1) During 2020-2022, many SPACs focused on environmental, social and governance (ESG) and sustainability themes like electrification in searching for merger targets. 2) A growing number of SPACs cited ESG, sustainability, energy transition, electric vehicles, renewables and decarbonization in their filings and merger documents. 3) As of late 2021, ESG-focused SPAC combinations significantly outperformed non-ESG ones, with average returns of ESG SPAC mergers being 18 times higher. Many targets were in electric vehicles and renewable energy.

1. Impact Intended SPACS ESG & ELECTRIFICATION
Part 3 of a series on Impact SPACS & DeSPACS
The SPAC Boom, 2Q2020-3Q2022, saw a rise of SPAC teams searching for merger companies
stating their target as ESG, Sustainability and impact themes such as Health & Electrification.
SPACs & ESG SENTIMENT
Early in 2021 RenaissanceCapital, FM & EM Markets wrote ‘Buzz-worlds collide: SPACs and ESG... two of
the hottest areas in capital markets. Now they're combining.’ … ‘A growing number of SPACs have filed
and made acquisitions to meet the demand. Many cite ESG specifically in filing or merger documents,
while others state their focus on sustainability, energy transition and efficiency, electric vehicles,
renewables, recycling, decarbonization, and the environment’.
Source: https://www.renaissancecapital.com/IPO-Center/News/78544/Buzz-worlds-collide-SPACs-and-ESG
ESG SPACs PERFORMANCE 3Q2021 SNAPSHOT
KPMG Advisory counted 65 ESG themed announced SPACs mergers ‘between Jan 2020 & Sept 2021 of
292 total, about 22%. AT THE TIME late Aug 2021, it found that: ‘... ESG-focused SPAC combinations’ share
prices outperformed those of non-ESG ones by a big margin.
The average return on ESG-themed SPAC mergers that have closed was almost 18 times that of
non-ESG SPAC mergers (19.3 percent versus -1.1 percent). Many of the ESG-oriented SPACs’ targets were
climate-change plays: electric vehicle (EV) and battery makers, and renewable energy companies.
(For closed deals, the percentage change is calculated by comparing the share price of the SPAC on the date of listing and the
share price of the merged entity on August 27, 2021. The overall percentage change is based on the average of the percentage
changes for announced and closed deals).
More on KPMG & ESG & SPACS on p. 7-8
Drs Alcanne J Houtzaager Inclusive2
Impact Investing Tools & Though Pieces p.1

2. ACCELERATING THE IMPACT ECONOMY
SERIAL IMPACT SPACs 40%
In my ImpactSPAC database (200) I found (78) 40% #serial SPAC launchers from big names such as
seasoned, specialist SPAC launcher Churchill Capital to Climate Real Impact Solutions (2020).
A serial + Impact Intended SPACs launcher, they had Yale Berkely Centre graduate students do an
independent study of their 1st SPAC ambition to partner, merge with companies possessing the potential
to enable decarbonization pathways and by doing so deliver enormous value for shareholders and other
stakeholders. The students researched and presented potential investment opportunities across four
industries: battery storage, sustainable agriculture, carbon capture, and hydrogen. #Leads
SPACs and the Clean Energy Transition
From their conclusion (bold by me): …’One certainty is that the transition to a low-carbon economy will
require new industries and new companies to emerge at the vanguard. SPACs may be an additional
tool in the capital markets arsenal for this transition, as they emphasize forward-looking financial
projections, allowing young clean energy technologies to articulate multi-year and even decade-long
visions for their young businesses. SPACs are part of a wave of financial innovations that create a
pathway for new technologies to be commercialized on a large scale and aid the clean energy
transition. As these environmental technologies become more widespread, then investments like SPACs
will pay off, not only for their investors but also for the planet and the people who live on it. Staff and
Advisors’’ …
Jan 2021 https://cbey.yale.edu/our-stories/filling-the-funnel-climate-focused-investment-strategies-in-spac-land
Update 28 July 2021 https://cbey.yale.edu/our-stories/unpacking-the-spac Very interesting Read! Dec 2020
https://cbey.yale.edu/our-stories/filling-the-funnel-climate-focused-investment-strategies-in-spac-land-2022
Drs Alcanne J Houtzaager Inclusive2
Impact Investing Tools & Though Pieces p.2

3. SERIAL SPACs & the Impact SPAC King
Most serial SPAC launchers keep it modest, with 2,3 SPACs, not Chamath Palihapitiya, the SPAC King as
he was nicknamed, launching 6 Social Capital Hedosophia SPACs (tech targets) and 4 SocCap Suvretta
SPACs (for healthtech targets). Clearly an Impact SPAC King
I share his philosophy that SPACs are an inclusive finance investment vehicle. Starting out as a Silicon
Valley Venture Capital investment firm seeking institutional & affluent investors, Palihapitiya turned to
SPACs as an inclusive way to raise funds for acquisitions. He mostly blames the Fed, rising interest rates
for (De)SPACs sour times. (NewYorkTimes 7Dec22).
Palihapitiya Tech SPACs merged with Richard Bransons’ Virgin Galactic, $SPCE space travel; $OPEN
NextOpenDoor (online homes marketplace); $CLOV, Clover innovative healthtech improving outcomes for
America's seniors; and $SOFI fintech to spend, save, borrow (student loans; personal loans for debt
consolidation & home improvement projects; and home loans.) and invest.
He just closed the two remaining Tech SPACs: $IPOD & $IPOF.
His Healthtech SPACs merged with $PROK ProKidney (clinical stage biotech for renal cell therapy &
diabetic kidney disesease) & $AKLI Akili Interactive (digital therapeutics) $DNAB & &DNAD searching.
The SPAC King is part of the ImpactStars Spangled SPACs universe with Bill Gates & Vinod
Khosla exiting their impact Investees through SPAC mergers. Data coming available from
merger investor presentations,company websites and online VC database research.
It is a niche of of the Stars Spangled SPACs,, celebrities launching SPACs, fuelling the media
hype around SPACs, challenging disclosure limitations and attracting inexperienced retail
Investors. The SEC announced a formal warning against SPACs promotion by celebrities.
Drs Alcanne J Houtzaager Inclusive2
Impact Investing Tools & Though Pieces p.3

4. I plan a post about the StarSpangled Impact (De)SPAC later as the SPAC boom saw a few Impact
Star SPAC Teams as well: AEA Bridges management $IMPX. Capricorn Investment Groups SPAC
$SDAC: active & $NOAC, that just redeemed its shareholders (explaining it’s decision(s) including
market circumstances & SEC regulation. (But) ESG focused BetterWorldAC $BWAC just announced a
business combinaltion with a hard liquor distillery! A clear example that ESG ≠ Impact! Its CEO
Rosemary Ridley os on the Board of Global Beer Brewer Heineken but also rins an innovative Health
VC company N*GEN. Check out my Material Impact Risks & Opportunities Matrix on beerbrewery
$HEIO @Heineken here: https://www.slideshare.net/alcanne/risk-opportunity-materialitypdf 1500vs on LI.
Also planned a post on the SECs worries about the rise of SPAC retail investors in the US, where
SPACs were an institutional,professional investors activity. In the Netherlands, it was the other way
around as SPAC investors were individuals & institutional investors only joined during the SPAC
Boom. One possible explanation seen on CNBC is that Pandemic Major League Sports cancellation
effectively stopping sports betting combined with investment apps resembling gaming apps
created a nightmare scenario of bets made on SPACs and Crypto….
SERIAL IMPACT INTENDED SPACS
Of course most of the 20 serial Life Science DeSPACs in my 200 Impact SPAC Boom DeSPACs universe fit
the Impact Intended criterium, with Biotech & HealthTech DeSPACs. More interesting is a Electrical
Vehicles Deep Dive. I found 10 Serial Issuers launching ImpactIntendedSPACs with 20 ImpactDeSPACs.
Lucid, $LCID Sustainable Mobility, one of the best known & more successful DeSPACs mergers
of the SPAC Boom is not in this list. Because it’s merger partner, serial SPAC launcher Churchill
Capital does not show any Impact Intended or even awareness, that is why I didnt list it here.
Drs Alcanne J Houtzaager Inclusive2
Impact Investing Tools & Though Pieces p.4

5. Impact Intended SPACs(ers) in EV All MS=MultipleSPACs
10X Capital, Growth focused serial Lister: DL, IPO, SPAC with half Impact Corps. $REE $HOOD $CMPX $ME
ArcLight Clean Transition Corp: $PTRA $OPAL (fuels)
CIIG Technology, Media, Telecom & Sustainability $ARVL
DeCarbonization Plus AcqGroup $SLDP $DCDF Tritium $HYZN
Northern Genesis 3 Climate Solutions Infrastructure SPACs: $LEV $EMBK $NGC
Peridot environmentally sound…. Tech… Climate Change, $LICY + active
Reinvent Technology Partners (Reid Hofman) $JOBY $AURA (Selfdriving cars)
Switchback Corporation $CHPT $BIRD
Tortoise (Ecofin) $HYLN $VOLTA
VectoIQ Experts for the Future of Mobility $NKLA + active II
Impact Intended SPAC merges with Iconic Impact Spin off
I will profile one unique ImpactDeSPAC. Superbrand Harley Davidson $HOG listed its ebike division
Livewire $LVWR through a SPACmerger with Super ImpactIntended SPAC team AEA Bridges
Management Impact Corp. Never in my life I had expected to own shares in Harley Davidson, but a Clean,
Decarbonization spin off of a Superbrand is a powerful proposition. I went for the SPAC teams mission.
AEA Bridges Impact states on as it’s mission: ‘ We are a newly organized and differentiated
special purpose acquisition company driven by a clear conviction: the businesses that will
thrive in the next decade are those that are helping to build a more sustainable and inclusive
economy.
We aim to apply multi-decade investment and value-creation experience alongside
best-in-class impact management and Environmental, Social and Governance skills
to achieve attractive risk-adjusted financial returns for investors.
We will invest through the lens of the UN Sustainable Development Goals (“SDGs”), which
Drs Alcanne J Houtzaager Inclusive2
Impact Investing Tools & Though Pieces p.5

6. reflect social and environmental mega-trends that are re-shaping our world.
The most successful companies in the years to come will find scalable solutions to these
challenges that contribute to positive outcomes and unlock lasting economic value.
By investing in a more inclusive and sustainable future, we believe a company can consistently
create both long-term economic value and measurable societal impact.
Link: https://www.aeabridgesimpactcorp.com/about/mission
Impact Spin Offs
When Iconic Companies offer an Impact Spin Off they accelerate the ImpactEconomy by offering the
opportunity to invest in -in this case- a clean(er) company/division.
Harley’s LiveWire bikes, thoug transportation are not a BasicNeed (for most), but they are powered by
ImpactTech: EV. Not as quiet, alas which to me is one of the most appealing qualities of electric & hybrid
cars. Electrification of (light) transportation is one the primary goals of global Climate Risk Mitigation,
hence the growing number of bans on emitting (practically fossil fuel) vehicles sales.
The IMPACT BUSINESS MODEL offers CLIENTS: Quantity Impact as a Bargain Buy and
Quality Impact at a PremiumPrice. A HYBRID Revenue model with Quality Impact to
SCALE Quantity Impact. Harley Davidsons electric LiveWire bikes are not a Quantity
Impact Bargain Buy. But the 2nd model is 21$k, 30% cheaper than the 1st 30$k to appeal
to a younger audience. The best selling fossilfuelbike Silver Glide goes for 27,59$k to 33,6$k.
Which is 2 to 3 times the USAs average annual wage. IBM Appendix 3 p 11
Drs Alcanne J Houtzaager Inclusive2
Impact Investing Tools & Though Pieces p.6

7. IMPACT REPORTING
$LVWR hasn’t published an (inaugural) Impact/ESG report yet, as many ImpactDeSPACs have!
But $HOGs last Stakeholders Impact Report reads like a dream:
● Global Goals contribution;
● Decoupling growth from negative Impact;
● Net Zero Scope 2 & 3: Upstream and Downstream;
● Innovating electrification;
● Improving performance & Reducing Impacts; the
● Prosperity & Profit chapter focuses on ‘Diversity & Inclusion’ and ’classic, practical’ local presence
and volunteering activities by employees.
SPINNING OFF LIVEWIRE
Harley Davisson explains the $LVWR spin off as a rapid, 3 years, process of disruptive IRD resulting in
Year1: the launch of their 1st ebike; Year2: stand alone division; followed by Year3 listing as an
independent company as marketleader for expected accelerated growth. (But) $HOG remains 74%
shareholder. $LVWR was valued at $1.8 billion at DeSPAC, or 32% of Harley's total market capitalization
of $5.5 billion. (Barrons 27 Sept 2022). 2021 sales was just over 40MUS$.
Harley Davidson Inclusive Stakeholders Impact Report 2020
https://s201.q4cdn.com/697889289/files/doc_downloads/sustainability/2020/2020-Stakeholder-Impact-Report-Final.pdf
Previous, Sustainability Strategy Reports (since 2017) See Appendices for examples
https://investor.harley-davidson.com/governance/sustainability/default.aspx
$LVWR Livewire investor Relations: https://investor.livewire.com/overview/default.aspx No Impact Report yet.
Drs Alcanne J Houtzaager Inclusive2
Impact Investing Tools & Though Pieces p.7

8. ESG NOT JUST A HIP, SEXY LABEL IMPACT SPAC MERGING
KPMG warns that ESG ambitions are an extra challenge for SPAC searchers and merger companies ‘It’s
important for both parties to come to a common understanding of the vision and values for the merged
company, but those navigating the ever-changing ESG landscape are bound to hit a bumpier road
than other merger candidates. Also: ‘be prepared for not only the traditional diligence questions around
finance, tax, and accounting but also the broader strategic questions ‘on its business and operating
models, including ESG elements’.
HOW TO MANAGE ESG in MERGERS
Good KPMG advice is to ‘perform a series of scenario planning sessions to help the merged company
prepare for potential challenges, business shocks, and other unknowns as it navigates an ESG-themed
growth trajectory. …’ligning up front on the governance & controls to be put in place around ESG issues
will help all players stay informed & make rapid decisions as regulations & stakeholder expectations
evolve.’ Published somewhere around the end of 2021. KPMG has a https://advisory.kpmg.us/insights/spac-intel-hub.html
KPMG US: https://advisory.kpmg.us/articles/2021/spac-esg.html
Questions & Comments are Welcome
Please connect through https://www.linkedin.com/in/alcannehoutzaager
DISCLAIMER I’m not an investment professional, my focus is on impact and inclusive2 impact investing
opportunities. Retail public equity investing, crowdfunding for impact, innovative impact investment
instruments, impact investing trends and markets growth. I’ve studied and practiced impact investing since
2011 and develop Tools & Thought Pieces. I switched to impact investing after running fundraising & awareness
campaigns for large Dutch NGO’s, mainly in Health and lastly for the Dutch Protestant Church & Kerk in Actie. I read
Politicial Contemporary History at UUtrecht & RUGroningen and wrote my (RUG) thesis on Dutch Development
Cooperation: (econ) Strategies & (pol) Trends. Post Grad: Aud. International Law and the Organization of
Development (ILOD) & Master in the Politics of Alternative Development Strategies (PADS) at (Erasmus) Institute for
Social Studies in The Hague, The Netherlands) I reside in Malta, EU.
Drs Alcanne J Houtzaager Inclusive2
Impact Investing Tools & Though Pieces p.8

9. APPENDIX 1 Harley davidson Global Stakeholder Report 2021
Drs Alcanne J Houtzaager Inclusive2
Impact Investing Tools & Though Pieces p.9

10. APPENDIX 2 Harley Davidson Global Stakeholder Report 2021 Global Goals
Drs Alcanne J Houtzaager Inclusive2
Impact Investing Tools & Though Pieces p.10

11. Drs Alcanne J Houtzaager Inclusive2
Impact Investing Tools & Though Pieces p.11