Electrification-focused SPAC Battery Future Acquisition files for a $250 million IPO

Battery Future Acquisition, a blank check company targeting electrification transition, filed on Friday with the SEC to raise up to $250 million in an initial public offering.

The Miami, FL-based company plans to raise $250 million by offering 25 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, Battery Future Acquisition would command a market value of $313 million.

The company is led by Chairman Simon Hay, the former CEO of Australia-based lithium producer Galaxy Resources, and CEO and Director Greg Martyr, former Global Head of Advisory for Mining and Metals at Standard Chartered Bank. The company plans to target industries spearheading the shift from fossil fuels to electrification, including businesses in the battery value chain. It will not pursue opportunities in commodities and downstream businesses that are not contributing to the transition to a net zero economy, and it will not target businesses in China.

Battery Future Acquisition was founded in 2021 and plans to list on the NYSE under the symbol BFAC.U. Cantor Fitzgerald is the sole bookrunner on the deal.