Goldman Sachs Group (AEAQ) discloses 4.5% beneficial stake in Activate Energy

Rhea-AI Filing Summary

The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC reported beneficial ownership of 1,064,896 Class A ordinary shares of Activate Energy Acquisition, representing 4.5% of the class as of June 30, 2026. All of these shares are reported with shared voting and dispositive power; neither entity reports sole voting or dispositive power.

The reporting persons state that they hold 5 percent or less of the Class A shares. Goldman Sachs & Co. LLC, a broker-dealer and registered investment adviser, is identified as a subsidiary of The Goldman Sachs Group, Inc., which files as a parent holding company. A joint filing agreement authorizes coordinated amendments, and the Goldman Sachs reporting units disclaim beneficial ownership of certain client and fund-related holdings described in the exhibits.

Key Figures

Beneficially owned shares: 1,064,896 shares Ownership percentage: 4.5% Par value per share: $0.0001 per share +4 more

7 metrics

Beneficially owned shares 1,064,896 shares Class A ordinary shares of Activate Energy Acquisition reported as beneficially owned

Ownership percentage 4.5% Percent of Class A ordinary shares beneficially owned as of June 30, 2026

Par value per share $0.0001 per share Par value of Activate Energy Acquisition Class A ordinary shares

Sole voting power 0 shares Shares over which the reporting persons have sole power to vote

Shared voting power 1,064,896 shares Shares over which the reporting persons have shared power to vote

Sole dispositive power 0 shares Shares over which the reporting persons have sole dispositive power

Shared dispositive power 1,064,896 shares Shares over which the reporting persons have shared dispositive power

Key Terms

beneficial ownership, parent holding company, Joint Filing Agreement, broker or dealer registered under Section 15 of the Act, +2 more

6 terms

beneficial ownership financial

"The securities being reported on by GS Group are owned, or may be deemed to be beneficially owned"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

parent holding company financial

"The securities being reported on by The Goldman Sachs Group, Inc. ("GS Group"), as a parent holding company"

Joint Filing Agreement regulatory

"EXHIBIT (99.1) JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1)"

broker or dealer registered under Section 15 of the Act regulatory

"Goldman Sachs & Co. LLC ("Goldman Sachs"), a broker or dealer registered under Section 15 of the Act"

investment adviser registered under Section 203 of the Investment Advisers Act of 1940 regulatory

"Goldman Sachs, a broker or dealer... and an investment adviser registered under Section 203"

disclaim beneficial ownership financial

"The Goldman Sachs Reporting Units disclaim beneficial ownership of the securities beneficially owned by any client accounts"

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Available on EDGAR 08/11/2026 - 07:03 PM Accepted by SEC EDGAR 08/11/2026 - 07:03 PM Learn about SEC filing dates

FAQ

What ownership stake in AEAQ does Goldman Sachs report in this Schedule 13G/A?

The Goldman Sachs entities report beneficial ownership of 1,064,896 Class A ordinary shares of Activate Energy Acquisition (AEAQ), representing 4.5% of the outstanding class as of June 30, 2026, with shared voting and dispositive power over all reported shares.

Which Goldman Sachs entities are reporting holdings in Activate Energy Acquisition (AEAQ)?

The reporting persons are The Goldman Sachs Group, Inc. and its subsidiary Goldman Sachs & Co. LLC. The parent files as a holding company, while Goldman Sachs & Co. LLC is a broker-dealer and registered investment adviser that is deemed to beneficially own the reported shares.

Does Goldman Sachs have sole or shared voting power over its AEAQ shares?

The reporting entities disclose 0 shares with sole voting or dispositive power and 1,064,896 shares with shared voting and shared dispositive power. This means decisions on voting and disposition for all reported shares are shared rather than controlled solely by one reporting person.

Is Goldman Sachs an owner of more than 5% of AEAQ’s Class A shares?

No. The Schedule 13G/A states beneficial ownership of 4.5% of the Class A ordinary shares of Activate Energy Acquisition. The reporting persons explicitly indicate that they are reporting ownership of 5 percent or less of the class under the applicable item.

How does Goldman Sachs describe beneficial ownership and client accounts in the AEAQ filing?

The Goldman Sachs reporting units disclaim beneficial ownership of securities held in certain client accounts and investment entities. They note that these accounts may grant them voting or investment discretion, but interests held by others are not treated as beneficially owned by the reporting units for this disclosure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

ACTIVATE ENERGY ACQUISITION

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G0081J103

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): G0081J103

1

Names of Reporting Persons

THE GOLDMAN SACHS GROUP, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,064,896.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,064,896.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,064,896.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s): G0081J103

1

Names of Reporting Persons

GOLDMAN SACHS & CO. LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,064,896.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,064,896.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,064,896.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

BD, OO, IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ACTIVATE ENERGY ACQUISITION
(b)	Address of issuer's principal executive offices: 71 Fort Street, PO Box 500, Grand Cayman, E9, KY1-1106
Item 2.
(a)	Name of person filing: THE GOLDMAN SACHS GROUP, INC.| GOLDMAN SACHS & CO. LLC
(b)	Address or principal business office or, if none, residence: The Goldman Sachs Group, Inc. 200 West Street New York, NY 10282| Goldman Sachs & Co. LLC 200 West Street New York, NY 10282
(c)	Citizenship: THE GOLDMAN SACHS GROUP, INC. - Delaware| GOLDMAN SACHS & CO. LLC - New York
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP No.: G0081J103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: See the response(s)to Item 11 on the attached cover page(s).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit (99.2)
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

THE GOLDMAN SACHS GROUP, INC.

Signature:	Name: Veronica Mupazviriwo
Name/Title:	Attorney-in-fact
Date:	07/29/2026

GOLDMAN SACHS & CO. LLC

Signature:	Name: Veronica Mupazviriwo
Name/Title:	Attorney-in-fact
Date:	07/29/2026

Exhibit Information

EXHIBIT (99.1) JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, the undersigned agree to the joint filing of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the Class A ordinary shares, par value $0.0001 per share, of ACTIVATE ENERGY ACQUISITION and further agree to the filing of this agreement as an Exhibit thereto. In addition, each party to this Agreement expressly authorizes each other party to this Agreement to file on its behalf any and all amendments to such Statement on Schedule 13G. Date: 07/29/2026 THE GOLDMAN SACHS GROUP, INC. By:/s/ Veronica Mupazviriwo ---------------------------------------- Name: Veronica Mupazviriwo Title: Attorney-in-fact GOLDMAN SACHS & CO. LLC By:/s/ Veronica Mupazviriwo ---------------------------------------- Name: Veronica Mupazviriwo Title: Attorney-in-fact EXHIBIT (99.2) ITEM 7 INFORMATION The securities being reported on by The Goldman Sachs Group, Inc. ("GS Group"), as a parent holding company, are owned, or may be deemed to be beneficially owned, by Goldman Sachs & Co. LLC ("Goldman Sachs"), a broker or dealer registered under Section 15 of the Act and an investment adviser registered under Section 203 of the Investment Advisers Act of 1940. Goldman Sachs is a subsidiary of GS Group. "EXHIBIT (99.3) ITEM 4 INFORMATION *In accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the ""Release""), this filing reflects the securities beneficially owned by certain operating units (collectively, the ""Goldman Sachs Reporting Units"") of The Goldman Sachs Group, Inc. and its subsidiaries and affiliates (collectively, ""GSG""). This filing does not reflect securities, if any, beneficially owned by any operating units of GSG whose ownership of securities is disaggregated from that of the Goldman Sachs Reporting Units in accordance with the Release. The Goldman Sachs Reporting Units disclaim beneficial ownership of the securities beneficially owned by (i) any client accounts with respect to which the Goldman Sachs Reporting Units or their employees have voting or investment discretion or both, or with respect to which there are limits on their voting or investment authority or both and (ii) certain investment entities of which the Goldman Sachs Reporting Units act as the general partner, managing general partner or other manager, to the extent interests in such entities are held by persons other than the Goldman Sachs Reporting Units."