Renewable Energy Acquisition, a blank check company targeting renewable energy related industries globally (ex-China), filed on Tuesday with the SEC to raise up to $75 million.
The Santa Clara, CA-based company plans to raise $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant to purchase one-half of a share, exercisable at $11.50. At the proposed deal size, Renewable Energy Acquisition would command a market value of $97 million.
The company is led by CEO and Chairman Xiaofeng Peng, the CEO of SPI Energy, a global renewable energy company. The company plans to target renewable energy related industries across the globe (excluding China), focusing on businesses in the solar power, electric vehicle, and battery storage sectors.
Renewable Energy Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol REAIU. Maxim Group LLC is the sole bookrunner on the deal.
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