NEW YORK--(BUSINESS WIRE)--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.”
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.