Project Energy Reimagined Acquisition filed an investor presentation highlighting its proposed merger with Heramba GmbH. The deal was announced in October at a pro forma implied enterprise value of approximately $450 million. Since then, Heramba acquired Kiepe Electric, a company focused on decarbonization of commercial and public transportation.
If approved, upon closing the combined company’s securities are expected to be listed on the Nasdaq.
With the Kiepe Acquisition, Berlin-based Heramba 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 in the form of rollover shares and the combination is expected to provide approximately $114 million of gross proceeds (before redemptions and expenses) from the SPAC’s cash in trust.
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.
