PRESS: Former BP chief executive lines up energy transition SPAC float

(Alliance News) - Former BP PLC chief executive Tony Hayward is planning to float a new blank ...

Alliance News 12 July, 2021 | 8:48AM
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(Alliance News) - Former BP PLC chief executive Tony Hayward is planning to float a new blank cheque company aiming to capitalise on growing interest for companies involved in cleaner energy, Sky News reported on Saturday.

Hayward is in advanced talks to list Energy Transition Partners, a new special purpose acquisition company, on the Euronext Amsterdam stock exchange as soon as next week, sources told Sky. He hopes to raise EUR175 million from investors to provide the SPAC with its initial funding, sources added.

Hayward left BP following the Deepwater Horizon explosion and oil spill in the Gulf of Mexico in 2010 and is set to step down as chair of Swiss miner and commodities trader Glencore PLC on July 30.

The SPAC would seek to find a company with significant growth potential in areas such as battery storage or electric vehicle charging. Any deal would be worth more than EUR175 million, Sky noted, with additional funds raised through a private investment in public equity.

Hayward has already earmarked industry bigwigs to join the SPAC's board including former National Grid PLC chief executive Steve Holliday and Carl-Peter Forster, the former boss of Jaguar Land Rover's owner, Tata Motors, Sky News said.

By Will Paige;

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
BP PLC 304.65 GBX -0.42
National Grid PLC 965.20 GBX -0.19
Glencore PLC 327.20 GBX -1.74

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