Switchback II Corp., the second blank check company formed by NGP and former RSP Permian executives targeting energy technology, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
The Dallas, TX-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Switchback II Corp. would command a market value of $313 million.
The company is led by Co-CEOs and Directors Scott McNeill and Jim Mutrie. McNeill previously served as the CFO of RSP Permian, through its acquisition by Concho Resources, and Mutrie most recently served as VP and General Counsel of RSP. The company plans to focus on the energy technology arena, specifically targeting industries that require sustainable and innovative solutions to decarbonize in order to meet critical emission reduction objectives.
The pair's previous SPAC, Switchback Energy Acquisition (SBE), went public in July 2019 and is currently pending a combination with electric vehicle charging network ChargePoint.
Switchback II Corp. was founded in 2020 and plans to list on the NYSE under the symbol SWBK.U. The company filed confidentially on November 2, 2020. Goldman Sachs is the sole bookrunner on the deal.
The article Energy technology SPAC Switchback II Corp. files for a $250 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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