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TPG Pace Beneficial Finance (TPGY)

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021May 11, 2021
Document Information [Line Items]
Document Type10-Q
Amendment Flagfalse
Document Period End DateMar. 31,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Entity Registrant NameTPG PACE BENEFICIAL FINANCE CORP.
Entity Central Index Key0001819399
Entity Current Reporting StatusNo
Entity Interactive Data CurrentYes
Current Fiscal Year End Date--12-31
Entity Filer CategoryNon-accelerated Filer
Entity Shell Companytrue
Entity Small Businesstrue
Entity Emerging Growth Companytrue
Entity Ex Transition Periodfalse
Entity File Number001-39596
Entity Incorporation, State or Country CodeE9
Entity Tax Identification Number98-1499840
Entity Address, Address Line One301 Commerce Street
Entity Address, Address Line TwoSuite 3300
Entity Address, City or TownFort Worth
Entity Address, State or ProvinceTX
Entity Address, Postal Zip Code76102
City Area Code212
Local Phone Number405-8458
Document Quarterly Reporttrue
Document Transition Reportfalse
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding35,000,000
Class F Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding10,062,500
One Class A Ordinary Shares and One-fifth of One Redeemable Warrant
Document Information [Line Items]
Title of each classUnits, each consisting of one Class A ordinary
share and one-fifth of one redeemable warrant
Trading Symbol(s)TPGY.U
Name of each exchange on which registeredNYSE
Class A Ordinary Shares, Par Value $0.0001 Per Share
Document Information [Line Items]
Title of each classClass A ordinary shares, par value $0.0001 per
share
Trading Symbol(s)TPGY
Name of each exchange on which registeredNYSE
Redeemable Warrants, Each Whole Warrant Exercisable for One Class A Ordinary Share Exercise Price of $11.50 Per Share
Document Information [Line Items]
Title of each classRedeemable warrants, each whole warrant
exercisable for one Class A ordinary share at an
exercise price of $11.50 per share
Trading Symbol(s)TPGY WS
Name of each exchange on which registeredNYSE

Condensed and Consolidated Bala

Condensed and Consolidated Balance Sheets (unaudited) - USD ($)Mar. 31, 2021Dec. 31, 2020
Current assets:
Cash $ 2,096,384 $ 669,767
Prepaid expenses242,849 282,301
Total current assets2,339,233 952,068
Investments held in Trust Account350,009,878 350,004,618
Total assets352,349,111 350,956,686
Current liabilities:
Accrued professional fees and other expenses6,454,582 3,526,295
Note payable to Sponsor2,000,000
Derivative liabilities221,296,975 327,710,621
Total current liabilities229,751,557 331,236,916
Deferred underwriting compensation12,250,000 12,250,000
Total liabilities242,001,557 343,486,916
Commitments and contingencies
Class A ordinary shares subject to possible redemption; 35,000,000 and 0 shares at March 31, 2021 and December 31, 2020, respectively, at a redemption value of $10.00 per share350,009,878 350,004,618
Shareholders' deficit:
Preferred shares, $0.0001 par value; 1,000,000 shares authorized, none issued or outstanding
Accumulated deficit(239,663,199)(342,535,723)
Total shareholders' deficit(239,662,324)(342,534,848)
Total liabilities and shareholders' deficit352,349,111 350,956,686
Class F Ordinary Shares
Shareholders' deficit:
Ordinary shares, value $ 875 $ 875

Condensed and Consolidated Ba_2

Condensed and Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / sharesMar. 31, 2021Dec. 31, 2020
Preferred shares, par value $ 0.0001 $ 0.0001
Preferred shares, authorized1,000,000 1,000,000
Preferred shares, issued0 0
Preferred shares, outstanding0 0
Class A Ordinary Shares
Ordinary shares subject to possible redemption35,000,000 0
Ordinary shares redemption per share $ 10 $ 10
Ordinary shares, par value $ 0.0001 $ 0.0001
Ordinary shares, authorized200,000,000 200,000,000
Ordinary shares, issued0 0
Ordinary shares, outstanding0 0
Class F Common Stock
Ordinary shares, par value $ 0.0001 $ 0.0001
Ordinary shares, authorized20,000,000 20,000,000
Ordinary shares, issued8,750,000 8,750,000
Ordinary shares, outstanding8,750,000 8,750,000

Condensed and Consolidated Stat

Condensed and Consolidated Statements of Operations (unaudited)3 Months Ended
Mar. 31, 2021USD ($)$ / sharesshares
Professional fees and other expenses $ 3,541,120
Change in fair value of derivatives(106,413,646)
Income from operations102,872,526
Interest income5,260
Net income attributable to ordinary shares102,877,786
Class A Ordinary Shares
Net income attributable to ordinary shares $ 82,302,229
Net income per ordinary share:
Basic and diluted | $ / shares $ 2.35
Weighted average ordinary shares outstanding:
Basic and diluted | shares35,000,000
Class F Ordinary Shares
Net income attributable to ordinary shares $ 20,575,557
Net income per ordinary share:
Basic and diluted | $ / shares $ 2.35
Weighted average ordinary shares outstanding:
Basic and diluted | shares8,750,000

Condensed and Consolidated St_2

Condensed and Consolidated Statements of Changes in Shareholders' Equity (Deficit) (unaudited) - USD ($)TotalAdditional Paid-In CapitalAccumulated DeficitClass A Ordinary SharesClass F Ordinary SharesClass F Ordinary SharesOrdinary Shares
Beginning Balance at Dec. 31, 2019 $ 16,506 $ 23,000 $ (8,494) $ 2,000
Beginning Balance, Shares at Dec. 31, 201920,000,000
Net (loss) income attributable to ordinary shares0 0 0 $ 0
Ending Balance at Mar. 31, 202016,506 $ 23,000 (8,494) $ 2,000
Ending Balance, Shares at Mar. 31, 202020,000,000
Beginning Balance at Dec. 31, 2020(342,534,848)(342,535,723) $ 875
Beginning Balance, Shares at Dec. 31, 20208,750,000
Adjustment to increase Class A ordinary shares subject to possible redemption to maximum redemption value as of March 31, 2021(5,262)(5,262)
Net (loss) income attributable to ordinary shares102,877,786 102,877,786 $ 82,302,229 $ 20,575,557
Ending Balance at Mar. 31, 2021 $ (239,662,324) $ (239,663,199) $ 875
Ending Balance, Shares at Mar. 31, 20218,750,000

Condensed and Consolidated St_3

Condensed and Consolidated Statements of Cash Flows (unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities:
Net income attributable to ordinary shares $ 102,877,786 $ 0
Changes in operating assets and liabilities:
Prepaid expenses39,452
Accrued professional fees and other expenses2,928,285
Change in fair value of derivatives(106,413,646)
Interest on investments held in Trust Account(5,260)
Net cash used in operating activities(573,383)
Cash flows from financing activities:
Proceeds of notes payable from Sponsor2,000,000
Net cash provided by financing activities2,000,000
Net change in cash1,426,617
Cash at beginning of period669,767 25,093
Cash at end of period $ 2,096,384 $ 25,093

Organization and Business Opera

Organization and Business Operations3 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Operations1. Organization and Business Operations Organization and General TPG Pace IV Holdings Corp. (the “Company”) was incorporated as a Cayman Islands exempted company on July 11, 2019. On August 20, 2020, the Company filed with the Registrar of Companies of the Cayman Islands to amend and restate the Memorandum and Articles of Association to change the name of the Company to TPG Pace Beneficial Finance Corp. On October 6, 2020, the Company filed with the Registrar of Companies of the Cayman Islands to amend and restate the Memorandum and Articles of Association in connection with its Public Offering (as defined below). The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, or the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The Company’s sponsor is TPG Pace Beneficial Finance Sponsor, Series LLC, a Delaware series limited liability company (the “Sponsor”). Proposed Business Combination On December 10, 2020 (the “Signing Date”), the Company, Edison Holdco B.V., a Dutch private limited liability company ( besloten vennootschap met beperkte aansprakelijkheid société par actions simplifiée besloten vennootschap met beperkte aansprakelijkheid plus plus provided, that In addition, Engie Seller may be eligible to receive two earnouts, payable in additional Dutch Holdco Common Shares valued at $10.00 per share, of (i) up to 6,050,000 Dutch Holdco Common Shares based on the achievement of certain EVBox Group revenue thresholds, and (ii) up to 3,630,000 Dutch Holdco Common Shares based on the achievement of certain EVBox Group revenue thresholds or certain Dutch Holdco stock price thresholds. Under the Business Combination Agreement, the obligations of the parties to consummate the transactions contemplated thereby are subject to a number of conditions to closing, including the requisite approval by the Company’s stockholders, which the Company expects to seek at an extraordinary general meeting of the Company in the second quarter of 2021. The Business Combination Agreement may be terminated at any time prior to the closing by mutual written consent of the Company and Engie Seller and, among other things, if the Proposed Business Combination has not occurred prior to the Outside Date (as defined below). As such, the closing of the Proposed Business Combination cannot be assured. Concurrently with the execution of the Business Combination Agreement, the Company entered into the following agreements:

A Shareholders’ Agreement, as subsequently amended, with Dutch Holdco, Sponsor, and Engie Seller, which will become effective as of the closing, which will govern certain board nomination rights and corporate governance obligations of the parties following the closing;

Subscription Agreements (the “Subscription Agreements”) with certain qualified institutional buyers and accredited investors (collectively, the “Investors”), pursuant to which, among other things, the Investors agreed to subscribe for and purchase, and the Company agreed to issue and sell to the Investors, 22,500,000 newly issued Class A ordinary shares for gross proceeds of approximately $225,000,000; and

A Waiver Agreement (as subsequently amended, the “Waiver Agreement”), with each holder of Founder Shares, pursuant to which such holders of Founder Shares have agreed to waive the receipt of certain Class A ordinary shares that would result from the application by the terms of the Business Combination Agreement of Article 17 of the Company’s amended and restated memorandum and articles of association in connection with the Class A ordinary shares issued pursuant to the Subscription Agreements. In addition, pursuant to the Waiver Agreement, the holders of Founder Shares have agreed to forfeit a number of Founder Shares equal to such additional amount of Class A ordinary shares issued pursuant to certain forward purchase agreements over an aggregate of 10,000,000 Class A ordinary shares. Other than as specifically discussed herein, this Quarterly Report on Form 10-Q does not give effect to the Proposed Business Combination or the transactions contemplated thereby. All activity for the period from July 11, 2019 (“Inception”) to March 31, 2021 relates to the Company’s formation and the initial public offering of units, each consisting of one of the Company’s Class A ordinary shares (“Public Shares”) and one-fifth of one warrant to purchase one Class A ordinary share (the “Public Offering”), and the identification and evaluation of prospective acquisition targets for a Business Combination. The Company will not generate operating revenues prior to the completion of the Business Combination and will generate non-operating income in the form of interest income on Permitted Investments (as defined below) from the proceeds derived from the Public Offering. The accompanying consolidated financial statements have been prepared on a going concern basis and do not include any adjustments that might arise as a result of uncertainties about the Company’s ability to continue as a going concern. Financing The registration statement for the Company’s Public Offering was declared effective by the United States Securities and Exchange Commission (the “SEC”) on October 6, 2020. The Public Offering closed on October 9, 2020 (the “Close Date”). The Sponsor purchased an aggregate of 6,000,000 warrants at a purchase price of $1.50 per warrant, or $9,000,000 in the aggregate, in a private placement on the Close Date (the “Private Placement”). The warrants are included in additional paid-in capital at the balance sheet. The Company intends to finance a Business Combination with proceeds from its $350,000,000 Public Offering (see Note 3) and $9,000,000 Private Placement (see Note 4). At the Close Date, proceeds of $350,000,000, net of underwriting discounts of $7,000,000 and funds designated for operational use of $2,000,000, were deposited into an interest bearing U.S. based Trust Account at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee (the “Trust Account” The Trust Account On October 14, 2020, funds held in the Trust Account were invested in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations (collectively, “Permitted Investments”). Funds will remain in the Trust Account except for the withdrawal of interest earned on the funds that may be released to pay taxes. The proceeds from the Public Offering will not be released from the Trust Account until the earliest of (i) the completion of the Business Combination, (ii) the redemption of any Public Shares properly submitted in connection with a shareholder vote to amend the amended and restated memorandum and articles of association to modify the substance and timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete the Business Combination within 24 months from the Close Date and (iii) the redemption of all of the Company’s Public Shares if it is unable to complete the Business Combination within 24 months from the Close Date, subject to applicable law. Of the remaining proceeds of $2,000,000 held outside the Trust Account, $300,000 was used to repay the loan from the Sponsor, with the remainder available to pay offering costs, business, legal and accounting due diligence on prospective acquisitions, listing fees and continuing general and administrative expenses . Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating a Business Combination with (or acquisition of) a target business. As used herein, the target business must be with one or more target businesses that together have an aggregate fair market value equal to at least 80% of the balance in the Trust Account (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the Company signing a definitive agreement After signing a definitive agreement for a Business Combination, the Company will provide the public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares either (i) in connection with a shareholder meeting to approve the Business Combination or (ii) by means of a tender offer. Each public shareholder may elect to redeem their shares irrespective of whether they vote for or against the Business Combination at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes, divided by the number of then outstanding Public Shares, subject to the limitations described herein. The amount in the Trust Account is initially anticipated to be approximately $10.00 per public share. The per-share amount the Company will distribute to investors who properly redeem their shares will not be reduced by any deferred underwriting commissions payable to underwriters. The decision as to whether the Company will seek shareholder approval of the Business Combination or will allow shareholders to sell their shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek shareholder approval under the law or stock exchange listing requirements. If the Company seeks shareholder approval, it will complete its Business Combination only if a majority of the outstanding Class A ordinary shares voted are voted in favor of the Business Combination. However, in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001, after payment of the deferred underwriting commission. In such an instance, the Company would not proceed with the redemption of its Public Shares and the related Business Combination, and instead may search for an alternate Business Combination. The Company has 24 months from the Close Date to complete its Business Combination. If the Company does not complete a Business Combination within this period, it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. The Sponsor and the Company’s four independent directors (the “Initial Shareholders”) and the Company’s officers and directors have entered into a letter agreement with the Company, pursuant to which they have waived their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete the Business Combination within 24 months from the Close Date. However, if the Initial Shareholders acquire Public Shares after the Close Date, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete the Business Combination within the allotted 24-month time period. The underwriters have agreed to waive their rights to any deferred underwriting commission held in the Trust Account in the event the Company does not complete the Business Combination and those amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. If the Company fails to complete the Business Combination, the redemption of the Company’s Public Shares will reduce the book value of the shares held by the Initial Shareholders, who will be the only remaining shareholders after such redemptions. If the Company holds a shareholder vote or there is a tender offer for shares in connection with a Business Combination, a public shareholder will have the right to redeem its shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes. As a result, such ordinary shares are recorded at their redemption amount and classified as temporary equity in accordance with Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity” .

Summary of Significant Accounti

Summary of Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”), and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position at March 31, 2021 and the results of operations and cash flows for the period presented. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and the accounts of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities and Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. Cash Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company did not have any cash equivalents as of March 31, 2021 and December 31, 2020. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet due to their short-term nature. Fair Value Measurement ASC 820 establishes a fair value hierarchy that prioritizes and ranks the level of observability of inputs used to measure investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment, characteristics specific to the investment, market conditions and other factors. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements). Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets will typically have a higher degree of input observability and a lesser degree of judgment applied in determining fair value. The three levels of the fair value hierarchy under ASC 820 are as follows: Level I—Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used. Level II—Pricing inputs are other than quoted prices included within Level I that are observable for the investment, either directly or indirectly. Level II pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level III—Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation. In some cases, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the investment is categorized in its entirety is determined based on the lowest level input that is significant to the investment. Assessing the significance of a particular input to the valuation of an investment in its entirety requires judgment and considers factors specific to the investment. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the perceived risk of that investment. The Company’s Permitted Investments are classified as Level 1. Derivative Liabilities The Company evaluated the Warrants (as defined below in Note 3) and Private Placement Warrants (as defined below in Note 5) (collectively, “Warrant Securities”), and the Forward Purchase Agreements and Additional Forward Purchase Agreements (as defined below in Note 5, and collectively, “FPAs”) in accordance with ASC 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity”, and concluded that the Warrant Securities and FPAs could not be accounted for as components of equity. As the Warrant Securities and FPAs meet the definition of a derivative in accordance with ASC 815, the Warrant Securities and FPAs are recorded as derivative liabilities on the Consolidated Balance Sheet and measured at fair value at inception (the Close Date) and remeasured at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the Statement of Operations in the period of change. Key ranges of inputs for the valuation models used to calculate the fair value of the Warrant Securities and FPAs were as follows,
December 31, 2020
March 31, 2021
Implied volatility
30% - 45%
22% - 45%
Risk-free interest rate
0.09% - 0.43%
0.03% - 0.97%
Instrument exercise price for one Class A ordinary share
$ 11.50
$ 11.50
Expected term
5.2 years
5.2 years Redeemable Ordinary Shares All of the 35,000,000 Class A ordinary shares sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s second amended and restated certificate of incorporation. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid-in capital and accumulated deficit. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Offering Costs The Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A “Expenses of Offering”. The Company incurred offering costs of $949,267 allocated to the issuance and sale of Class A ordinary shares in connection with the Public Offering. These costs, together with the portions of the underwriter discount and Deferred Discount (as defined below) allocated to the issuance and sale of Class A ordinary shares included in the Units, totaling $19,610,939, were charged to temporary equity upon completion of the Public Offering. Offering costs of $588,328 attributed to the issuance and sale of the warrants included in the Units were expensed at the Close Date. Stock-Based Compensation Expense The Company accounts for stock-based compensation expense in accordance with ASC 718, Compensation – Stock Compensation (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date and recognized over the requisite service period. To the extent a stock-based award is subject to a performance condition, the amount of expense recorded in a given period, if any, reflects an assessment of the probability of achieving such performance condition, with compensation recognized once the event is deemed probable to occur. The fair value of equity awards has been estimated using a market approach. Forfeitures are recognized as incurred. Compensation expense related to the Founders Shares (as defined below in Note 6) is recognized only when the performance condition is probable of occurrence. As of March 31, 2021, the Company determined that a Business Combination is not considered probable, and, therefore, no stock-based compensation expense has been recognized. Stock-based compensation would be recognized at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founders Shares that ultimately vest multiplied times the latest modification date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founder Shares. Net Income per Ordinary Share The Company complies with accounting and disclosure requirements of Financial Accounting Standards Board (“FASB”) ASC Topic 260, “Earnings Per Share”. Net income per ordinary share is computed by dividing net income applicable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period, plus to the extent dilutive the incremental number of shares of ordinary shares to settle warrants, as calculated using the treasury stock method. As of March 31, 2021, the Company has two classes of ordinary shares, Class A ordinary shares and Class F ordinary shares. As of March 31, 2020, the Company only had Class F ordinary shares. For the three months ended March 31, 2021, earnings and losses are shared pro rata between the two classes of ordinary shares as follows,
For the Three Months Ended March 31, 2021
Class A
Class F
Basic and diluted net income per ordinary share:
Numerator:
Allocation of net income
$
82,302,229
$
20,575,557
Denominator:
Weighted average ordinary shares outstanding:
35,000,000
8,750,000
Basic and diluted net income per ordinary share
$
2.35
$
2.35
Income Taxes Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of the enactment date. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at March 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with federal income tax regulations, income taxes are not levied on the Company, but rather on the individual owners. United States (“U.S.”) taxation would occur on the individual owners if certain tax elections are made by U.S. owners and the Company were treated as a passive foreign investment company. Additionally, U.S. taxation could occur to the Company itself if the Company is engaged in a U.S. trade or business. The Company is not expected to be treated as engaged in a U.S. trade or business at this time. A wholly-owned subsidiary of the Company, formed during the year ended December 31, 2020, is subject to income tax in the Netherlands. As of December 31, 2020, the subsidiary had a deferred tax asset of $3,117 that was offset by a valuation allowance. There was no change in the subsidiary’s tax position as of March 31, 2021. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Public Offering

Public Offering3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Public Offering3. Public Offering In its Public Offering, the Company sold 35,000,000 units at a price of $10.00 per unit. Each unit consists of one Class A ordinary share of the Company at $0.0001 par value and one-fifth of one warrant (a “Unit”). Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share (a “Warrant”). Only whole Warrants may be exercised and no fractional Warrants will be issued upon separation of the Units and only whole Warrants may be traded. The Warrants will become exercisable on the later of 30 days after the completion of the Business Combination or 12 months from the Close Date, and will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation. Alternatively, if the Company does not complete a Business Combination within 24 months after the Close Date, the Warrants will expire at the end of such period. If the Company is unable to deliver registered Class A ordinary shares to the holder upon exercise of Warrants issued in connection with the 35,000,000 Units during the exercise period, the Warrants will expire worthless, except to the extent that they may be exercised on a cashless basis in the circumstances described in the agreement governing the Warrants. Once the Warrants become exercisable, the Company may redeem the outstanding Warrants in whole, but not in part, at a price of $0.01 per Warrant upon a minimum of 30 days’ prior written notice of redemption, and only in the event that the last sale price of the Company’s Public Shares equals or exceeds $18.00 per share for any 20 trading days within the 30-trading day period ending on the third trading day before the Company sends the notice of redemption to the Warrant holders. Additionally, 90 days after the Warrants become exercisable, the Company may redeem the outstanding Warrants in whole, but not in part, for Class A ordinary shares at a price based on the redemption date and “fair market value” of the Company’s Class A ordinary shares upon a minimum of 30 days’ prior written notice of redemption, and only in the event that the last sale price of the Company’s Class A ordinary shares equals or exceeds $10.00 per share on the trade date prior to the date on which the Company sends the notice of redemption to the Warrant holders. The “fair market value” of the Company’s Class A ordinary shares shall mean the average reported last sale price of the Company’s Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the Warrant holders. The Company has agreed to use its best efforts to file a registration statement for the Class A ordinary shares issuable upon exercise of the Warrants under the Securities Act as soon as practicable, but in no event later than 15 business days following the completion of a Business Combination. The Company paid an underwriting discount of 2.00% of the gross proceeds of the Public Offering, or $7,000,000, to the underwriters at the Close Date, with an additional fee (the “Deferred Discount”) of 3.50% of the gross proceeds of the Public Offering, or $12,250,000, payable upon the Company’s completion of a Business Combination. The Deferred Discount will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes a Business Combination. The underwriters are not entitled to receive any of the interest earned on Trust Account funds that would be used to pay the Deferred Discount.

Related Party Transactions

Related Party Transactions3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions4. Related Party Transactions Founder Shares On August 12, 2019, the Sponsor purchased 20,000,000 of the Company’s Class F ordinary shares (“Founder Shares”) for an aggregate purchase price of $25,000, or approximately $0.001 per share. Prior to the Sponsor’s initial investment in the Company of $25,000, the Company had no assets. The purchase price of the Founder Shares was determined by dividing the amount of cash contributed to the Company by the number of Founder Shares issued. The Founder Shares are identical to the Class A ordinary shares included in the Units being sold in the Proposed Offering except that:

only holders of the Founder Shares have the right to vote on the election of directors prior to the Business Combination;

the Founder Shares are subject to certain transfer restrictions, as described in more detail below;

the initial shareholders and the Company’s officers and directors entered into a letter agreement with the Company, pursuant to which they have agreed (i) to waive their redemption rights with respect to the Founder Shares and in connection with the completion of the Business Combination and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares if the Company fails to complete the Business Combination within 24 months from the Close Date. If the Company submits the Business Combination to the public shareholders for a vote, the Initial Shareholders have agreed, pursuant to such letter agreement, to vote their Founder Shares and any public shares purchased during or after the Public Offering in favor of the Business Combination; and

the Founder Shares are automatically convertible into Class A ordinary shares on the first business day following the completion of the Business Combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights. Additionally, the initial shareholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier of (i) one year after the completion of the Business Combination or (ii) subsequent to the Business Combination, if the last sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination or (iii) the date following the completion of the Business Combination on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Company’s public shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property (the “Lock Up Period”). See Note 6 – Subsequent Events. Private Placement Warrants On the Close Date, the Sponsor purchased from the Company an aggregate of 6,000,000 private placement warrants at a price of $1.50 per warrant (approximately $9,000,000 in the aggregate), in a private placement that will occur simultaneously with the completion of the Proposed Offering (the “Private Placement Warrants”). Each Private Placement Warrant entitles the holder to purchase one Class A ordinary share at $11.50 per share, subject to adjustment. A portion of the purchase price of the Private Placement Warrants will be added to the proceeds from the Proposed Offering to be held in the trust account. The Private Placement Warrants will not be redeemable by the Company so long as they are held by the Sponsor or its permitted transferees. If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the warrants included in the Units being sold in the Proposed Offering. The Sponsor, or its permitted transferees, will have the option to exercise the Private Placement Warrants on a cashless basis. The Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of the Business Combination. If the Company does not complete the Business Combination within 24 months from the closing of the Proposed Offering, the proceeds from the sale of the Private Placement Warrants held in the trust account will be used to fund the redemption of the Company’s public shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. Forward Purchase Agreements Prior to the Close Date, an affiliate of the Company (the “TPG Forward Purchaser”) entered into a forward purchase agreement (the “Original Forward Purchase Agreement”). The TPG Forward Purchaser agreed to purchase an aggregate of 5,000,000 Class A ordinary shares at a price of $10.00 per Class A ordinary share (the “Forward Purchase Shares”), plus an aggregate of 1,000,000 warrants to purchase one Class A ordinary share at $11.50 per share (the “Forward Purchase Warrants” and, together with the Forward Purchase Shares, the “Forward Purchase Securities”), for an aggregate purchase price of $50,000,000. The purchase of the 5,000,000 Forward Purchase Shares and 1,000,000 Forward Purchase Warrants will take place in one or more private placements, with the full amount to have been purchased no later than simultaneously with the closing of the Business Combination. The TPG Forward Purchaser’s obligation to purchase the Forward Purchase Securities may be transferred, in whole or in part, to the forward transferees, provided that upon such transfer the forward transferees assume the rights and obligations of the TPG Forward Purchaser. As an inducement to a transferee that is not an affiliate of the TPG Forward Purchaser to assume the TPG Forward Purchaser’s obligation to purchase the Forward Purchase Securities, we may agree to issue on a case-by-case basis to such transferee at the time of the forward purchase, in addition to the Forward Purchase Securities, an additional number of Class A ordinary shares equal to 10% of the Forward Purchase Shares purchased by such transferee, or up to an aggregate of 500,000 additional Class A ordinary shares, for no additional cash consideration, potentially lowering the effective purchase price per Class A ordinary share. In addition, the Sponsor shall forfeit a number of Founder Shares equal to such additional amount of Class A ordinary shares issued to such transferee, or up to an aggregate of 500,000 Founder Shares, at the time of the forward purchase. The Company also entered into forward purchase agreements (the “Additional Forward Purchase Agreements”) with other third parties (the “Additional Forward Purchasers”) which provide that the Additional Forward Purchasers will purchase up to an aggregate of 5,500,000 Class A ordinary shares (the “Additional Forward Purchase Shares”), plus up to an aggregate of 1,000,000 warrants to purchase one Class A ordinary share at $11.50 per share (the “Additional Forward Purchase Warrants” and, together with the Additional Forward Purchase Shares, the “Additional Forward Purchase Securities”), for an aggregate purchase price of approximately $50,000,000. Any purchases of the up to 5,500,000 Additional Forward Purchase Shares and up to 1,000,000 Additional Forward Purchase Warrants will also take place in one or more private placements, but no later than simultaneously with the closing of the Business Combination. The sale of the Additional Forward Purchase Securities will be subject to the approval of the board of directors and the Sponsor. The proceeds of all purchases made pursuant to the Forward Purchase Agreements will be deposited into the Company’s operating account. In connection with the Additional Forward Purchase Agreements, the Sponsor shall forfeit 500,000 Founder Shares at the time of the forward purchase. The terms of the Forward Purchase Securities and Additional Forward Purchase Securities, respectively, are generally identical to the terms of the Class A ordinary shares and the Redeemable Warrants included in the Units sold in the Public Offering, except that the Forward Purchase Shares and Additional Forward Purchase Shares will have no redemption rights and will have no right to liquidating distributions from the Trust Account. In addition, as long as the Additional Forward Purchase Securities and the Additional Forward Purchase Securities are held by the TPG Forward Purchaser and Additional Forward Purchasers, they will have certain registration rights. In connection with the sale of the Forward Purchase Shares and the Additional Forward Purchase Shares, except to the extent of any forfeitures of Founder Shares by the Sponsor in connection with the forward purchases, the Company expects that the Sponsor will receive an aggregate number of additional Class A ordinary shares so that the Initial Shareholders, in the aggregate, on an as-converted basis, will hold 20% of the Company’s Class A ordinary shares at the time of the closing of the Business Combination. Indemnity The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a vendor (other than the Company’s independent auditors) for services rendered or products sold to the Company, or a prospective target business with which the Company discussed entering into a transaction agreement, reduces the amount of funds in the Trust Account to below (i) $10.00 per public share or (ii) such lesser amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Proposed Offering against certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company has not independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believes that the Sponsor’s only assets are securities of the Company and, therefore, the Sponsor may not be able to satisfy those obligations. The Company has not asked the Sponsor to reserve for such eventuality as the Company believes the likelihood of the Sponsor having to indemnify the Trust Account is limited because the Company will endeavor to have all vendors and prospective target businesses as well as other entities execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Related Party Note Payable On September 15, 2020, the Company’s Sponsor loaned the Company $300,000 under an unsecured promissory note. The funds were used to pay up front expenses associated with the Public Offering. The note was repaid on the Close Date. On March 29, 2021, the Sponsor issued a promissory note to the Company for borrowings of up to $7,000,000. The promissory note does not bear interest, and any borrowings made are due on the earlier of March 29, 2022 or the consummation of a Business Combination, except in the event of a default, as defined in the promissory note agreement, at which point any outstanding borrowings become due immediately. On March 29, 2021, the Company borrowed $2,000,000 under the promissory note. Independent Financial Advisory Services In connection with the Public Offering, TPG Capital BD, LLC, an affiliate of the Company, acted as the Company’s independent financial advisor as defined under FINRA Rule 5110(j)(9), to provide independent financial consulting services, consisting of a review of deal structure and terms and related structuring advice in connection with the Public Offering, for which it received a fee of $647,500, which was paid on the Close Date. TPG Capital BD, LLC was engaged to represent the Company’s interests only and is independent of the underwriters. TPG Capital BD, LLC did not act as an underwriter in the Public Offering and did not sell or offer to sell any securities in the Public Offering, nor did it identify or solicit potential investors in the Public Offering. Policy Review Engagement In December 2020, the board of directors authorized the Company to engage Y Analytics, an affiliate of the Company, to evaluate the Company’s environmental, social and governance (“ESG”) policies. The total cost of this engagement is $250,000, of which $200,000 was expensed in 2020 and is included in accrued professional fees and other expenses at the consolidated balance sheet as of March 31, 2021. Administrative Service Agreement On the Close Date, the Company entered into an agreement to pay $50,000 a month for office space, administrative and support services to an affiliate of the Sponsor upon completion of the Proposed Offering, and will terminate the agreement upon the earlier of a Business Combination or the liquidation of the Company.

Investments Held in Trust Accou

Investments Held in Trust Account3 Months Ended
Mar. 31, 2021
Assets Held In Trust [Abstract]
Investments Held In Trust Account5. Investments Held in Trust Account Gross proceeds of $350,000,000 and $9,000,000 from the Public Offering and the sale of the Private Placement Warrants, respectively, less underwriting discounts of $7,000,000; and funds of $2,000,000 designated to pay the Company’s accrued formation and offering costs, ongoing administrative and acquisition search costs, plus repay notes payable of $300,000 to the Sponsor at the Close Date were placed in the Trust Account at the Close Date. On October 14, 2020, all funds held in the Trust Account were invested in Permitted Investments, which are considered Level 1 investments under ASC 820. For the three months ended March 31, 2021, the Permitted Investments generated interest income of $5,260 all of which was reinvested in Permitted Investments. At March 31, 2021, the balance of funds held in the Trust Account was $350,009,878.

Deferred Underwriting Compensat

Deferred Underwriting Compensation3 Months Ended
Mar. 31, 2021
Compensation Related Costs [Abstract]
Deferred Underwriting Compensation6. Deferred Underwriting Compensation The Company is committed to pay the Deferred Discount of 3.50% of the gross proceeds of the Public Offering, or $12,250,000, to the underwriters upon the Company’s completion of a Business Combination. The underwriters are not entitled to receive any of the interest earned on Trust Account funds that would be used to pay the Deferred Discount, and no Deferred Discount is payable to the underwriters if a Business Combination is not completed within 24 months after the Close

Shareholders' (Deficit) Equity

Shareholders' (Deficit) Equity3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Shareholders' (Deficit) Equity7. Shareholders’ (Deficit) Equity Class A Ordinary Shares The Company is currently authorized to issue 200,000,000 Class A ordinary shares. Depending on the terms of a potential Business Combination, the Company may be required to increase the number of authorized Class A ordinary shares at the same time as its shareholders vote on the Business Combination to the extent the Company seeks shareholder approval in connection with its Business Combination. Holders of Class A ordinary shares are entitled to one vote for each share with the exception that only holders of Class F ordinary shares have the right to vote on the election of directors prior to the completion of a Business Combination, subject to adjustment as provided in the Company’s amended and restated memorandum and articles of association. Class F Ordinary Shares The Company is currently authorized to issue 20,000,000 Class F ordinary shares. At March 31, 2021 and December 31, 2020, there were 8,750,000 Class F ordinary shares (Founder Shares) issued and outstanding. Preferred Shares The Company is authorized to issue 1,000,000 preferred shares. The Company’s board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The board of directors will be able to, without shareholder approval, issue preferred shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. At March 31, 2021 and December 31, 2020, there were no preferred shares issued or outstanding. Dividend Policy The Company has not paid and does not intend to pay any cash dividends on its ordinary shares prior to the completion of the Business Combination. Additionally, the Company’s board of directors does not contemplate or anticipate declaring any stock dividends in the foreseeable future.

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements8. Fair Value Measurements The following table presents information about the Company’s derivative liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
As of March 31, 2021
Level 1
Level 2
Level 3
Total
Liabilities:
Warrants
$
52,290,000
$

$

$
52,290,000
Private Placement Warrants


55,982,797
55,982,797
Forward purchase agreements (FPAs)


113,024,178
113,024,178
Total
$
52,290,000
$

$
169,006,975
$
221,296,975
As of December 31, 2020
Level 1
Level 2
Level 3
Total
Liabilities:
Warrants
$
51,380,000
$

$

$
51,380,000
Private Placement Warrants


89,862,127
89,862,127
Forward purchase agreements (FPAs)


186,468,494
186,468,494
Total
$
51,380,000
$

$
276,330,621
$
327,710,621
The following table presents the changes in the fair value of the Company’s derivative liabilities that are measured at fair value for the three months ended March 31, 2021. The Company did not hold any derivative liabilities measured at fair value as of or for the three months ended March 31, 2020.
Warrants
Private Placement Warrants
Forward Purchase Agreements (FPAs)
Total
Liabilities:
Fair value at December 31, 2020
$
51,380,000
$
89,862,127
$
186,468,494
$
327,710,621
Change in fair value
910,000
(33,879,330
)
(73,444,316
)
(106,413,646
)
Fair value at March 31, 2021
$
52,290,000
$
55,982,797
$
113,024,178
$
221,296,975
The valuation methodology used in the determination of the fair value of financial instruments for which Level 3 inputs were used at March 31, 2021 and December 31, 2020 was a market approach. The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level 3 inputs to determine fair value for the three months ended March 31, 2021. The Company did not hold any Level 3 financial instruments as of or for the three months ended March 31, 2020.
Private Placement Warrants
Forward Purchase Agreements (FPAs)
Total
Liabilities:
Fair value at December 31, 2020
$
89,862,127
$
186,468,494
$
276,330,621
Change in fair value
(33,879,330
)
(73,444,316
)
(107,323,646
)
Fair value at March 31, 2021
$
55,982,797
$
113,024,178
$
169,006,975

Subsequent Events

Subsequent Events3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events9. Subsequent Events On May 12, 2021, the Sponsor signed a commitment letter in which it committed to lending funds, if needed, to the Company to timely satisfy any of the Company’s financial obligations or debt service requirements through August 31, 2022, and further to defer any required repayment of existing loans, or any loans made through August 31, 2022, until after August 31, 2022. As stated in a Current Report on Form 8-K filed by the Company on May 17, 2021, there is currently significant uncertainty regarding whether the Proposed Business Combination will ultimately be completed on the terms currently contemplated or at all. The Company was recently informed that the completion of the audited financial statements of EVBox Group as of and for the year ended December 31, 2020 (the “2020 EVBox Group Financials”), which would be required to be filed in the Registration Statement on Form F-4 relating to the Proposed Business Combination (the “Registration Statement”) prior to its effectiveness, will take significantly longer than previously anticipated. ENGIE New Business S.A.S., a société par actions simplifiée Pursuant to the terms of the Business Combination Agreement, beginning on the Outside Date, the Business Combination Agreement may be terminated by either the Company or Engie Seller. However, the Company has the unilateral right until May 28, 2021 to extend the Outside Date to September 6, 2021. The Company expects to have further discussions with Engie Seller regarding these matters to better evaluate the various alternatives, but has not determined whether it intends to exercise any such rights and there is no certainty that it will exercise such rights or that it will otherwise successfully renegotiate any economic or other terms of the Business Combination Agreement with Engie Seller. As a result, as of the date of this Quarterly Report on Form 10-Q, the Company has significant doubts regarding the likelihood that the Proposed Business Combination will be completed on the terms currently contemplated or at all. Management has performed an evaluation of subsequent events through the date of issuance of the financial statements, noting no other subsequent events which require adjustment or disclosure.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Basis of PresentationBasis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”), and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position at March 31, 2021 and the results of operations and cash flows for the period presented.
Principles of ConsolidationPrinciples of Consolidation The accompanying consolidated financial statements include the accounts of the Company and the accounts of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation
Emerging Growth CompanyEmerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities and Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
CashCash Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company did not have any cash equivalents as of March 31, 2021 and December 31, 2020.
Concentration of Credit RiskConcentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
Financial InstrumentsFinancial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet due to their short-term nature.
Fair Value MeasurementFair Value Measurement ASC 820 establishes a fair value hierarchy that prioritizes and ranks the level of observability of inputs used to measure investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment, characteristics specific to the investment, market conditions and other factors. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements). Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets will typically have a higher degree of input observability and a lesser degree of judgment applied in determining fair value. The three levels of the fair value hierarchy under ASC 820 are as follows: Level I—Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used. Level II—Pricing inputs are other than quoted prices included within Level I that are observable for the investment, either directly or indirectly. Level II pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level III—Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation. In some cases, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the investment is categorized in its entirety is determined based on the lowest level input that is significant to the investment. Assessing the significance of a particular input to the valuation of an investment in its entirety requires judgment and considers factors specific to the investment. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the perceived risk of that investment. The Company’s Permitted Investments are classified as Level 1.
Derivative LiabilitiesDerivative Liabilities The Company evaluated the Warrants (as defined below in Note 3) and Private Placement Warrants (as defined below in Note 5) (collectively, “Warrant Securities”), and the Forward Purchase Agreements and Additional Forward Purchase Agreements (as defined below in Note 5, and collectively, “FPAs”) in accordance with ASC 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity”, and concluded that the Warrant Securities and FPAs could not be accounted for as components of equity. As the Warrant Securities and FPAs meet the definition of a derivative in accordance with ASC 815, the Warrant Securities and FPAs are recorded as derivative liabilities on the Consolidated Balance Sheet and measured at fair value at inception (the Close Date) and remeasured at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the Statement of Operations in the period of change. Key ranges of inputs for the valuation models used to calculate the fair value of the Warrant Securities and FPAs were as follows,
December 31, 2020
March 31, 2021
Implied volatility
30% - 45%
22% - 45%
Risk-free interest rate
0.09% - 0.43%
0.03% - 0.97%
Instrument exercise price for one Class A ordinary share
$ 11.50
$ 11.50
Expected term
5.2 years
5.2 years
Redeemable Ordinary SharesRedeemable Ordinary Shares All of the 35,000,000 Class A ordinary shares sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s second amended and restated certificate of incorporation. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid-in capital and accumulated deficit.
Use of EstimatesUse of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Offering CostsOffering Costs The Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A “Expenses of Offering”. The Company incurred offering costs of $949,267 allocated to the issuance and sale of Class A ordinary shares in connection with the Public Offering. These costs, together with the portions of the underwriter discount and Deferred Discount (as defined below) allocated to the issuance and sale of Class A ordinary shares included in the Units, totaling $19,610,939, were charged to temporary equity upon completion of the Public Offering. Offering costs of $588,328 attributed to the issuance and sale of the warrants included in the Units were expensed at the Close Date.
Stock-Based Compensation ExpenseStock-Based Compensation Expense The Company accounts for stock-based compensation expense in accordance with ASC 718, Compensation – Stock Compensation (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date and recognized over the requisite service period. To the extent a stock-based award is subject to a performance condition, the amount of expense recorded in a given period, if any, reflects an assessment of the probability of achieving such performance condition, with compensation recognized once the event is deemed probable to occur. The fair value of equity awards has been estimated using a market approach. Forfeitures are recognized as incurred. Compensation expense related to the Founders Shares (as defined below in Note 6) is recognized only when the performance condition is probable of occurrence. As of March 31, 2021, the Company determined that a Business Combination is not considered probable, and, therefore, no stock-based compensation expense has been recognized. Stock-based compensation would be recognized at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founders Shares that ultimately vest multiplied times the latest modification date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founder Shares.
Net Income per Ordinary ShareNet Income per Ordinary Share The Company complies with accounting and disclosure requirements of Financial Accounting Standards Board (“FASB”) ASC Topic 260, “Earnings Per Share”. Net income per ordinary share is computed by dividing net income applicable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period, plus to the extent dilutive the incremental number of shares of ordinary shares to settle warrants, as calculated using the treasury stock method. As of March 31, 2021, the Company has two classes of ordinary shares, Class A ordinary shares and Class F ordinary shares. As of March 31, 2020, the Company only had Class F ordinary shares. For the three months ended March 31, 2021, earnings and losses are shared pro rata between the two classes of ordinary shares as follows,
For the Three Months Ended March 31, 2021
Class A
Class F
Basic and diluted net income per ordinary share:
Numerator:
Allocation of net income
$
82,302,229
$
20,575,557
Denominator:
Weighted average ordinary shares outstanding:
35,000,000
8,750,000
Basic and diluted net income per ordinary share
$
2.35
$
2.35
Income TaxesIncome Taxes Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of the enactment date. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at March 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with federal income tax regulations, income taxes are not levied on the Company, but rather on the individual owners. United States (“U.S.”) taxation would occur on the individual owners if certain tax elections are made by U.S. owners and the Company were treated as a passive foreign investment company. Additionally, U.S. taxation could occur to the Company itself if the Company is engaged in a U.S. trade or business. The Company is not expected to be treated as engaged in a U.S. trade or business at this time. A wholly-owned subsidiary of the Company, formed during the year ended December 31, 2020, is subject to income tax in the Netherlands. As of December 31, 2020, the subsidiary had a deferred tax asset of $3,117 that was offset by a valuation allowance. There was no change in the subsidiary’s tax position as of March 31, 2021.
Recent Accounting PronouncementsRecent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Key Ranges of Inputs for Valuation Models Used to Calculate Fair Value of Warrant Securities and FPAsKey ranges of inputs for the valuation models used to calculate the fair value of the Warrant Securities and FPAs were as follows,
December 31, 2020
March 31, 2021
Implied volatility
30% - 45%
22% - 45%
Risk-free interest rate
0.09% - 0.43%
0.03% - 0.97%
Instrument exercise price for one Class A ordinary share
$ 11.50
$ 11.50
Expected term
5.2 years
5.2 years
Earnings and Losses Shared Pro Rata Between Two Classes of Ordinary SharesFor the three months ended March 31, 2021, earnings and losses are shared pro rata between the two classes of ordinary shares as follows,
For the Three Months Ended March 31, 2021
Class A
Class F
Basic and diluted net income per ordinary share:
Numerator:
Allocation of net income
$
82,302,229
$
20,575,557
Denominator:
Weighted average ordinary shares outstanding:
35,000,000
8,750,000
Basic and diluted net income per ordinary share
$
2.35
$
2.35

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Derivative Liabilities Measured at Fair Value on Recurring BasisThe following table presents information about the Company’s derivative liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
As of March 31, 2021
Level 1
Level 2
Level 3
Total
Liabilities:
Warrants
$
52,290,000
$

$

$
52,290,000
Private Placement Warrants


55,982,797
55,982,797
Forward purchase agreements (FPAs)


113,024,178
113,024,178
Total
$
52,290,000
$

$
169,006,975
$
221,296,975
As of December 31, 2020
Level 1
Level 2
Level 3
Total
Liabilities:
Warrants
$
51,380,000
$

$

$
51,380,000
Private Placement Warrants


89,862,127
89,862,127
Forward purchase agreements (FPAs)


186,468,494
186,468,494
Total
$
51,380,000
$

$
276,330,621
$
327,710,621
Summary of Changes in Fair Value of Derivative Liabilities Measured at Fair ValueThe following table presents the changes in the fair value of the Company’s derivative liabilities that are measured at fair value for the three months ended March 31, 2021. The Company did not hold any derivative liabilities measured at fair value as of or for the three months ended March 31, 2020.
Warrants
Private Placement Warrants
Forward Purchase Agreements (FPAs)
Total
Liabilities:
Fair value at December 31, 2020
$
51,380,000
$
89,862,127
$
186,468,494
$
327,710,621
Change in fair value
910,000
(33,879,330
)
(73,444,316
)
(106,413,646
)
Fair value at March 31, 2021
$
52,290,000
$
55,982,797
$
113,024,178
$
221,296,975
Summary of Changes in Fair Value of Financial Instruments with Level 3 InputsThe following tables summarize the changes in the fair value of financial instruments for which the Company has used Level 3 inputs to determine fair value for the three months ended March 31, 2021. The Company did not hold any Level 3 financial instruments as of or for the three months ended March 31, 2020.
Private Placement Warrants
Forward Purchase Agreements (FPAs)
Total
Liabilities:
Fair value at December 31, 2020
$
89,862,127
$
186,468,494
$
276,330,621
Change in fair value
(33,879,330
)
(73,444,316
)
(107,323,646
)
Fair value at March 31, 2021
$
55,982,797
$
113,024,178
$
169,006,975

Organization and Business Ope_2

Organization and Business Operations - Additional Information (Details)Dec. 10, 2020USD ($)earnout$ / sharessharesOct. 14, 2020USD ($)Oct. 09, 2020USD ($)$ / sharessharesMar. 31, 2021USD ($)$ / sharessharesDec. 31, 2020$ / sharesDec. 10, 2020€ / shares
Schedule Of Organization And Business Operations Plan [Line Items]
Entity incorporation dateJul. 11,
2019
Proceeds from issuance of warrants $ 9,000,000
Proceeds from issuance of public offering350,000,000 $ 350,000,000
Payments for net of underwriting discount7,000,000 $ 7,000,000
Funds designated for operational use2,000,000
Percentage obligation to redeem public shares100.00%
Repayment of sponsor loan $ 300,000
Trust account amount, price per public share | $ / shares $ 10
Business combination condition, descriptionThe Company has 24 months from the Close Date to complete its Business Combination. If the Company does not complete a Business Combination within this period, it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law
TPG Pace Beneficial Finance Sponsor, Series LLC
Schedule Of Organization And Business Operations Plan [Line Items]
Repayment of sponsor loan $ 300,000
Private Placement | TPG Pace Beneficial Finance Sponsor, Series LLC
Schedule Of Organization And Business Operations Plan [Line Items]
Aggregate warrants | shares6,000,000
Sale of private placement warrants to sponsor, per share | $ / shares $ 1.50
Proceeds from issuance of warrants $ 9,000,000
Class A Ordinary Shares
Schedule Of Organization And Business Operations Plan [Line Items]
Common shares, par value | $ / shares $ 0.0001 $ 0.0001
Class A Ordinary Shares | Private Placement | TPG Pace Beneficial Finance Sponsor, Series LLC
Schedule Of Organization And Business Operations Plan [Line Items]
Common shares value, per share | $ / shares $ 11.50
Maximum
Schedule Of Organization And Business Operations Plan [Line Items]
Net interest to pay dissolution expenses $ 100,000
Maximum | Class A Ordinary Shares
Schedule Of Organization And Business Operations Plan [Line Items]
Aggregate warrants | shares25,000,000
Minimum
Schedule Of Organization And Business Operations Plan [Line Items]
Percentage of trust account balance equal to target businesses fair market value80.00%
Intangible assets net of deferred underwriting commission $ 5,000,001
Subscription Agreement | Class A Ordinary Shares
Schedule Of Organization And Business Operations Plan [Line Items]
Number of newly issued shares | shares22,500,000
Gross proceeds from newly issued shares $ 225,000,000
Forward Purchase Agreements | Class A Ordinary Shares
Schedule Of Organization And Business Operations Plan [Line Items]
Number of newly issued shares | shares10,000,000
Engie Seller | EVBox Group | Business Combination Agreement
Schedule Of Organization And Business Operations Plan [Line Items]
Common shares, par value | € / shares € 0.01
Purchase price of issued and outstanding equity interests $ 786,500,000
Common shares value, per share | $ / shares $ 10
Number of earnouts eligible to receive | earnout2
Engie Seller | Amount Equal to 50% of Available Cash Plus Transaction Expenses | EVBox Group | Business Combination Agreement
Schedule Of Organization And Business Operations Plan [Line Items]
Percentage of cash consideration to be transferred50.00%
Excess of cash consideration to be transferred $ 260,000,000
Engie Seller | Amount Equal to 60% of Available Cash Plus Transaction Expenses | EVBox Group | Business Combination Agreement
Schedule Of Organization And Business Operations Plan [Line Items]
Percentage of cash consideration to be transferred60.00%
Excess of cash consideration to be transferred $ 560,000,000
Engie Seller | Amount Equal to 50% of Cash Incentive Compensation Awards Granted to Certain Employees | EVBox Group | Business Combination Agreement
Schedule Of Organization And Business Operations Plan [Line Items]
Percentage of cash consideration to be transferred50.00%
Engie Seller | $10.00 per share, in Respect of Remaining Portion of Purchase Price | EVBox Group | Business Combination Agreement
Schedule Of Organization And Business Operations Plan [Line Items]
Excess of cash consideration to be transferred $ 180,000,000
Common shares value, per share | $ / shares $ 10
Engie Seller | Up To 6,050,000 Common Shares Based on Achievement of Certain Revenue Threshold | EVBox Group | Business Combination Agreement | Maximum
Schedule Of Organization And Business Operations Plan [Line Items]
Common shares available | shares6,050,000
Engie Seller | Up To 3,630,000 Common Shares Based on Achievement of Certain Revenue Threshold | EVBox Group | Business Combination Agreement | Maximum
Schedule Of Organization And Business Operations Plan [Line Items]
Common shares available | shares3,630,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)Oct. 09, 2020Mar. 31, 2021Dec. 31, 2020
Significant Accounting Policies [Line Items]
Cash equivalents $ 0 $ 0
Federal depository insurance coverage250,000
Offering costs $ 7,000,000 7,000,000
Stock-based compensation expense0
Accrued interest and penalties $ 0
Netherlands
Significant Accounting Policies [Line Items]
Deferred tax asset $ 3,117
Class A Ordinary Shares | Maximum
Significant Accounting Policies [Line Items]
Aggregate warrants25,000,000
IPO
Significant Accounting Policies [Line Items]
Number of units sold35,000,000
Offering costs $ 949,267
Underwriter discount and deferred discount cost charged to temporary equity $ 19,610,939
IPO | Class A Ordinary Shares
Significant Accounting Policies [Line Items]
Number of units sold35,000,000
Warrant
Significant Accounting Policies [Line Items]
Offering costs $ 588,328

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Key Ranges of Inputs for Valuation Models Used to Calculate Fair Value of Warrant Securities and FPAs (Details) - Warrant Securities and FPAs3 Months Ended12 Months Ended
Mar. 31, 2021$ / sharesDec. 31, 2020$ / shares
Implied Volatility | Minimum
Significant Accounting Policies [Line Items]
Derivative Liability, Measurement Input0.220.30
Implied Volatility | Maximum
Significant Accounting Policies [Line Items]
Derivative Liability, Measurement Input0.450.45
Risk-Free Interest Rate | Minimum
Significant Accounting Policies [Line Items]
Derivative Liability, Measurement Input0.0003 0.0009
Risk-Free Interest Rate | Maximum
Significant Accounting Policies [Line Items]
Derivative Liability, Measurement Input0.0097 0.0043
Instrument Exercise Price for One Class A Ordinary Share
Significant Accounting Policies [Line Items]
Derivative Liability, Measurement Input11.5011.50
Expected Term
Significant Accounting Policies [Line Items]
Derivative Liability, Expected term5 years 2 months 12 days5 years 2 months 12 days

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Earnings and Losses Shared Pro Rata Between Two Classes of Ordinary Shares (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Numerator:
Allocation of net income $ 102,877,786 $ 0
Class A Ordinary Shares
Numerator:
Allocation of net income $ 82,302,229
Denominator:
Basic and diluted35,000,000
Basic and diluted $ 2.35
Class F Ordinary Shares
Numerator:
Allocation of net income $ 20,575,557
Denominator:
Basic and diluted8,750,000 20,000,000
Basic and diluted $ 2.35

Public Offering - Additional In

Public Offering - Additional Information (Details) - USD ($)Oct. 09, 2020Mar. 31, 2021Dec. 31, 2020
Subsidiary Sale Of Stock [Line Items]
Outstanding Warrants, per share $ 0.01
Sale price of share to redeem outstanding warrants $ 18
Redeem outstanding warrants descriptionOnce the Warrants become exercisable, the Company may redeem the outstanding Warrants in whole, but not in part, at a price of $0.01 per Warrant upon a minimum of 30 days’ prior written notice of redemption, and only in the event that the last sale price of the Company’s Public Shares equals or exceeds $18.00 per share for any 20 trading days within the 30-trading day period ending on the third trading day before the Company sends the notice of redemption to the Warrant holders.
Percentage of underwriting discount on gross proceeds2.00%
Underwriting discount $ 7,000,000 $ 7,000,000
Percentage of deferred discount on gross proceeds3.50%3.50%
Deferred underwriting compensation $ 12,250,000 $ 12,250,000 $ 12,250,000
Class A Ordinary Shares
Subsidiary Sale Of Stock [Line Items]
Ordinary shares, par value $ 0.0001 $ 0.0001
Sale price of share to redeem outstanding warrants $ 10
Redeem outstanding warrants descriptionAdditionally, 90 days after the Warrants become exercisable, the Company may redeem the outstanding Warrants in whole, but not in part, for Class A ordinary shares at a price based on the redemption date and “fair market value” of the Company’s Class A ordinary shares upon a minimum of 30 days’ prior written notice of redemption, and only in the event that the last sale price of the Company’s Class A ordinary shares equals or exceeds $10.00 per share on the trade date prior to the date on which the Company sends the notice of redemption to the Warrant holders. The “fair market value” of the Company’s Class A ordinary shares shall mean the average reported last sale price of the Company’s Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the Warrant holders.
Initial Public Offering
Subsidiary Sale Of Stock [Line Items]
Number of units sold35,000,000
Share price $ 10
Sale of private placement warrants to sponsor, per share11.50
Class of warrant or right, descriptionOnly whole Warrants may be exercised and no fractional Warrants will be issued upon separation of the Units and only whole Warrants may be traded. The Warrants will become exercisable on the later of 30 days after the completion of the Business Combination or 12 months from the Close Date, and will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation.
Underwriting discount $ 949,267
Initial Public Offering | Class A Ordinary Shares
Subsidiary Sale Of Stock [Line Items]
Number of units sold35,000,000
Ordinary shares, par value $ 0.0001

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)Oct. 09, 2020Oct. 08, 2020Aug. 12, 2019Dec. 31, 2020Mar. 31, 2021Mar. 29, 2021Aug. 11, 2019
Related Party Transaction [Line Items]
Assets $ 350,956,686 $ 352,349,111 $ 0
Proceeds from issuance of warrants $ 9,000,000
Expected percentage that the initial shareholders will hold upon closing of business combination20.00%
Price per share sponsor agreed to liable $ 10
Unsecured promissory note $ 300,000
Original Forward Purchase Agreement
Related Party Transaction [Line Items]
Sale of warrants1,000,000
Class of warrants price per share $ 11.50
Aggregate purchase price $ 50,000,000
Number of founder shares sponsor can forfeit500,000
Forward Purchase Agreements
Related Party Transaction [Line Items]
Sale of warrants1,000,000
Aggregate purchase price $ 50,000,000
Number of founder shares sponsor can forfeit500,000
Administrative Service Agreement
Related Party Transaction [Line Items]
Office space, administrative and support services expense $ 50,000
Private Placement
Related Party Transaction [Line Items]
Sale of units descriptionIf the Company does not complete the Business Combination within 24 months from the closing of the Proposed Offering, the proceeds from the sale of the Private Placement Warrants held in the trust account will be used to fund the redemption of the Company’s public shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.
Private Placement | Forward Purchase Agreements
Related Party Transaction [Line Items]
Sale of warrants1,000,000
Promissory Note
Related Party Transaction [Line Items]
Sponsor issued for borrowings $ 7,000,000
Borrowed under promissory note $ 2,000,000
Class A Ordinary Shares | Original Forward Purchase Agreement
Related Party Transaction [Line Items]
Price per share $ 10
Sale of aggregate shares5,000,000
Percentage of additional number of shares agreed to issue to transferee10.00%
Aggregate number of additional shares agreed to issue to transferee500,000
Class A Ordinary Shares | Forward Purchase Agreements
Related Party Transaction [Line Items]
Sale of aggregate shares5,500,000
Warrants to purchase price per share $ 11.50
Class A Ordinary Shares | Maximum | Forward Purchase Agreements
Related Party Transaction [Line Items]
Sale of aggregate shares5,500,000
TPG Pace Beneficial Finance Sponsor, Series LLC | Private Placement
Related Party Transaction [Line Items]
Sale of warrants6,000,000
Class of warrants price per share $ 1.50
Proceeds from issuance of warrants $ 9,000,000
Transferable, assignable or salable period of warrants30 days
TPG Pace Beneficial Finance Sponsor, Series LLC | Private Placement | Warrant
Related Party Transaction [Line Items]
Sale of units descriptionEach Private Placement Warrant entitles the holder to purchase one Class A ordinary share at $11.50 per share, subject to adjustment.
TPG Pace Beneficial Finance Sponsor, Series LLC | Class F Ordinary Shares
Related Party Transaction [Line Items]
Number of units sold20,000,000
Common stock issued, value $ 25,000
Common stock, issued, price per share $ 0.001
Business combination period allowed from close date to exercise rights24 months
Preferred stock conversion ratioone-for-one basis
TPG Pace Beneficial Finance Sponsor, Series LLC | Class A Ordinary Shares | Private Placement
Related Party Transaction [Line Items]
Warrant holder entitled to purchase common stock per one share1
Price per share $ 11.50
Sponsor and Initial Shareholders | Class F Ordinary Shares
Related Party Transaction [Line Items]
Related party transaction, description of transactionAdditionally, the initial shareholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier of (i) one year after the completion of the Business Combination or (ii) subsequent to the Business Combination, if the last sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination or (iii) the date following the completion of the Business Combination on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Company’s public shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property (the “Lock Up Period”).
Sponsor and Initial Shareholders | Class A Ordinary Shares | Minimum [Member]
Related Party Transaction [Line Items]
Price per share for earlier end of lockup period $ 12
TPG Capital BD, LLC
Related Party Transaction [Line Items]
Financial advisory services fee $ 647,500
Y Analytics | Policy Review Engagement
Related Party Transaction [Line Items]
Total cost of policy review engagement $ 250,000
Y Analytics | Policy Review Engagement | Accrued Professional Fees and Other Expenses
Related Party Transaction [Line Items]
Accrued related party costs $ 200,000

Investment Held in Trust Accoun

Investment Held in Trust Account - Additional Information (Details) - USD ($)Oct. 09, 2020Mar. 31, 2021Dec. 31, 2020
Investments Held in Trust Account [Line Items]
Proceeds from sale of units in initial public offering $ 350,000,000 $ 350,000,000
Proceeds from sale of private placement warrants to sponsor9,000,000
Payments for net of underwriting discount7,000,000 7,000,000
Cash2,096,384 $ 669,767
Repayment of sponsor loan300,000
Interest income5,260
Investments held in Trust Account $ 350,009,878 $ 350,004,618
Private Placement
Investments Held in Trust Account [Line Items]
Cash $ 2,000,000

Deferred Underwriting Compens_2

Deferred Underwriting Compensation - Additional Information (Details) - USD ($)Oct. 09, 2020Mar. 31, 2021Dec. 31, 2020
Compensation Related Costs [Abstract]
Percentage of deferred discount on gross proceeds3.50%3.50%
Deferred underwriting compensation $ 12,250,000 $ 12,250,000 $ 12,250,000

Shareholders' (Deficit) Equity

Shareholders' (Deficit) Equity - Additional Information (Details) - shares3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Class Of Stock [Line Items]
Preferred stock, shares authorized1,000,000 1,000,000
Preferred stock, shares issued0 0
Preferred stock, shares outstanding0 0
Dividend policyThe Company has not paid and does not intend to pay any cash dividends on its ordinary shares prior to the completion of the Business Combination. Additionally, the Company’s board of directors does not contemplate or anticipate declaring any stock dividends in the foreseeable future.
Class A Ordinary Shares
Class Of Stock [Line Items]
Common stock, shares authorized200,000,000 200,000,000
Common stock, voting rightsHolders of Class A ordinary shares are entitled to one vote for each share with the exception that only holders of Class F ordinary shares have the right to vote on the election of directors prior to the completion of a Business Combination, subject to adjustment as provided in the Company’s amended and restated memorandum and articles of association.
Common stock, shares issued0 0
Common stock, shares outstanding0 0
Class F Ordinary Shares
Class Of Stock [Line Items]
Common stock, shares authorized20,000,000 20,000,000
Common stock, shares issued8,750,000 8,750,000
Common stock, shares outstanding8,750,000 8,750,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Derivative Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities $ 221,296,975 $ 327,710,621
Warrants
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities52,290,000 51,380,000
Private Placement Warrants
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities55,982,797 89,862,127
Forward Purchase Agreements (FPAs)
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities113,024,178 186,468,494
Level 3
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities169,006,975 276,330,621
Level 3 | Private Placement Warrants
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities55,982,797 89,862,127
Level 3 | Forward Purchase Agreements (FPAs)
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities113,024,178 186,468,494
Fair Value Recurring Basis
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities221,296,975 327,710,621
Fair Value Recurring Basis | Warrants
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities52,290,000 51,380,000
Fair Value Recurring Basis | Private Placement Warrants
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities55,982,797 89,862,127
Fair Value Recurring Basis | Forward Purchase Agreements (FPAs)
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities113,024,178 186,468,494
Fair Value Recurring Basis | Level 1
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities52,290,000 51,380,000
Fair Value Recurring Basis | Level 1 | Warrants
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities52,290,000 51,380,000
Fair Value Recurring Basis | Level 3
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities169,006,975 276,330,621
Fair Value Recurring Basis | Level 3 | Private Placement Warrants
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities55,982,797 89,862,127
Fair Value Recurring Basis | Level 3 | Forward Purchase Agreements (FPAs)
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Liabilities $ 113,024,178 $ 186,468,494

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Changes in Fair Value of Derivative Liabilities Measured at Fair Value (Details)3 Months Ended
Mar. 31, 2021USD ($)
Fair Value Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value at December 31, 2020 $ 327,710,621
Change in fair value(106,413,646)
Fair value at March 31, 2021221,296,975
Warrants
Fair Value Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value at December 31, 202051,380,000
Change in fair value910,000
Fair value at March 31, 202152,290,000
Private Placement Warrants
Fair Value Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value at December 31, 202089,862,127
Change in fair value(33,879,330)
Fair value at March 31, 202155,982,797
Forward Purchase Agreements (FPAs)
Fair Value Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value at December 31, 2020186,468,494
Change in fair value(73,444,316)
Fair value at March 31, 2021 $ 113,024,178

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Changes in Fair Value of Financial Instruments with Level 3 Inputs (Details)3 Months Ended
Mar. 31, 2021USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value at December 31, 2020 $ 327,710,621
Change in fair value(106,413,646)
Fair value at March 31, 2021221,296,975
Level 3
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value at December 31, 2020276,330,621
Change in fair value(107,323,646)
Fair value at March 31, 2021169,006,975
Private Placement Warrants
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value at December 31, 202089,862,127
Change in fair value(33,879,330)
Fair value at March 31, 202155,982,797
Private Placement Warrants | Level 3
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value at December 31, 202089,862,127
Change in fair value(33,879,330)
Fair value at March 31, 202155,982,797
Forward Purchase Agreements (FPAs)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value at December 31, 2020186,468,494
Change in fair value(73,444,316)
Fair value at March 31, 2021113,024,178
Forward Purchase Agreements (FPAs) | Level 3
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value at December 31, 2020186,468,494
Change in fair value(73,444,316)
Fair value at March 31, 2021 $ 113,024,178