Broadscale Acquisition filed a registration statement with the SEC outlining its proposed merger with Voltus, a software technology platform monetizing distributed energy resources. The platform enabling global electricity grids to decentralize, decarbonize, and digitize, delivering less expensive, more reliable, and cleaner power.
Announced last month, 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.
Voltus stockholders are rolling 100% of their equity into the combined company. Read more.
