ECP Environmental Growth Opportunities Corp. Closes $345M IPO
Vinson & Elkins advised the underwriters in connection with ECP Environmental Growth Opportunities Corp.’s (the Company) 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 offering closed on Feb. 11, 2021.
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 V&E team was led by partners Ramey Layne and Scott Rubinsky with assistance from senior associate Austin March and associates Layton Suchma and Heather Jones. Providing tax advice were partner Jason McIntosh, senior associate Allyson Seger and associate Lauren Nieman.
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