An IPO in Amsterdam will seek around US$175mln of initial funding according to Sky News.
Hayward, who was at BP’s reigns during the 2010 Deepwater Horizon disaster, is fronting the so-called black cheque company which, according to a Sky News report over the weekend, it could in the coming weeks announced funding plans to raise around US$175mln of initial funding.
SPACs – special purpose acquisition companies – vehicles set sup specifically acquire other companies, allowing investors to pool resources in a cash shell whilst executives pursue deals.
The Sky report says the Hayward led vehicle will seek companies with significant growth potential in sectors such as battery storage or electric vehicle charging. Further funds would subsequently raised to support deals.
It added that JP Morgan is backing the group, which is called ‘Energy Transition Partners’.
Read More: Tony Hayward leads SPAC aimed at energy transition opportunities