ArcLight Clean Transition II, the second blank check company formed by ArcLight Capital Partners targeting renewables, filed on Thursday with the SEC to raise up to $250 million in an initial public offering.
The Boston, MA-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, ArcLight Clean Transition II will command a market value of $313 million.
The company is led by Chairman Daniel Revers, the founder and Managing Partner of ArcLight Capital Partners. He is joined by CEO and Director Jake Erhard, who has been with ArcLight since 2001 and currently serves as Partner. The group's previous SPAC, ArcLight Clean Transition Corp. (ACTC; +152% from $10 offer price) raised $250 million in September 2020 and recently announced a merger agreement with commercial EV technology company Proterra. ArcLight Clean Transition II intends to pursue opportunities created by the accelerating transition toward sustainable use of energy and natural resources.
ArcLight Clean Transition II was founded in 2021 and plans to list on the Nasdaq under the symbol ACTDU. Citi and Barclays are the joint bookrunners on the deal.
