Ivanhoe Capital Acquisition, a Singapore-based blank check company formed by the founder of Ivanhoe Capital targeting the energy transition space, raised $240 million by offering 24 million units at $10. The company had originally planned to raise $200 million. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
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The company is led by CEO and Chairman Robert Friedland, the founder and CEO of Ivanhoe Capital Corporation, which provides venture capital, project financing, and other financial services out of Singapore, Beijing, London, and Vancouver. Ivanhoe Capital has financed Ivanhoe Mines (TSX: IVN), Ivanhoe Industries, I-Pulse, High Power Exploration, VRB Energy, Clean TeQ (TSX:CLQ), Kietta and SK Global/Ivanhoe Pictures. Friedland is joined by CFO Gary Gartner, the founder and Managing Director of Alchemy Capital Planning and Senior Counsel at Dentons, and CIO and Director Andrew Boyd, the Managing Member of Bramalea Partners and former Global Head of ECM at Fidelity.
The SPAC plans to target industries related to the shift from fossil fuels towards electrification, and targets may include those in the supply chain from mine site to the end user of electrification products and services, including in the transportation, e-mobility, electric propulsion, battery technology and storage sectors. These include mining companies (copper, nickel, cobalt, and the platinum group metals), battery and component manufacturers, electric grid companies, EV makers, and other disruptive ventures.
Ivanhoe Capital Acquisition plans to list on the NYSE under the symbol IVAN.U. Morgan Stanley acted as lead manager on the deal.
