Broadscale Acquisition in an 8-K filing said it has called off its merger agreement with Voltus, a software technology platform monetizing distributed energy resources. The platform enables global electricity grids to decentralize, decarbonize, and digitize, delivering less expensive, more reliable, and cleaner power.
Announced in December, the business combination valued the combined company at a $1.3 billion pro forma equity value.
The transaction was expected to provide $445 million of gross proceeds, including a $100 million PIPE to be 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, were also expectedd to participate in the PIPE.
Broadscale in the filing said it will work to identify another acquisition target before its Feb. 17, 2023 deadline. The SPAC raised $345 million in a February 2021 IPO. Read more.
