Welsbach Technology Metals Acquisition filed a definitive merger agreement with Evolution Metals (EM), a trading company formed in January 2020 “to counter the global critical mineral supply chain crisis,” the company said.
The SPAC disclosed that it currently holds about $23 million in trust.
EM is developing smart factory technology using AI and robotics. EM said its smart factory technologies result in higher quality, lower cost EV battery production and critical materials value chain, and advanced, ESG-conscious battery charging for EVs and Energy Storage Systems (ESS).
The capabilities of the combined company represent a 10,000 ton+ annual output material in magnets and battery metals.
Welsbach and EM signed a letter of intent for a deal in January.
The SPAC’s shareholders last October approved a deadline extension up to June 30. There will be no additional contributions to the trust as part of the extension.
Welsbach last June called off a merger with WaveTech Group by mutual agreement.
The SPAC raised $75 million in a December 2021 IPO. Read more.
