ArcLight Clean Transition II, the second blank check company formed by ArcLight Capital Partners targeting renewables, raised $275 million by offering 27.5 million units at $10. The company offered 2.5 million more units than anticipated. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
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; +76% 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 plans to list on the Nasdaq under the symbol ACTDU. Citi and Barclays acted as lead managers on the deal.
