TortoiseEcofin Acquisition III announced that it has executed a non-binding letter of intent for a business combination with an industrial renewable power solutions company.
The SPAC previously signed an LOI with the target on April 26 and anticipates announcing additional details regarding the execution of a definitive agreement during the third quarter.
With a signed LOI, the SPAC automatically receives a three-month extension, pushing its completion deadline back from July 22 until Oct 22.
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, will be serving as the exclusive financial advisor and the lead capital markets advisor for the transaction.
After raising $300 million in an IPO two years ago, the SPAC has been focused on the broad energy transition or sustainability arena targeting industries that provide or require innovative solutions to decarbonize in order to meet emission reduction objectives.
Former President Bill Clinton was an original member of the SPAC’s board and at one time owned 10% of the company, according to SEC filings. He resigned from the board in October 2022. Read more.
