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Robert Friedland files $200M SPAC for energy transition

Admin
Jan 4, 2021 Precious Metals News Comments Off on Robert Friedland files $200M SPAC for energy transition



Taking a look at everything from the mine site to end user products and services, mining legend Robert Friedland filed a blank check company or SPAC in late December focused on new energy technology.


A special-purpose acquisition company or SPAC is a shell corporation that side steps the need to take a company public and run through the usual IPO process. Axios writes that there has been an avalanche of SPACs, with 248 SPACs listed in 2020, raising over $83 billion, and plenty more planned.


Friedland’s Ivanhoe Capital Acquisition filed with the SEC with a planned raise of $200 million.


“We have not selected any specific business combination target,” writes the company in its filing. “While we may pursue an initial business combination target in any industry, we intend to focus our search on companies in a target in an industry where we believe our management team’s expertise and experience will provide us with a competitive advantage.”


The SPAC will invest in the planned energy transition.


“We intend to seek a target in industries related to the paradigm shift away from fossil fuels towards the electrification of industry and society,” writes Ivanhoe Capital Acquisition. “Our targets may include any company in the supply chain from mine site to the end user of electrification products and services, including in the transportation, e-mobility, electric propulsion, battery technology and storage sectors.


“These include companies exploring for, mining, processing or refining the metals necessary for electrification (in particular, copper, nickel, cobalt, and the platinum group metals — platinum, palladium and rhodium), the manufacturers of battery and battery components, electric grid component manufacturers, and producers of electric vehicles, component parts, and battery storage. We may also seek a target in disruptive technology industries more broadly. We believe our management team’s expertise and experience will provide us with a competitive advantage in seeking a target in these industries.”


Gary Gartner will be the chief financial officer.


Friedland co-chairs the Kamoa-Kakula Copper joint venture with Yufeng “Miles” Sun. The project is considered one of the world’s largest undeveloped copper discoveries.







Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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