First Reserve Sustainable Growth, a blank check company formed by First Reserve targeting sustainability, filed on Thursday with the SEC to raise up to $200 million in an initial public offering.
The Stamford, CT-based company plans to raise $200 million by offering 20 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, First Reserve Sustainable Growth will command a market value of $250 million.
The company is led by Chairman Alex Krueger, who currently serves as the CEO of energy sector-focused private equity firm First Reserve. He is joined by CEO and Director Neil Wizel and CFO and Director Thomas Amburgey, who serve as a Managing Director and Director at First Reserve, respectively. First Reserve Sustainable Growth plans to identify opportunities and companies that focus on solutions, processes, and technologies that facilitate, improve, or complement the ongoing energy transition toward a low- or no-carbon emitting future.
First Reserve Sustainable Growth was founded in 2021 and plans to list on the Nasdaq under the symbol FRSGU. Barclays and Goldman Sachs are the joint bookrunners on the deal.
