Energy tech-focused SPAC Avanea Energy Acquisition withdraws $200 million IPO

Avanea Energy Acquisition, a blank check company targeting the energy technology industry in Europe and North America, withdrew its plans for an initial public offering on Wednesday. It had filed in March 2021 to raise $200 million by offering 20 million units at $10, with each unit containing one share of common stock and one-third of a warrant, exercisable at $11.50. Anchor investor Atalaya Capital Management intended to purchase up to 9.9% of units in the offering.

The company was set to be led by Co-CEO and Director Peter Gajdos, a Partner at Fifth Wall and a Managing Director and Portfolio Manager at Presidio Partners Management, and Co-CEO and Director Faysal Sohail, a Managing Director at Presidio Partners Management. The company had planned to target energy technology businesses in Europe and North America, focusing on the decarbonization and technological improvements of the energy generation, energy storage, and energy transportation ecosystems.

The San Francisco, CA-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol AVEAU. BofA Securities and Barclays were set to be the joint bookrunners on the deal.