Sustainable tech SPAC European Sustainable Growth Acquisition files for a $125 million IPO

European Sustainable Growth Acquisition, a blank check company targeting European sustainability businesses, filed on Monday with the SEC to raise up to $125 million in an initial public offering.

The Greenwich, CT-based company plans to raise $125 million by offering 12.5 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. Certain members of the sponsor have indicated on $5.5 million worth of units in the offering. At the proposed deal size, European Sustainable Growth Acquisition will command a market value of $157 million.

The company is led by Co-CEOs Pieter Taselaar and Matheus Hovers, who are both Partners and Portfolio Managers at Lucerne Capital Management. Taselaar is also the founder of Lucerne. They are joined by CFO Patrick Moroney, who is the CCO and COO of Lucerne, and Chairman Lars Thunell, an independent green initiatives investor who previously was a Senior Advisor to Blackstone. European Sustainable Growth Acquisition intends to focus on European companies with leading edge technology in sustainable industries and compelling growth trajectories in areas such as renewable energy, food/agri-tech, and water conservation, among others. 

European Sustainable Growth Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol EUSGU. EarlyBirdCapital and ABN AMRO are the joint bookrunners on the deal.