TortoiseEcofin Acquisition III said it received $100,000 from two investors for working capital needs. The SPAC said it will repay the investors at the close of a business combination with 50,000 shares of the merged company and $50,000 cash.
TortoiseEcofin III has a merger agreement with One Energy. The deal with the vertically integrated industrial power solutions company was announced last August at an implied pre-money enterprise value of $300 million.
If approved, the newly combined company will be renamed One Power Company and is expected to list on the New York Stock Exchange under the ticker symbol ONE. The deal is expected to close in the second half of 2024.
Established in 2009, One Energy is a vertically integrated industrial power solutions provider located in Findlay, Ohio. One Energy specializes in developing, constructing, owning, and operating state-of-the-art, behind-the-meter power solutions, including wind energy, for well-known industrial clients under long-term take-or-pay contracts.
The SPAC raised $300 million in a July 2021 IPO. Redemptions ahead of an extension vote in April removed about 7% of the trust. Read more.
