Clean Energy SPACs
Complete breakdown of 63 SPACs in the Clean Energy sector. Average return of -43.8% with a 4.8% bankruptcy rate.
Total SPACs
63
Avg Return
-43.8%
Bankruptcy Rate
4.8%
Capital Raised
$17.6B
trust sizes combined
Bankrupt
3
Zombie
23
Survivors
10
Peak Market Cap
$16.4B
All Clean Energy SPACs (63)
| Company | Ticker | Peak | Current | Return | Status | Year |
|---|---|---|---|---|---|---|
| Heliogen | HLGN | $12.00 | $0.00 | -100.0% | bankrupt | 2021 |
| Eos Energy | EOSE | $32.28 | $0.00 | -100.0% | bankrupt | 2020 |
| Alternus Clean Energy | ALCE | $56800.00 | $0.00 | -100.0% | delisted | 2022 |
| Electriq Power Holdings | ELIQQ | $6.50 | $0.01 | -99.9% | zombie | 2021 |
| Stem | STEM | $51.49 | $0.30 | -99.4% | zombie | 2020 |
| Thunder Power Holdings | AIEV | $12.12 | $0.26 | -97.4% | zombie | 2022 |
| Advent Technologies | ADN | $26.00 | $0.30 | -97.0% | zombie | 2021 |
| Advent Technologies Holdings | ADNH | $576.30 | $0.37 | -96.3% | zombie | 2018 |
| Greenland Mines | GRML | $13.10 | $0.42 | -95.8% | zombie | 2022 |
| DevvStream | DEVS | $19.10 | $0.60 | -94.0% | zombie | 2021 |
| ESS Tech | GWH | $433.80 | $1.18 | -88.2% | zombie | 2020 |
| SunPower | SPWR | $16.00 | $0.00 | -87.9% | bankrupt | 2021 |
| Verde Clean Fuels | VGAS | $21.00 | $1.62 | -83.8% | zombie | 2021 |
| NET Power | NPWR | $17.62 | $1.73 | -82.7% | zombie | 2021 |
| Dragonfly Energy Holdings | DFLI | $2587.50 | $2.07 | -79.3% | zombie | 2021 |
| Opal Fuels | OPAL | $12.35 | $2.08 | -79.2% | zombie | 2021 |
| Stardust Power | SDST | $283.80 | $2.46 | -75.4% | zombie | 2021 |
| Solid Power | SLDP | $14.85 | $3.13 | -68.7% | zombie | 2021 |
| Tigo Energy | TYGO | $27.00 | $3.90 | -61.0% | zombie | 2021 |
| Spruce Power Holding | SPRU | $280.00 | $4.18 | -58.2% | zombie | 2019 |
| Eos Energy Enterprises | EOSE | $31.95 | $5.34 | -46.6% | survivor | 2020 |
| Terrestrial Energy Inc. /de/ | IMSR | $31.50 | $6.33 | -36.7% | survivor | 2024 |
| Alussa Energy Acquisition Corp. II | ALUB | $10.10 | $10.00 | 0.0% | survivor | 2025 |
| Prospect Energy Holdings | $0.00 | $0.00 | 0.0% | delisted | 2023 | |
| Nabors Energy Transition Corp. II | $0.00 | $0.00 | 0.0% | zombie | 2023 | |
| CE Energy Acquisition | $0.00 | $0.00 | 0.0% | delisted | 2022 | |
| Evergreen | $0.00 | $0.00 | 0.0% | zombie | 2022 | |
| Axios Sustainable Growth Acquisition | $0.00 | $0.00 | 0.0% | delisted | 2022 | |
| Climate Real Impact Solutions III Acquisition | $0.00 | $0.00 | 0.0% | delisted | 2021 | |
| Beard Energy Transition Acquisition | $0.00 | $0.00 | 0.0% | delisted | 2021 | |
| Project Energy Reimagined Acquisition | $0.00 | $0.00 | 0.0% | zombie | 2021 | |
| Battery Future Acquisition | $0.00 | $0.00 | 0.0% | zombie | 2021 | |
| Nabors Energy Transition | $0.00 | $0.00 | 0.0% | zombie | 2021 | |
| Live Oak Crestview Climate Acquisition | $0.00 | $0.00 | 0.0% | delisted | 2021 | |
| GoGreen Investments | $0.00 | $0.00 | 0.0% | delisted | 2021 | |
| Empowerment & Inclusion Capital I | $0.00 | $0.00 | 0.0% | delisted | 2021 | |
| Clean Energy Special Situations | $0.00 | $0.00 | 0.0% | zombie | 2021 | |
| Climate Real Impact Solutions II Acquisition | $0.00 | $0.00 | 0.0% | delisted | 2021 | |
| Denham Sustainable Performance Acquisition | $0.00 | $0.00 | 0.0% | delisted | 2021 | |
| Fortistar Sustainable Solutions | $0.00 | $0.00 | 0.0% | delisted | 2021 | |
| Renewable Energy Acquisition Corp. /de/ | $0.00 | $0.00 | 0.0% | delisted | 2021 | |
| Sustainable Development Acquisition I | $0.00 | $0.00 | 0.0% | delisted | 2021 | |
| Decarbonization Plus Acquisition Corp IV | $0.00 | $0.00 | 0.0% | delisted | 2021 | |
| First Reserve Sustainable Growth | $0.00 | $0.00 | 0.0% | delisted | 2021 | |
| Integrated Energy Transition Acquisition | $0.00 | $0.00 | 0.0% | delisted | 2021 | |
| Powered Brands | $0.00 | $0.00 | 0.0% | delisted | 2021 | |
| Kadem Sustainable Impact | $0.00 | $0.00 | 0.0% | delisted | 2021 | |
| Archaea Energy | $0.00 | $0.00 | 0.0% | delisted | 2020 | |
| Altus Power | AMPS | $0.00 | $0.00 | 0.0% | zombie | 2020 |
| Greencity Acquisition | $0.00 | $0.00 | 0.0% | delisted | 2020 | |
| Alussa Energy Acquisition | $0.00 | $0.00 | 0.0% | delisted | 2019 | |
| Romeo Power | $0.00 | $0.00 | 0.0% | delisted | 2018 | |
| Vantage Energy Acquisition | $0.00 | $0.00 | 0.0% | delisted | 2017 | |
| Sentinel Energy Services | $0.00 | $0.00 | 0.0% | delisted | 2017 | |
| Regalwood Global Energy | $0.00 | $0.00 | 0.0% | delisted | 2017 | |
| Infrastructure & Energy Alternatives | $0.00 | $0.00 | 0.0% | delisted | 2016 | |
| Solarius Capital Acquisition | SOCA | $10.15 | $10.12 | +1.2% | survivor | 2025 |
| Soulpower Acquisition | SOUL | $11.00 | $10.25 | +2.5% | survivor | 2025 |
| Wintergreen Acquisition | WTG | $10.26 | $10.26 | +2.6% | survivor | 2025 |
| CO2 Energy Transition | NOEM | $10.78 | $10.37 | +3.7% | survivor | 2024 |
| AltEnergy Acquisition | AEAE | $19.00 | $12.00 | +20.0% | survivor | 2021 |
| ClimateRock | CLRCF | $12.35 | $12.06 | +20.6% | survivor | 2022 |
| Oklo | OKLO | $193.84 | $56.26 | +462.6% | survivor | 2021 |
Clean Energy Sector Summary
The Clean Energy sector saw 63 companies go public via SPAC mergers, raising a combined $17.6B in trust capital. With an average return of -43.8% and 3 bankruptcies out of 63 companies (4.8% bankruptcy rate), Clean Energy has significantly underperformed expectations. At peak, these companies reached a combined market cap of $16.4B.