A new climate change-focused special purpose acquisition company (SPAC), Climate Change Crisis Real Impact I Acquisition Corporation, announced the pricing of its $200 million initial public offering. The company will offer 20 million units, at a price of $10 per unit, with each unit consisting of one share of the Company’s Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share.

SPACs are companies formed to raise capital through IPOs, for the purpose of pursuing acquisitions of other companies. The newly formed “blank cheque” company aims to use the proceeds from the IPO to identify, acquire and optimize target companies in the carbon avoidance and carbon removal sector.

The new company will be led by CEO David Crane, CFO John Cavalier, and Chief Commercial Officer Beth Comstock. Crane has been CEO of three publicly traded energy companies, including International Power plc, NRG Energy, Inc., and NRG Yield Inc. Cavalier spent 7 years as Managing Partner at global private equity fund Hudson Clean Energy Partners, and has held several senior positions at major financial services companies, including serving as Global Chairman of the Credit Suisse Energy Group, and Vice Chair of the broader bank. Comstock spent 27 years at General Electric, and was responsible for initiating GE’s clean-energy and digital transformations. She led the creation of Ecomagination, an initiative to drive positive environmental impact and enhanced customer performance and profitability from GE technologies.

The PIMCO private funds, managed by PIMCO, are serving as a co-sponsor to the new company. According to the company’s prospectus, the team will leverage the knowledge, leadership, access and reach of the PIMCO private funds and PIMCO’s global platform to identify and evaluate potential targets for its initial business combination. The PIMCO private funds have agreed to purchase up to 1,980,000 units in the offering.

Citigroup, BofA Securities and Barclays are acting as joint book-running managers on the deal.