Air Water Ventures and Athena Technology Acquisition II today announced a definitive merger agreement at a pre-money equity value of $300 million.
If approved, upon closing The Air Water Company, as it will be renamed, is expected to list on the NYSE. The deal is expected to close in the first quarter of 2024.
Headquartered in Abu Dhabi, the target said it is a first mover in direct air-to-water technology, producing quality drinking water at a lower cost and environmental impact than bottled water. The company said it has developed proprietary technology that it believes delivers consistent high-quality drinking water within an internal or external environment. Its airflow system is designed to extract the maximum amount of water while using minimum electricity, and its plug-and-play technology can be sited almost anywhere there is power without pipework or traditional water infrastructure.
Terms include Athena’s $261 million in trust plus $60 million in additional intended financing.
Jett Capital Advisors is serving as financial advisor to the target. Cohen & Company Capital Markets, a division of J.V.B. Financial Group, is financial and capital markets advisor to Athena Technology II.
White & Case is acting as U.S. legal counsel to Air Water Ventures and Latham & Watkins is counsel to Athena Technology II. Read more.
