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Under the radar SPAC hits the London market to acquire clean technology companies


Alteration Earth (LSE:ALTE), a brand new cash shell, listed on the London Stock Exchange on Friday. The SPAC listed at a price of 0.003 pence with remarkably little fanfare. Alteration Earth completed a successful seed and subscription funding round raising gross proceeds of £1,260,000 before expenses.

ALTE is looking for an acquisition opportunity in the clean technology and/or clean energy sectors that can commercialise its services and/or products in the global transition to a more sustainable utilisation of the Earth’s resources and energy.

Alteration Earth’s management team says it believes that clean energy and clean technology will be of paramount importance to countries seeking to reduce their environmental impact whilst also trying to achieve energy security.

The International Energy Agency recognises this and has published a report in June 2022 that states: “Global energy investment is set to increase by 8% in 2022 to reach USD 2.4 trillion, with the anticipated rise coming mainly in clean energy. Although encouraging, the growth investment is still far from enough to tackle the multiple dimensions of today’s energy crisis and pave the way towards a cleaner and more secure energy future.”

“Global consciousness and desire, and in certain cases the requirement to meet minimum obligations, to invest in clean energy and technology will present many opportunities for existing and new market entrants,” the company said in a statement on listing. “The company intends to capitalise on this by completing an acquisition which has the potential to offer solutions to both national and international markets.”

One of the prime movers behind Alteration Earth is Primorus Investments. The company made an initial investment in the SPAC in October last year to the tune of  £350,000, via a seed round and a subsequent subscription round (the second round conditional on listing(. It originally planned to list the SPAC last December. Among the other companies that Primorus is involved in are Bushveld Minerals [LSE:BMN] and Clean Power Hydrogen [LSE:CPH2].

Alteration Earth has engaged the services of Gneiss Energy to act as its corporate finance adviser. The services to be provided to the SPAC by Gneiss Energy include the provision of screening and execution support in relation to one or more potential acquisition targets.

Regular readers of The Armchair Trader will recall that cash shell Net Zero Infrastructure [LSE:NZI] suspended its shares a month ago following its announcement that it was going to acquire Taylor Construction Plant. Net Zero was another London-listed SPAC, also formed to pursue acquisition opportunities on the clean energy space.

Taylor Construction Plant provides vehicles for construction projects, and is in the process of migrating its fleets from diesel to electric vehicles. The company also demonstrated its ability to roll out hydrogen and other power solutions to the growing UK market for infrastructure services.

The number of listed, clean cash shells on the London Stock Exchange remains very limited, especially on the smaller end of the market. Other available  vehicles include Pineapple Power [LSE:PNPL] and Electric Guitar [LSE:ELEG].

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This article does not constitute investment advice. Do your own research or consult a professional advisor.

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