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Tony Hayward, the former BP chief executive, is plotting the flotation of a new ‘blank cheque’ firm that will seek to capitalise on booming investor hunger for firms exposed to the world’s multi-trillion greenback change to cleaner power.

Sky Information has learnt that Mr Hayward is in innovative talks to checklist Strength Changeover Companions, a new specific goal acquisition corporation (SPAC), on the Euronext Amsterdam stock exchange.

Sources said this weekend that an announcement could appear as soon as upcoming 7 days, although the timing has but to be finalised.

Mr Hayward, who still left BP in the wake of the Deepwater Horizon disaster in the Gulf of Mexico in 2010, hopes to elevate €175m (£150m) from buyers to give Energy Changeover Companions with its original funding, the sources additional.

His SPAC would then find to recognize a company with substantial expansion likely in sectors these kinds of as battery storage or electric vehicle charging.

Any offer would be really worth substantially more than €175m, with extra resources raised through a so-named PIPE (private expense in general public fairness).

JP Morgan, the Wall Street bank, is working with Electricity Changeover Companions on its initial general public offering.

Mr Hayward has lined up heavyweight industrialists which include Steve Holliday, the previous main govt of National Grid, and Carl-Peter Forster, the previous boss of Jaguar Land Rover’s operator, Tata Motors, to be a part of the SPAC’s board.

Amsterdam has turn out to be an more and more popular listing venue for SPACs, while it continues to be a distant second to New York, which has dominated the booming market place for cash shells throughout the frenzy of the last two several years.

Companies these types of as Cazoo, the utilized-automobile market, Virgin Orbit and WeWork have all struck deals to go general public through SPAC offers at multibillion dollar valuations.

The launch of Mr Hayward’s newest undertaking will come just days after his successor as chairman of Glencore, the miner and commodities trader, was introduced to the Town.

Away from that role, which he has held due to the fact 2013, he has struck a sequence of oil expenditure specials in Colombia in partnership with Carlyle, the non-public equity firm.

He also holds posts at St James’s Asset Management and AEA Traders, and has various other private fairness passions.

Institutional investors’ waning enthusiasm for carbon property is spurring a change across significantly of the global economy in the direction of a emphasis on the energy changeover.

Hundreds of billions of bucks are getting poured into systems aimed at aiding that transition.

Electricity Transition Associates will not be Mr Hayward’s first experience of launching a hard cash shell.

In 2011, he elevated £1.3bn for Vallares, an oil financial commitment auto, in partnership with the financier Nat Rothschild.

The corporation acquired Genel Energy, which owned property in the Kurdistan region of Iraq, but subsequently skilled blended fortunes before Mr Hayward stepped down as chairman in 2017.

It now has a industry benefit of just more than £430m.

Mr Hayward declined to remark on Saturday.