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Vince Cubbage's sustainability SPAC TortoiseEcofin Acquisition III prices $300 million IPO; follow-up to Volta Industries and Hyliion

July 19, 2021

TortoiseEcofin Acquisition III, the third blank check company led by Vincent Cubbage targeting the energy transition and sustainability arena, raised $300 million by offering 30 million units at $10. Each unit consists of one ordinary share and one-fourth of a warrant, exercisable at $11.50 per share. 

11 institutional investors indicated on buying an aggregate of $327 million worth of units in the offering (109% of the deal). 

The company is led by CEO and Chairman Vincent Cubbage, who currently serves as Managing Director of Private Energy at Tortoise Capital Advisors and previously led Lightfood Capital, and CFO, President, and Director Stephen Pang, who currently serves as a Managing Director and Portfolio Manager at TortoiseEcofin Investments.

The company plans to target businesses in the energy transition or sustainability arena, focusing on industries that require innovative solutions to decarbonize in order to meet critical emission reduction objectives.

Management's previous SPACs include Tortoise Acquisition II (SNPR), which went public in September 2020 and has a pending merger agreement with EV charging network Volta Industries, and Tortoise Acquisition, which went public in February 2019 and completed its combination with electric powertrain developer Hyliion Holdings (HYLN) in October 2020.

The Leawood, KS-based company plans to list on the NYSE under the symbol TRTL.U. Barclays, Goldman Sachs, and Cantor acted as joint bookrunners on the deal.