Power grid-focused SPAC Power & Digital Infrastructure Acquisition II prices $250 million IPO

Power & Digital Infrastructure Acquisition II, a blank check company targeting electrical power grid transition, raised $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.

Power & Digital Infrastructure Acquisition II is led by Chairman Theodore Brombach, founder of the financial services firm XMS Capital Partners; CEO and Director Patrick Eilers, a Managing Partner of TEP, a private equity firm focused on the electrical grid and renewable energy; and CFO James Nygaard Jr., a Managing Director of XMS Capital Partners. The company plans to leverage management's experience and pursue opportunities that are driving the US electrical power grid transition, both on the supply and demand side.

Power & Digital Infrastructure Acquisition II plans to list on the Nasdaq under the symbol XPDBU. Barclays and BofA Securities acted as joint bookrunners on the deal.