Fast Radius Announces Completion of Merger with ECP Environmental Growth Opportunities Corp.
Fast Radius will trade on Nasdaq under ticker symbol “FSRD”
Chicago--February 4, 2022-- Fast Radius, Inc. (“Fast Radius”), a cloud manufacturing company, today announced the successful closing of its previously announced business combination with ECP Environmental Growth Opportunities Corp. (NASDAQ: ENNV) (“ENNV”), a special purpose acquisition company. The combined company has been renamed “Fast Radius, Inc.” and will be led by Fast Radius’ existing management team. Fast Radius shares of common stock and public warrants are expected to begin trading on Monday, February 7, 2022, on Nasdaq under the ticker symbols “FSRD” and “FSRD.WS,” respectively.
The transaction, and the various proposals giving effect thereto, were approved by the requisite vote of ENNV stockholders at a special meeting of ENNV’s stockholders held on February 2, 2022. A Current Report on Form 8-K disclosing the full voting results will be filed with the Securities and Exchange Commission on February 4, 2022.
“The completion of our merger with ENNV is an exciting milestone for our company, our employees, and our shareholders,” said Lou Rassey, Co-Founder and CEO of Fast Radius. “From day one, our purpose has been to make new things possible. Through a combination of software and manufacturing infrastructure, the Cloud Manufacturing Platform empowers the world to design, make, and move what it needs, when and where it is needed. All of us at Fast Radius look forward to continuing our mission, driving value for our shareholders, and creating a more sustainable and innovative industry.”
Doug Kimmelman, Chairman of ENNV, said, “This is an incredible opportunity to participate in a publicly-listed industrial technology company with significant runway, and we are confident in the Fast Radius team’s ability to execute on their differentiated and sustainable business model to drive growth and value creation.”
Fast Radius management will participate in a closing bell ceremony at Nasdaq on February 16, 2022 to celebrate the public listing.
As previously announced, in connection with the business combination, holders of 31,512,573 shares of the Class A common stock, par value $0.0001 per share, of ENNV (“ENNV Class A common stock”) exercised their right to redeem their shares for cash at a redemption price of approximately $10.01 per share for an aggregate redemption amount of approximately $315.4 million (the “Redemptions”). As a result of the Redemptions, the condition to Fast Radius’ obligation to consummate the business combination that the amount of cash available in ENNV’s trust account immediately prior to the effective time of the business combination, after deducting the amount required to satisfy payments to ENNV stockholders in connection with the Redemptions, the payment of any deferred underwriting commissions being held in ENNV’s trust account and the payment of certain transaction expenses, plus the gross proceeds from the previously announced private placements to be consummated in connection with the closing of the business combination, is equal to or greater than $175 million (such condition, the “Minimum Cash Condition”) was not satisfied as of the closing of the business combination. In connection with the closing of the business combination, Fast Radius waived the failure to satisfy the Minimum Cash Condition.
Advisors
Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are serving as co-financial and co-capital market advisors to Fast Radius, Inc. DLA Piper LLP (US) is serving as its legal counsel.
Barclays Capital Inc. and Morgan Stanley & Co. LLC are serving as financial and capital markets advisors to ENNV and Latham & Watkins LLP is serving as its legal counsel.
Credit Suisse Securities (USA) LLC and Barclays Capital Inc. are serving as co-placement agents on the PIPE.
About Fast Radius, Inc.
Fast Radius, Inc. is a leading cloud manufacturing and digital supply chain company. The Cloud Manufacturing Platform™ from Fast Radius is a first-of-its-kind solution that integrates design, production, and fulfillment operations through a common digital infrastructure to make manufacturing easier, more accessible, and more sustainable. Founded in 2017, Fast Radius, Inc. is headquartered in Chicago with offices in Atlanta, Louisville, and Singapore and microfactories in Chicago and at the UPS Worldport facility in Louisville, KY.
About ECP Environmental Growth Opportunities Corp.
ECP Environmental Growth Opportunities Corp. (NASDAQ: ENNV) is a special purpose acquisition company formed by Energy Capital Partners Management, LP for the purpose of entering into a merger, stock purchase, or similar business combination with one or more businesses. The strategy of ECP Environmental Growth Opportunities Corp. is to identify and acquire businesses located in North America that concentrate on combating climate change by decreasing the carbon intensity of energy production, increasing the efficiency of industrial and consumer-related activities, expanding electricity storage and distribution, and improving the overall sustainability of the economy through efforts to lower pollution and increase beneficial reuse. For more information, visit ecpennv.com.
Contact
Fast Radius Investor Relations
Cody Slach, Alex Thompson
+1-949-574-3860
FastRadius@GatewayIR.com
Fast Radius Public Relations
Morgan Scott
+1-312-465-6345
PR@FastRadius.com
