California lithium company to go public in $4.7bn SPAC deal
Lithium developer Controlled Thermal Resources (CTR) will go public in the US through a $4.7-billion merger with blank-check firm Plum Acquisition Corp IV, the companies said on Monday.
Deals by special purpose acquisition companies (SPAC) have bounced back on Wall Street after years of muted activity, with companies turning to the alternative route to list.
The deal will allow CTR to advance its flagship Hell's Kitchen project and commence stage 1 construction, the lithium and geothermal energy developer said.
Located in California's Imperial Valley, the stage 1 construction is expected to include lithium carbonate production capacity of up to 25 000 metric tons per year, a 50-MW clean power facility and additional critical mineral production.
The firm has secured more than $285-million in private investment to date for the Hell's Kitchen project.
"As AI adoption and hyperscale data center growth intensify across the United States, the need for resilient, low-carbon, 24/7 power is becoming a defining infrastructure constraint and a major issue of national security," said CTR CEO Rod Colwell.
Energy-intensive data centers, which are vital physical infrastructure for artificial intelligence, are driving US power demand to record highs.
SPACs are shell firms that raise money through an IPO to merge with a private business and take it public.
The deal is expected to close in the second half and the combined company is expected to be listed on the Nasdaq under the ticker symbol "CTRH".
Hall Chadwick advised CTR while Cohen & Company Capital Markets was Plum IV's adviser.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Projects
Latest Multimedia
Latest News
Showroom
Stewarts & Lloyds is a leading steel, tube, and engineering product supplier in South Africa.
VISIT SHOWROOM
AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
