Blank check co Enphys raises USD 300m for green energy deals

New York Stock Exchange. Author: George Rex. License: Creative Commons. Attribution-ShareAlike 2.0 Generic

October 6 (Renewables Now) - Enphys Acquisition Corp, a blank check company co-sponsored by i(x) investments and LAIG Investments, is raising USD 300 million (EUR 258.6m) from an upsized initial public offering (IPO) in the US so as to pursue potential deals with renewable energy businesses in Ibero-America.

As a result of strong investor demand, Enphys said on Wednesday that it will issue 30 million new units, up from the originally intended 25 million, at a price of USD 10 apiece. As first announced in July, each unit consists of one Class A ordinary share and one-half of one redeemable warrant. A full warrant entitles its holder to buy one Class A ordinary share for USD 11.50.

The underwriters have a 45-day option to purchase another 4.5 million units at the IPO price.

The company will seek out deals with both listed and unlisted companies in sectors like renewable energy generation, energy storage, smart mobility, advanced fuels and carbon emissions reduction as well as other related services, industries and technologies. It will also run the rule over firms exploring a transition towards renewable technologies.

Anchor investors include Alberta Investment Management, Akaris Global Partners, Ancora Advisors, Diameter Capital Partners, Fir Tree Capital Management, Polar Asset Management Partners, Sea Otter Securities Group and the teachers' state pension fund of Texas.

The special purpose acquisition company (SPAC) is led by Jorge de Pablo, founder and managing partner of London-based, Latin America-focused energy and infrastructure venture capital firm LAIG Investments.

Enphys' area of focus will align with that of US investment holding company i(x). The co-sponsor's portfolio includes US fuel start-up WasteFuel, sustainable real estate firms MultiGreen Properties and Sustainable Living Innovations as well as indirect investments in emissions-capturing technology developer Carbon Engineering and environmental data firm Context Labs.

The company will start trading shares on the New York Stock Exchange on Wednesday under the ticker "NFYS".

(USD 1 = EUR 0.862)

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