Riverstone's SPAC Decarbonization Plus Acquisition V files for a $275 million IPO

Decarbonization Plus Acquisition V, a blank check company formed by Riverstone targeting businesses advancing global decarbonization, filed on Friday with the SEC to raise up to $275 million in an initial public offering.

The Menlo Park, CA-based company plans to raise $275 million by offering 27.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Decarbonization Plus Acquisition V would command a market value of $344 million.

The company is led by CEO and Director Erik Anderson, the founder and CEO of investment firm WestRiver Group; Chairman Robert Tichio, a Partner and Managing Director of Riverstone; and CFO and CAO Peter Haskopoulos, a Managing Director and CFO of Riverstone. The company plans to target businesses that may advance the objectives of global decarbonization, including those operating in the energy and agriculture, industrials, transportation, and commercial and residential sectors.

Riverstone's previous SPACs include August IPO Decarbonization Plus Acquisition IV (DCRDU); March IPO Decarbonization Plus Acquisition III (DCRC), which has a pending merger with solid-state battery maker Solid Power; February 2021 IPO Decarbonization Plus Acquisition II (DCRN), which has a pending merger with EV charging company Tritium; and October 2020 IPO Decarbonization Plus Acquisition, which completed a merger with vehicle hydrogen fuel cell developer Hyzon Motors (HYZN; -40% from $10 offer price).

Decarbonization Plus Acquisition V was founded in 2021 and plans to list on the Nasdaq under the symbol DCREU. Citi and Credit Suisse are the joint bookrunners on the deal.