Renaissance Capital logo

Energy tech SPAC Avanea Energy Acquisition files for a $200 million IPO

March 23, 2021

Avanea Energy Acquisition, a blank check company targeting the energy technology industry in Europe and North America, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering.

The San Francisco, CA-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Anchor investor Atalaya Capital Management intends to purchase up to 9.9% of units in the offering. At the proposed deal size, Avanea Energy Acquisition would command a market value of $250 million.

The company is led by Co-CEO and Director Peter Gajdos, the Head of Venture Capital at IPM Group and a Managing Director and Portfolio Manager at Presidio Partners Management, and Co-CEO and Director Faysal Sohail, a Managing Director at Presidio Partners Management. The company plans to target energy technology businesses in Europe and North America, focusing on the decarbonization and technological improvements of the energy generation, energy storage, and energy transportation ecosystems.

Avanea Energy Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol AVEAU. BofA Securities and Barclays are the joint bookrunners on the deal.