Renewable energy SPAC Beard Energy Transition Acquisition files for a $250 million IPO

Beard Energy Transition Acquisition, a blank check company targeting electric power grid opportunities, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.

The New York, NY-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-third of a warrant, exercisable at $11.50. At the proposed deal size, Beard Energy Transition Acquisition will command a market value of $313 million.

The company is led by CEO and Chairman Gregory Beard, who previously served as Global Head of Natural Resources and Senior Partner at Apollo Global Management. He is joined by CFO and CAO Sarah James, who currently serves as CFO of Alussa Energy Acquisition and previously was VP of Finance and Business Development at Caelus Energy Alaska. Beard Energy Transition Acquisition intends to focus on electric power grid opportunities associated with energy transition infrastructure buildout. Specifically, it plans to seek out opportunities to optimize the supply and demand sides of the electrical power grids supplied by intermittent renewable energy.

Beard Energy Transition Acquisition was founded in 2021 and plans to list on the NYSE under the symbol BRDU. Citi is the sole bookrunner on the deal.