Energy SPAC Project Energy Reimagined Acquisition files for a $300 million IPO

Project Energy Reimagined Acquisition, a blank check company targeting the "Electric Grid 2.0", filed on Thursday with the SEC to raise up to $300 million in an initial public offering.

The Redwood City, CA-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Atalaya Capital Management intends to purchase up to 9.9% of units in the offering. The company may raise an additional $20 million at the closing of an acquisition pursuant to a forward purchase agreement with a member of the sponsor. At the proposed deal size, Project Energy Reimagined Acquisition would command a market value of $375 million.

The company is led by CEO and Director Srinath Narayanan, the founder and Managing Partner of Edgewater Investments, and Chairman Michael Browning, the founder and Principal of real estate development company Browning Consolidated. The company plans to target what it calls the "Electric Grid 2.0," which it believes addresses several mega trends that are creating a long tail of value-creating opportunities within the energy storage value-chain.

Project Energy Reimagined Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol PEGRU. J.P. Morgan and BofA Securities are the joint bookrunners on the deal.