Mining billionaire Robert Friedland eyes green energy transition with new shell company – by Niall McGee (Globe and Mail – January 5, 2021)

https://www.theglobeandmail.com/

Billionaire financier and mine builder Robert Friedland is aiming to raise as much as US$230-million to acquire a green energy company as he doubles down on efforts to make money from the global transition away from fossil fuels to a low emissions future.

Last week, Ivanhoe Capital Acquisition Corp. filed paperwork to raise money for a special purpose acquisition company (SPAC) that will trade on the New York Stock Exchange.

The blank-cheque shell company will have 24 months to find an asset to acquire. If it is unable to do a deal, the proceeds raised must be given back to shareholders. Mr. Friedland will serve as the company’s chairman and chief executive officer.

The past few years has seen a surge in the number of blank-cheque companies coming to market in the United States. Last year, there were US$83-billion worth of SPAC offerings in the U.S. – more than six times higher than the year before.

“We intend to seek a target in industries related to the paradigm shift away from fossil fuels towards the electrification of industry and society,” Ivanhoe Capital said in the filing.

For the rest of this article: https://www.theglobeandmail.com/business/article-mining-billionaire-robert-friedlands-spac-targets-low-carbon-economy/

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