By Reuters Staff
2 Min Read
LONDON (Reuters) - Vision Blue Resources, a battery metals investment firm founded by ex-Xstrata boss Mick Davis, said on Monday it had launched a $300 million blank check company in New York with Energy & Minerals Group to hunt for firms geared towards a lower carbon economy.
The special purpose acquisition vehicle (SPAC), ESM Acquisition Corporation (ESM), will select businesses that focus on a shift away from fossil fuels, the light-weighting and electrification of vehicles, and the reduction of carbon emissions.
SPACs are shell companies that use the proceeds from going public to buy another company, not yet identified at time of listing. There have been 100-plus of these listings over the past year.