AltEnergy Acquisition, a blank check company formed by AltEnergy LLC targeting the alternative energy sector, raised $200 million by offering 20 million units at $10 per unit. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Russell Stidolph, the founder and Managing Director of AltEnergy, LLC a private equity firm focused on alternative energy investing. The company plans to target businesses involved in renewable energy or related clean technology, which it refers to as the alternative energy sector, focusing on opportunities it believes will result from the ongoing transformation of the energy ecosystem and the macro trends related to electrification and decarbonization.
AltEnergy Acquisition plans to list on the Nasdaq under the symbol AEAEU. B. Riley Securities acted as a lead manager on the deal.
