ECP Environmental Growth Opportunities Corp. Announces Closing of $345 Million Initial Public Offering

Rhea-AI Summary

ECP Environmental Growth Opportunities Corp. successfully closed its initial public offering (IPO) of 34,500,000 units on February 11, 2021, raising gross proceeds of $345 million. Each unit, priced at $10.00, consists of one share of Class A common stock and one-quarter redeemable warrant, with warrants exercisable at $11.50 per share. The company, a special purpose acquisition entity, aims to target businesses in North America focused on combating climate change and enhancing sustainability. The units began trading on Nasdaq under the ticker symbol 'ENNVU' on February 9, 2021.

Positive

• Raised $345 million in gross proceeds from the IPO.
• Focus on acquiring businesses dedicated to combating climate change and sustainability.

Negative

• Potential dilution of existing shares due to the issuance of new shares upon exercise of warrants.

SUMMIT, N.J., Feb. 11, 2021 /PRNewswire/ -- ECP Environmental Growth Opportunities Corp. (the "Company") announced today the closing of its initial public offering of 34,500,000 units, which included the full exercise of the underwriters' over-allotment option, at a price of $10.00 per unit, resulting in gross proceeds of $345,000,000.

The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company intends to focus its search for a business combination target on businesses located in North America that concentrate on combatting climate change by decreasing the carbon intensity of energy production, increasing the efficiency of industrial and consumer-related activities, expanding electricity storage and distribution, and improving the overall sustainability of the economy through efforts to lower pollution and increase beneficial reuse.

The units began trading on the Nasdaq Stock Market LLC ("Nasdaq") under the ticker symbol "ENNVU" on February 9, 2021. Each unit consists of one share of the Company's Class A common stock and one-quarter of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at an exercise price of $11.50 per share. After the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols "ENNV" and "ENNVW," respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

Barclays, Morgan Stanley and BMO Capital Markets served as book runners for the offering.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from:

Barclays
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (888) 603-5847
Email: Barclaysprospectus@broadridge.com

or

Morgan Stanley & Co. LLC
Attention: Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014

or

BMO Capital Markets Corp.
Attention: Equity Syndicate Department
3 Times Square, 25th Floor
New York, NY 10036
Email: bmoprospectus@bmo.com

Registration statements relating to these securities have been filed with the Securities and Exchange Commission ("SEC") and became effective on February 8, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ECP Environmental Growth Opportunities Corp. is a special purpose acquisition company formed by Energy Capital Partners Management, LP for the purpose of entering into a merger, stock purchase, or similar business combination with one or more businesses. The strategy of ECP Environmental Growth Opportunities Corp. is to identify and acquire businesses located in North America that concentrate on combatting climate change by decreasing the carbon intensity of energy production, increasing the efficiency of industrial and consumer-related activities, expanding electricity storage and distribution, and improving the overall sustainability of the economy through efforts to lower pollution and increase beneficial reuse.

Energy Capital Partners Management, LP is a leading private investment firm focused on North American power generation, renewables and environmental infrastructure investments. Energy Capital Partners Management, LP has expertise and investment focus in the areas of power generation, renewables and storage solutions and environmental infrastructure and services, emphasizing the transition to an electrified and sustainable future and helping companies achieve proven environmental standards across air, water, waste and recycling.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking statements." Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Contact:
Emily Zovko
Telephone: (833) ECP-ENNV
Email: info@ecpennv.com

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SOURCE ECP Environmental Growth Opportunities Corp.

FAQ

What is the purpose of ECP Environmental Growth Opportunities Corp.?

The company aims to effect a merger or acquisition with businesses focused on combating climate change and enhancing sustainability.

How much did ECP raise from its initial public offering?

ECP raised $345 million from its IPO, closing on February 11, 2021.

What will the funds from the IPO be used for?

The funds are intended for acquiring businesses that align with ECP's sustainability and climate change initiatives.

What are the trading details for ECP's shares and warrants?

Units began trading on Nasdaq under the symbol 'ENNVU', with shares and warrants expected to trade under 'ENNV' and 'ENNVW', respectively.

What are the risks associated with ECP's IPO?

Investors face potential dilution of shares due to warrant exercises and the uncertainties involved in future business combinations.