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Energy investment firm's sustainability SPAC Spring Valley Acquisition files for a $250 million IPO

September 25, 2020

Spring Valley Acquisition, a blank check company formed by Pearl Energy Investment Management targeting the sustainability industry, filed on Friday with the SEC to raise up to $250 million in an initial public offering.

The Dallas, TX-based company plans to raise $250 million by offering 25 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, Spring Valley Acquisition would command a market value of $313 million. 

The company is led by Chairman William Quinn, founder and Managing Partner of energy investment firm Pearl Energy Investment Management, and CEO and Director Christopher Sorrells, Lead Director for Renewable Energy Group (Nasdaq: REGI) and a former Operating Partner of Natural Gas Partners' NGP Energy Technology Partners. The company plans to leverage its management team's experience and target the sustainability industry, including energy and power, resource management, and environmental services, among others.

Spring Valley Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol SVSVU. The SPAC filed confidentially on September 2, 2020. Cowen and Wells Fargo Securities are the joint bookrunners on the deal.