Sustainability-focused SPAC Activate Permanent Capital files for a $250 million IPO

Activate Permanent Capital, a blank check company targeting sustainability, filed on Friday with the SEC to raise up to $250 million in an initial public offering.

The San Francisco, CA-based company plans to raise $250 million by offering 25 million units at $10 per unit. Each unit contains one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, the company would command a market value of $313 million. 

Activate Permanent Capital is led by CEO and Director Tim Healy, co-founder and former CEO of EnerNOC (now Enel X), and CFO and Director Jake Susman, founder and former CEO of OwnEnergy, which was acquired by EDF Renewables in 2015. The company aims to leverage management's experience to target sectors that will enable tomorrow's sustainable economy, namely energy transition, smart mobility, sustainable food chain, and intelligent automation.

The company was founded in 2021 and plans to list on the NYSE under the symbol APCC.U. Activate Permanent Capital filed confidentially on April 27, 2021. BofA Securities, Citi, and Nomura Securities are the joint bookrunners on the deal. No pricing terms were disclosed.