GigInternational1, Inc.(NASDAQ:GIW) announced this morning that it has entered into a non-binding term sheet to combine with renewable, manufacturing and power generating company Convalt Energy.
Convalt, a portfolio company of ACO Investment Group, focuses on power generation, transmission, and solar manufacturing development within the United States. Last year, the company purchased the manufacturing assets of SunPower Corporation (NASDAQ:SPWR) and relocated the automated assembly lines from Hillsboro, Oregon to Watertown, New York, where a new factory capable of producing up to 900 MW of solar panels is expected to be operational in the third quarter of 2023.
The manufacturing company has received financial support from Jefferson County as well as the State of New York and has taken advantage of the Inflation Reduction Act bill to invest in power generation projects in NY and Maine to provide renewable power by year end 2023. Convalt plans to bring solar manufacturing back to the United States and to provide employment to the local and military communities.
The bill, which was introduced earlier this month, aims to fight inflation through investments in domestic energy production and manufacturing, and reduce carbon emissions by 40% by 2030. The federal government has dedicated a total of $437 billion in spending, with $369 billion committed specifically towards energy security and climate change, representing a timely opportunity for GigInternational1.
But, since this deal is not at the “definitive agreement” stage, and is still just a non-binding term sheet, SPACInsider will not considered this deal “announced”. As such, it will remain in the “Searching” category until a definitive agreement is announced.
The SPAC announced the pricing of its $200 million IPO on May 19, 2021, and initially set out to combine with a TMT, A&D, mobility, or semiconductor company that would also be part of its “Mentor-Investor” program. GigInternational1 is led by CEO, President, and Secretary Dr. Raluca Dinu and CFO Brad Weightman.
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