Shanghai-based Caravelle, a global carbon-neutral sustainable shipping company, announce today that it signed a letter of intent to merge with Pacifico Acquisition on Dec. 31.
Terms of the deal were scant in the news release. Pacifico Acquisition raised $57.5 million in a September IPO. The deal with Caravelle is further supported by a PIPE, according to the news release issued today, although the amount was not disclosed.
Caravelle said its carbon-neutral ocean transportation technology by 2024 and 2028 is expected to save 5.2 million tons and 57 million tons, respectively, in carbon emissions. Caravelle currently operates routes to Indonesia and Africa. Read more.
