In line with its S-1, Enphys originally set out to combine with a company that operates in Ibero-America and whose business strategy is aligned with energy transition and sustainability themes, in particular renewable energy. The SPAC did not provide further details on the unnamed target, but stated that it has been doing due diligence on the business for four months, including site visits.

Enphys raised a total of $345 million in gross proceeds from its October 2021 IPO and still has a full trust remaining. As of now, it has a completion deadline of October 8. However, the SPAC already has an extension proxy on file to extend its timeline until July 8, 2024, giving it ample time to finalize terms with the biofuels target.

But, there is no guarantee that this deal will shift to a definitive agreement, so Enphys will remain in SPACInsider’s “Searching” column until a definitive agreement is signed.