ECP Environmental Growth Opportunities, a blank check company formed by Energy Capital Partners targeting businesses combatting climate change, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
The Summit, NJ-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, ECP Environmental Growth Opportunities would command a market value of $313 million.
The company is led by CEO and Director Tyler Reeder, a Managing Partner at Energy Capital Partners, and CFO Drew Brown, a Principal at Energy Capital Partners. Energy Capital Partners founder and Senior Partner Douglas Kimmelman serves as a Director. The company plans to target businesses in North America that are combatting climate change, specifically focusing on the transition to electric-powered technologies (electrification) and sustainable technology and services.
ECP Environmental Growth Opportunities was founded in 2020 and plans to list on the Nasdaq under the symbol ENNVU. The company filed confidentially on December 23, 2020. Barclays, Morgan Stanley, and BMO Capital Markets are the joint bookrunners on the deal.
