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Clean energy SPAC Monterey Capital Acquisition prices $80 million IPO

May 10, 2022

Monterey Capital Acquisition, a blank check company targeting the clean energy transition space, raised $80 million by offering 8.0 million units at $10. The company had originally filed last month to raise $100 million by offering 10.0 million units. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant exercisable at $11.50. 

The Monterey, CA-based company is led by CEO and Chairman Bala Padmakumar, a partner at Advantary LLC, an advisor to the Asia practice of FocalPoint Partners LLC, and an advisor to the CEO of NTherma. He is joined by CFO Daniel Davis, who co-founded AngioWave Imaging and serves as the CFO of SeQure Dx.

The SPAC plans to target the clean transition economy, focusing on businesses that replace dirty carbon emission processes or enable a cleaner solution or process. It cites a number of examples, including EV charging infrastructure, advanced battery and fuel cell solutions, hydrogen infrastructure, vehicle-to-grid solutions, distributed energy resource management, drone and remote sensing solutions, and novel materials and processes for the decarbonization of industrial processes.

Monterey Capital Acquisition plans to list on the Nasdaq under the symbol MCACU. EF Hutton acted as sole bookrunner on the deal.