Heramba GmbH and Project Energy Reimagined Acquisition today announced a definitive merger agreement, which values the combined company at a pro forma implied enterprise value of approximately $450 million.
If approved, upon closing the combined company’s securities are expected to be listed on the Nasdaq.
Berlin-based Heramba Electric in August announced that it had entered into a definitive agreement with subsidiaries of Knorr-Bremse Aktiengesellschaft to acquire Kiepe Electric, a company focused on decarbonization of commercial and public transportation, which is expected to close in the fourth quarter. With the Kiepe Acquisition, Heramba Electric intends to create a pure-play global leader in sustainable urban transportation and further accelerate the expansion of urban transportation addressable market globally.
Heramba also maintains headquarters in Atlanta.
Consideration will be 100% in the form of rollover shares and the combination is expected to provide approximately $113 million of gross proceeds (before redemptions and expenses).
Piper Sandler & Co. and Cohen & Company Capital Markets are acting as lead financial advisors and lead capital markets advisors to Project Energy. Northland Securities is providing a fairness opinion to the SPAC’s board. Latham & Watkins, Matheson, and Smith, Gambrell & Russell are legal counsels to Heramba Electric. Greenberg Traurig and Maples Group are legal counsels to Project Energy. Read more.
