Enphys Acquisition Corp. (NFYS) Signs LOI with Biofuels Company

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Enphys Acquisition Corp. (NFYS) Signs LOI with Biofuels Company

by Marlena Haddad on 2023-08-24 at 5:05pm

Enphys Acquisition Corp. (NYSE:NFYS) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with a leading and well-established advanced biofuels company in Latin America for undisclosed terms.

In line with its S-1, Enphys originally set out to combine with a company that operates in Ibero-America and whose business strategy is aligned with energy transition and sustainability themes, in particular renewable energy. The SPAC did not provide further details on the unnamed target, but stated that it has been doing due diligence on the business for four months, including site visits.

Enphys raised a total of $345 million in gross proceeds from its October 2021 IPO and still has a full trust remaining. As of now, it has a completion deadline of October 8. However, the SPAC already has an extension proxy on file to extend its timeline until July 8, 2024, giving it ample time to finalize terms with the biofuels target.

But, there is no guarantee that this deal will shift to a definitive agreement, so Enphys will remain in SPACInsider’s “Searching” column until a definitive agreement is signed.

Enphys is led by CEO Jorge de Pablo, Chairman Carlos Guimarães, CFO Pär Lindström, and COO Matias de Buján.

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