Power & Digital Infrastructure II (NASDAQ:XPDB) has added a $5 million PIPE to its combination with sustainable air conditioning company Montana Technologies, which has also committed to invest $10 million into a new joint venture.
Affiliates of Power & Digital’s executive team and Stuart Porter, who is to serve as Montana’s post-close chairman, put up the funds for the PIPE and will receive 588,236 Class A shares (about $8.50 per share) in return.
Montana also announced that it has launched a 50/50 joint venture with GE Ventures to incorporate Montana’s proprietary AirJoule water capture technology into systems marketed by GE Vernova in the Americas, Africa and Australia.
GE Vernova will license portions of this intellectual property and Montana will invest $10 million into the joint venture. Montana is expected to invest an additional $90 million into it according to the partners’ business plan. It will, however, need to amend its existing license agreement with Battelle Memorial Institute in order for this partnership to go forward.
Power & Digital announced its $500 million combination with Montana in June 2023. Ronan, Montana-based Montana Technologies manufactures a dual-chamber design intended for a water harvesting process to solve legacy thermal constraints.
At the SPAC of Dawn SPACs have scheduled eight extension votes ahead of what is frequently a busy Christmas week for the market, although none of these are set to complete a deal. There will also be plenty of economic indicator releases this week, but only manufacturing numbers slated for this morning. Meanwhile the market’s...
Terms Tracker for the Week Ending December 13, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs managed three more IPO pricings this week bringing the 2024 YTD count to 55 with $9.3 billion in total gross proceeds raised. However, December...
At the SPAC of Dawn As the sun sets on SEC Chair Gary Gensler’s term, so too is some of the conventional wisdom around SPACs that came to prominence immediately after the SPAC boom of 2020-2021. Aside from the fact that a large portion of the listed companies that emerged from that class are now...
Roman DBDR Acquisition Corp. II (NASDAQ:DRDBU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DBDRU”, Thursday, December 12, 2024. The new SPAC intends to focus its initial search on companies in the cybersecurity, artificial intelligence or financial technology industries.. The Company’s...
Mountain Lake Acquisition Corp. (NASDAQ:MLACU) announced the pricing of its upsized $210 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “MLACU”, Friday, December 13, 2024. The new SPAC intends to combine with an established business of scale with a highly regarded management team without an initial focus...