Tado, the German smart home startup that specializes in thermostats and more recently moved into flexible “time of use” energy tariffs based on loadshifting technology, plans to go public by way of a SPAC deal, Tech Crunch reports.
GFJ ESG Acquisition, a German SPAC focused specifically on sustainable technologies, said it will combine with Tado and list the new company on the Frankfurt exchange. GFJ and Tado are working on the PIPE transaction, which when completed is expected to value Tado at €450 million ($514 million at today’s rates). The new business will continue to trade as Tado.
A spokesperson for Tado said it is not disclosing how much it plans to raise in the listing, nor when the listing is expected to happen, except that it will likely be in the first half of 2022. Read more.
