Energy Growth Holdings (EGH) is a SPAC — a blank check company with no operations — formed to acquire a private company and take it public. EGH raised $150M in its IPO in May 2025 and has until May 2027 to complete a deal or return capital to investors. EGH has already identified its target: Hecate, a private company in the power and energy transition space, in a deal announced in January 2026 that values Hecate at $1.2B less net debt. The deal is expected to close in Q3 2026, subject to shareholder approval. The $150M raised in the IPO sits in a trust account earning interest until closing. Public shareholders can redeem their shares for roughly $10.26/share from the trust at closing, providing downside protection. The sponsor acquired 5M Founder Shares at a nominal price, which convert to Class A common stock at closing — though 80% of those shares only vest if the trust retains at least $50M after redemptions, with additional tranches tied to post-closing stock price thresholds. Post-closing, EGH will serve as a publicly listed holding company in an Up-C structure, with Hecate's prior owners retaining a portion of Hecate exchangeable for EGH Class A shares over time. EGH's management team, led by CEO Andrew Lipsher and Executive Chairman Vincent Cubbage, previously ran three SPACs under the Tortoise Acquisition brand, with mixed results: one merged with Hyliion, one merged with Volta (later acquired by Shell), and one liquidated without completing a deal.