Voltus and Broadscale Acquisition agreed to a business combination that will result in Voltus becoming the first publicly traded pure-play DER software technology company.
If approved, the combined company will be named Voltus Technologies and list on the Nasdaq under new ticker symbol VLTS.
The business combination values the combined company at a $1.3 billion pro forma equity value, at $10 per share and assuming no redemptions by Broadscale stockholders.
The transaction is expected to provide $445 million of gross proceeds, including a $100 million PIPE led by Equinor Ventures, Belfer Management, Solanas Capital, Ev Williams (cofounder of Twitter and Obvious Ventures). Broadscale Acquisition’s sponsor, Voltus management, and existing Voltus investors, including Activate Capital and Ajax Strategies, also participated in the PIPE.
All Voltus stockholders will roll 100% of their equity holdings into the combined company. Read more.
