Energy SPAC Project Energy Reimagined Acquisition lowers deal size by 17% ahead of $250 million IPO

Project Energy Reimagined Acquisition, a blank check company targeting the "Electric Grid 2.0", lowered the proposed deal size for its upcoming IPO on Wednesday.

The Redwood City, CA-based company now plans to raise $250 million by offering 25 million units at $10. The company had previously filed to offer 30 million units at the same price. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Each unit previously contained one-third of a warrant. Anchor investors intend to purchase 88% 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 revised deal size, Project Energy Reimagined Acquisition will raise -17% less in proceeds than previously anticipated.

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.