First Reserve Sustainable Growth Corp. (FRSG)

First Reserve Sustainable Growth Corp. was a special purpose acquisition company sponsored by an affiliate of First Reserve, a private equity firm known for energy investments. It was formed to merge with a business tied to decarbonization and sustainability, such as energy transition, industrial technology or infrastructure.

The company raised its capital in an initial public offering on Nasdaq in March 2021, during a period of record SPAC issuance. It sold units consisting of Class A shares and warrants, which later traded separately under FRSG and FRSGW, and placed the proceeds in a trust account. In 2021 it announced a combination with EO Charging, a UK electric-vehicle charging company, but that deal was later called off.

As markets for SPAC mergers weakened in 2022, the company could not find a replacement target in time. In March 2023 it announced that it would not complete a business combination by its charter deadline of March 9, 2023. Its public shares stopped trading at the opening on March 8, 2023, and were redeemed for about $10.16 each in cash from the trust account. The warrants expired worthless, the founder shares received nothing, and Nasdaq moved to delist the securities. The company then deregistered and dissolved.