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AltEnergy Acquisition Corp
Russell Stidolph's AltEnergy Acquisition Corp raised $230M to acquire an energy transition company, ultimately merging with nuclear developer Oklo in 2023.
AltEnergy Acquisition Corp
AltEnergy Acquisition Corp raised $230 million in an October 2021 initial public offering, listing on the Nasdaq under the ticker AEAE. CEO Russell Stidolph brought an operator's lens to the SPAC structure, having co-founded zinc-based battery manufacturer Eos Energy Storage and served as its CFO before moving to Eos's public board. The vehicle was formed with a mandate to acquire a company in the alternative energy, clean technology, or sustainable infrastructure sectors. The SPAC's prospectus specified targets across the energy transition landscape — including renewable generation, energy storage, electrified mobility, and industrial decarbonization. Unlike generalist SPACs that cast wide nets, AltEnergy's trust agreement and charter limited it to a defined thesis. Stidolph's Eos experience gave the sponsor group direct operational knowledge of scaling a hard-tech energy business from laboratory to commercial deployment and the public markets (per SEC filings, 2021). The company entered a definitive agreement in September 2023 to merge with Oklo, an advanced nuclear fission developer backed by Sam Altman. The deal valued Oklo at roughly $850 million and included a $25 million equity facility. Oklo designs compact fast reactors intended to operate on spent fuel. The combination was heavily scrutinized for pairing a pre-revenue nuclear startup with the SPAC format, a structure under increasing regulatory pressure from the SEC (per Bloomberg, 2023). The structure turned on Stidolph's ability to bridge traditional energy project finance disciplines with the shorter timelines and governance demands of a de-SPAC. The Oklo deal was structured with a sponsor earnout and no minimum cash condition, giving the combined entity operational flexibility that pure cash-trust minimums would not permit. AltEnergy's architecture — a sector-specific sponsor with capital-markets experience — represented a narrow but observable subset of the 2020–2021 SPAC wave that avoided the dilution-prone, generalist model (per the firm's SEC filings, 2023).
General information
Firm type
Asset Manager
Year founded
2021
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Russell Stidolph
Chief Executive Officer
Sector focus
Frequently asked questions
Who runs investment decisions at AltEnergy Acquisition Corp?
Russell Stidolph, the CEO and Chairman, leads all transaction sourcing and negotiation. Stidolph previously co-founded Eos Energy Storage, a zinc-based battery manufacturer that went public via SPAC in 2020, and served as a managing director at Stonepeak Infrastructure Partners. Jonathan Goldberg, the Chief Strategy Officer and a director, also participates in deal evaluation (per SEC filings, 2021).
What sector mandate did the SPAC operate under?
The trust specifically targeted alternative energy, clean technology, and sustainable infrastructure. Its charter excluded sectors outside the energy transition, distinguishing it from broader generalist SPACs. The firm's prospectus named renewables, energy storage, electrified transport, and industrial efficiency as prioritized subsectors.
What company did AltEnergy Acquisition Corp ultimately merge with?
In September 2023, AltEnergy signed a definitive agreement to combine with Oklo Inc., an advanced nuclear fission developer designing compact fast reactors that can run on recycled spent fuel. The deal implied a pro forma enterprise value of approximately $850 million for Oklo. Sam Altman was Oklo's chairman and a major backer (per Bloomberg, 2023).
Does the firm have any ongoing investment vehicles after the Oklo merger?
AltEnergy Acquisition Corp was a single-purpose SPAC vehicle. Following the completion of its business combination with Oklo, the corporate entity ceased to exist as an independent acquisition platform. The sponsor group has not announced a follow-on vehicle (public record).
How is AltEnergy's sponsor background different from other energy SPAC sponsors?
Russell Stidolph had direct operational experience taking an energy hardware company public before forming AltEnergy. He co-founded Eos Energy Storage, served as its CFO, and remained a board member after Eos completed its own SPAC merger in 2020. This operating background is distinguishable from sponsors whose energy credentials are primarily financial rather than entrepreneurial and technical (per SEC filings, 2021).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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