Sustainability SPAC Northern Genesis Acquisition II prices upsized $360 million IPO

Northern Genesis Acquisition II, a blank check company targeting sustainability and societal infrastructure, raised $360 million by offering 36 million units at $10. The company offered 6 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $75 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor.

The company is led by CEO and Director Ian Robertson, the current CEO of InfraStar Investments and former CEO of Algonquin Power & Utilities; CFO Ken Manget, the former Global Head of Relationship Investing at the Ontario Teachers' Pension Plan; President Michael Hoffman, the founder of Stone Capital Partners and former Head of Renewable Energy Funds at Riverstone Holdings; and Chairman Chris Jarratt, the co-founder and former Executive Vice Chair of Algonquin Power & Utilities.

The group's previous SPAC, Northern Genesis Acquisition (NGA; +173% from $10 offer price), raised $300 million in August 2020 and has a pending merger agreement with Lion Electric. Northern Genesis Acquisition II intends to focus on opportunities making a positive contribution to sustainability through the ownership, financing, and management of societal infrastructure.

Northern Genesis Acquisition II plans to list on the NYSE under the symbol NGAB.U. J.P. Morgan, Barclays and CIBC acted as lead managers on the deal.