A special purpose acquisition company (Spac) focused on sustainability and green energy is planning an initial public offering on the London Stock Exchange.
Spinnaker Acquisitions — a blank-cheque firm that will target mergers in the green economy — will list in London this week.
The company said it will target businesses valued at between £5m and £30m with profit potential.
It comes amid rising interest in renewable energy suppliers amid a shift away from gas and coal.
Spinnaker is also hoping to cash in on growing focus on environment, social and government (ESG) issues in the City.
“Spinnaker has been set up to help bridge an important funding gap that exists between a rich universe of promising green technologies and businesses and the ‘wall of ESG money’ that we often hear about,” said chairman Andy Morrison.
“We will be looking out for real-world solutions that can have a measurable impact. It’s not about green-washing; we all need the real thing now. The whole SPAQ team is looking forward to our new and exciting challenge.”
Spinnaker said it was expecting high demand from investors after raising £2m in a private fundraising.
The move comes amid a flurry of Spac deals on Wall Street as an increasing number of US investors opt for the listing method.
London has been slower to embrace the blank-cheque trend, but tech leaders are hoping upcoming reforms will encourage more listings in the capital.