Powell, the former CEO of Green Mountain Power, and CEO and Director David Crane, the former CEO of NRG Energy. The company's business 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. 

Climate Change Crisis Real Impact I Acquisition was founded in 2020 and plans to list on the NYSE under the symbol CLII.U. The company filed confidentially on August 18, 2020. Citi, BofA Securities and Barclays are the joint bookrunners on the deal.