Climate Real Impact Solutions II Acquisition Corporation Closes Its Public Offering
January 29 2021 - 12:35PM
Business Wire
Clean energy veterans launch second
climate-focused SPAC to advance decarbonization solutions for the
home, office and road
Climate Real Impact Solutions II Acquisition Corporation (CRIS
II) today announced the closing of its initial public offering of
24,150,000 units at a price of $10.00 per unit, including 3,150,000
units sold to the underwriters pursuant to the full exercise of the
over-allotment option. CRIS II is the second climate-focused
special-purpose acquisition company (SPAC) launched by a veteran
team of founders and directors with decades of leadership and
operating experience in the utility, renewable energy, private
equity and finance industries. The first, Climate Change Crisis
Real Impact I Acquisition Corporation, dba Climate Real Impact
Solutions (CRIS), announced on January 22, 2021 a definitive
agreement for business combination with EVgo, the largest electric
vehicle public fast charging network in the U.S.
CRIS II is co-sponsored by private funds affiliated with Pacific
Investment Management Company LLC (PIMCO), which has more than $640
billion in sustainable investment assets under its management.
For its evaluation of transaction opportunities, CRIS II will
employ a business acquisition strategy that utilizes both financial
and environmental metrics to maximize the value and the climate
impact of the combined company. As with CRIS, the team will
concentrate on an acquisition target involved in decarbonization of
consumers’ homes, offices and means of transportation. Focusing on
these subsectors offers opportunities for accelerating value
creation by climate technologies that have already demonstrated
commercial effectiveness and economic viability.
The CRIS II founders and directors offer wide-ranging,
industry-leading expertise and experience, with clean energy and
financial leadership roles served at Fortune 500 companies, private
equity and investment firms, and government regulatory and advisory
groups.
CRIS II will retain the executive leadership team from CRIS,
consisting of co-founder, chief executive officer and director
David Crane, former CEO of NRG Energy, Inc.; co-founder and chief
financial officer John Cavalier, former managing partner of Hudson
Clean Energy Partners and global chairman/senior advisor of Credit
Suisse’s Energy Group; and co-founder and chief commercial officer
Beth Comstock, former Vice Chair of General Electric (GE).
Richard Kauffman, energy investor and former New York State
Chairman of Energy and Finance with oversight of the New York
Energy Research and Development Authority (NYSERDA) and Jamie
Weinstein, managing director, portfolio manager and head of
corporate special situations at PIMCO, who both serve as directors
for CRIS, will also serve on the CRIS II board of directors,
Kauffman as chairman. New board members for CRIS II include:
- Tanuja Dehne, independent director, president and CEO of the
Geraldine R. Dodge Foundation, and former Chief Administrative
Officer and Chief of Staff of NRG Energy, Inc.
- Dawn Lippert, independent director, founder and CEO of
Elemental Excelerator, Inc., a global climate technology investor
and non-profit impact organization, and member of the Executive
Council for Clean Energy for President Biden
- Ron Lumbra, independent director, partner in the Global CEO
& Board of Directors Practice at worldwide leadership advisory
firm Heidrick & Struggles International Incorporated
“Our generation sits at a critical crossroads for tackling the
climate crisis, and the upswell of support from the public markets
in the last year for climate solutions shows us the financial
commitments to rise to this moment are lining up,” said David
Crane, CRIS II CEO and founder. “Decarbonization represents
trillions of dollars in opportunity over the coming years and
requires sustained efforts by clean energy leaders to scale
impactful, high-growth climate solutions. Having reached an
agreement on a deal for our first SPAC last week, CRIS II is an
immediate renewal of our team’s commitment to identifying the
companies delivering these solutions and providing them with the
access to capital and counsel needed to accelerate their growth and
transform their respective contributions to fighting the climate
crisis.”
Advisors
Barclays and BofA Securities acted as joint book-running
managers for the offering. Academy Securities, Drexel Hamilton,
Loop Capital Markets, R. Seelaus & Co., LLC, Roberts and Ryan
and Siebert Williams Shank acted as co-managers. Ropes & Gray
LLP served as counsel to CRIS II and Davis Polk & Wardwell LLP
served as counsel to the underwriters.
About Climate Real Impact Solutions II
Climate Real Impact Solutions II Acquisition Corporation (CRIS
II) (NYSE: CLIM.U) is a special-purpose acquisition company (SPAC)
formed to identify and acquire a scalable company making
significant contributions to the fight against the climate crisis.
CRIS II is the second SPAC led by a seasoned operations and
leadership team with decades of experience at the intersection of
climate change and capitalism and includes veterans from NRG,
Credit Suisse, General Electric and Green Mountain Power.
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version on businesswire.com: https://www.businesswire.com/news/home/20210129005495/en/
Isaac Steinmetz Director of Media Relations
cris@antennagroup.com 646-883-3655
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