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Energy technology SPAC Switchback III Corp files for a $275 million IPO

February 26, 2021

Switchback III Corp, the third blank check company formed by NGP and former RSP Permian execs targeting sustainable energy tech, filed on Friday with the SEC to raise up to $275 million in an initial public offering.

The Dallas, TX-based company plans to raise $275 million by offering 27.5 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Switchback III Corp would command a market value of $344 million.

The company is led by Co-CEO and Director Scott McNeill, the former CFO of RSP Permian, and Co-CEO and Director Jim Mutrie, the former VP and General Counsel of RSP Permian. The company plans to target businesses in the energy technology arena, focusing on industries that require sustainable and innovative solutions to decarbonize in order to meet critical emission reduction objectives, including in the renewable energy, energy storage, mobility, advanced fuels, and carbon mitigation sectors.

Management's previous SPACs include Switchback II Corp (SWBK.U; +22% from $10 offer price), which went public this past January, and Switchback Energy Acquisition, which went public in July 2019 and completed its combination with EV charging network ChargePoint (CHPT; +229%) today.

Switchback III Corp was founded in 2021 and plans to list on the NYSE under the symbol SWBT.U. Goldman Sachs is the sole bookrunner on the deal.