Integrated Energy Transition Acquisition, a blank check company backed by Aureus LNG and Meteora Capital targeting energy transition and sustainability, filed on Friday with the SEC to raise up to $150 million in an initial public offering.
The West Chester, PA-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Integrated Energy Transition Acquisition would command a market value of $188 million.
The company is led by CEO and Chairman Richard Westerdale II, the former SVP of Jiangnan Environmental Protection Group, and CSO and Director Narinder Singh, the founder and owner of integrated energy development holding company Aureus LNG. The company plans to target businesses focused on energy transition and sustainability, prioritizing those in North American natural gas infrastructure and marketing, including liquefied natural gas infrastructure, particularly where there are also opportunities for strategic partnerships with natural gas fired power producers and projects outside of North America, but it may also pursue businesses in other sectors of the broader energy transition and sustainability arena.
Integrated Energy Transition Acquisition was founded in 2020 and plans to list on the NYSE under the symbol ETA.U. The company filed confidentially on February 3, 2021. Stifel is the sole bookrunner on the deal.
