Former Frontline Management chief executive Robert Hvide Macleod has emerged in a new role with a US blank-cheque venture as part of a long list of big names.
GoGreen Investments is targeting mergers and acquisitions in the energy transition business, specifically including transport among the eligible targets.
Macleod confirmed his role as an independent director but would not speculate on the likelihood that the blank-cheque spend could go to a shipping-related project.
"No comment from me," the Oslo-based former shipowner said. "It's simply too early to say anything right now."
GoGreen registered with US authorities on 4 June to raise $287.5m, including over-allotment shares. Citigroup and Credit Suisse will act as joint bookrunners of its initial public offering, which is targeting a New York Stock Exchange (NYSE) listing with the ticker GOGN.
The company is led by chairman and chief executive John Dowd, who headed energy and natural resource funds at US investment giant Fidelity for 14 years until setting out on his own in 2019.
Other management, directors and executive advisors with the special purpose acquisition company have backgrounds from top or strategic positions at Google, Alibaba, General Electric, and mining, batteries and renewables companies. They include a former commander of the US Navy's Third Fleet.
Under NYSE rules, the blank-cheque company puts the IPO cash into a trust account and has two years to find one or more business combination targets to spend it on. Otherwise it goes back to the investors.
GoGreen wants to find a single target that has a market capitalisation of at least $1bn after GoGreen acquires it.
"We intend to primarily focus our search for prospects within the clean/renewable energy ['energy transition'] space," the sponsors told potential investors in the registration filing.
The target business should be "actively engaged in creating and deploying technology, services or other offerings that contribute to energy transition in the power generation, industrial, transportation or other industries", they added, specifically mentioning renewable power generation, energy storage and hydrogen.
Macleod led John Fredriksen's Frontline for six years until last October, following positions at Glencore's ST Shipping & Transport and AP Moller-Maersk.
As owner of investment company Hans Hvide & Co and its subsidiary Highlander Tankers, he was also formerly owner of a fleet of product tankers.
GoGreen discloses those roles as relevant to his directorship, but Macleod told TradeWinds that Highlander Tankers has been dormant for the past seven years.
It is not Macleod's first directorship in the energy transition sector. In March, TradeWinds reported that he had joined the board of Norwegian thermal battery company EnergyNest together with several former Glencore colleagues.
He told TradeWinds there is no relation between GoGreen and the EnergyNest project.
In April, EnergyNest sold a €110m ($134m) shareholding to UK investment company M&G's Infracapital subsidiary, but Macleod said he remains on the board there.
