Sustainability SPAC Northern Genesis Acquisition III prices $150 million IPO

Northern Genesis Acquisition III, a blank check company targeting sustainability and societal infrastructure, raised $150 million by offering 15 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. The company may raise up to an additional $75 million pursuant to a forward purchase agreement with the sponsor that will close concurrently with the initial business combination.

The company is led by CEO and Director Ian Robertson, the current CEO of InfraStar Investments and former CEO of Algonquin Power & Utilities; CFO Ken Manget, the former Global Head of Relationship Investing at the Ontario Teachers' Pension Plan; President Michael Hoffman, the founder of Stone Capital Partners and former Head of Renewable Energy Funds at Riverstone Holdings; and Chairman Chris Jarratt, the co-founder and former Executive Vice Chair of Algonquin Power & Utilities. Northern Genesis Acquisition III intends to focus on opportunities making a positive contribution to sustainability through the ownership, financing, and management of societal infrastructure.

Northern Genesis Acquisition III plans to list on the NYSE under the symbol NGC.U. Morgan Stanley, Wells Fargo Securities and TD Securities acted as lead managers on the deal.