Benessere Capital Acquisition intends to merge with eCombustible Energy, a provider of customizable hydrogen-based fuel for thermal industrial applications. The deal is valued at $805 million.
If approved eCombustible Energy would list on the Nasdaq under ECEC.
Benessere raised $115 million in its IPO earlier this year, and approximately $116.5 million is now held in a trust account.
Terms of the transaction call for a newly-formed successor to Benessere to issue shares with an aggregate value of $805 million, subject to adjustment, to current securityholders of eCombustible Energy. These eCombustible securityholders may also receive up to an additional 59 million shares of Benessere common stock based on the daily volume weighted average share price of the combined company’s common stock in any 20 trading days within a 30 trading-day period beginning on the closing of the transaction and ending on the 30-month anniversary of the closing, subject to certain price milestones.
Benessere CEO Patrick Orlando also leads Digital World Acquisition, the SPAC that plans to merge with Donald Trump’s fledgling media company. Another of his blank-check companies, Yunhong International, plans to dissolve after failing to close a deal by its deadline.
Founded in 2010 by Miami-based entrepreneur and investor Jorge Arevalo, eCombustible Energy offers a long-term fuel supply solution that is designed to provide the world’s most fossil fuel-dependent industries with a fuel that is carbon-free, cost-competitive, and requires little to no modification to existing customer equipment. Read more.
