ECP Environmental Growth Opportunities Corp. announced a private placement of an unsecured convertible promissory note for gross proceeds of $1,500,000 on July 30, 2021. The transaction will include participation from Energy Capital Partners Management, LP.

The note will be issued at par, will bear no interest, and will mature on the date of the consummation of the company's initial merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The note may be drawn down from time to time prior to the maturity date upon written request from the company to the investor, with each drawdown request for not less than $10,000, unless agreed upon in writing by the company and investor. The investor may elect to convert all or any portion of the unpaid principal balance of this note into that number of warrants to purchase one class A common share of the company equal to the principal amount of the note so converted divided by $1.50.

The note was issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.