Pyrophyte Acquisition, a blank check company targeting the energy transition ecosystem, raised $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Director Sten Gustafson, the former CEO of Era Group and current Chairman of Golden Energy Offshore, and Chairman Bernard Duroc-Danner, who most recently co-founded an energy sensing and artificial intelligence software company with applications in wind renewable energy. The company plans to target businesses that serve segments in the energy transition ecosystem, focusing on differentiated targets that provide products, services, equipment, and technologies that support a variety of energy transition solutions.
Pyrophyte Acquisition plans to list on the NYSE under the symbol PHYT.U. UBS Investment Bank acted as sole bookrunner on the deal.
