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Sustainability SPAC First Reserve Sustainable Growth prices $200 million IPO

March 5, 2021
FRSGU

First Reserve Sustainable Growth, a blank check company formed by First Reserve targeting sustainability, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.

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 plans to list on the Nasdaq under the symbol FRSGU. Barclays and Goldman Sachs acted as lead managers on the deal.