Accretion Acquisition Corp. (ENER) Signs LOI with New Era Helium
by Nicholas Alan Clayton on 2023-10-06 at 8:48am

Accretion Acquisition Corp. (NASDAQ:ENER) has signed a non-binding letter of intent (LOI) to combine with natural resources company New Era Helium.

The parties have not yet released any financial parameters on the deal, but they expect to execute a definitive agreement together before the end of the year.

New Era owns and operates about 137,000 acres of exploitable territory in New Mexico, which it believes contains 2.5 billion cubic feet (BCF) of helium reserves. There is currently a global shortage of the resource with total demand estimated at about 6.6 BCF annually.

A combination of factors have contributed to the shortfalls including industrial accidents at plants in Australia and Kansas, but also the fact that Russian companies and infrastructure had contributed much of the global supply to date.

New Era believes it could capture 1% of North America’s demand once it fully develops its site about 20 miles north of Roswell. It is conveniently located within six of the US’ seven helium liquification plants and adjacent to major highways.

New Era is a decidedly greenfield venture, however. The company was founded earlier this year with a launch press release dated to July.

But, it is steered by veterans of the oil and gas industry with its co-founder and Chairman Joel Solis having also founded Liberty Pump and Supply, which provides oilfield services to the Permian Basin. CEO E. Will Gray II, meanwhile, has served as an executive at a number of upstream energy firms in the region since 2005.

Accretion currently has until Christmas Day of this year to complete a combination under its current deadline, which would presumably need to be extended for this deal to work. Because there is no guarantee that this LOI makes it to the definitive agreement stage, Accretion will stay in SPACInsider’s searching column for now.

 

Recent Posts
by Nicholas Alan Clayton on 2025-04-21 at 12:17pm

Papaya Growth (OTC:PPYA) has entered into a definitive agreement to combine with Brazilian energy firm PX Energy at an equity value of $155 million subject to adjustment based on fuel places leading into close. São Mateus do Sul, Brazil-based PX operates a petroleum refining, recycling and mining operation that produces both fuel and agricultural products....

by Nicholas Alan Clayton on 2025-04-21 at 8:19am

At the SPAC of Dawn This week appears set to start in the red as futures blink negative after a long weekend and the end of Spring Break in the New York area. Four SPACs are nonetheless seeking extensions from shareholders this week, although no SPAC has yet scheduled a deal approval vote for the...

by Kristi Marvin on 2025-04-19 at 10:02am

Terms Tracker for the Week Ending April 18, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Six new SPACs filed to IPO this week. That’s not a typo. Six. Plus, another 13 amended S-1/A were filed. The total number of SPACs...

by Kristi Marvin on 2025-04-18 at 8:16am

At the SPAC of Dawn As we close out Passover and head into Easter weekend, we’re reminded that even the most hopeless situations, like wandering the desert for 40 years, being dead for three days, or trying to close a DeSPAC with zero redemptions in this market, can eventually turn around. After all, SPACs have...

by Nicholas Alan Clayton on 2025-04-17 at 4:27pm

Globa Terra Acquisition Corporation (NASDAQ:GTERU) has filed for a $152.2 million SPAC to find an agriculture or food-tech target company The new SPAC is overfunded to 100.5% and is set to have both a 3/4 warrant and right to a 1/20 share in each of its units. This vies for the most investor-friendly unit coverage of...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved