Privately owned wind energy developer One Energy Enterprises is set to go public through a merger with TortoiseEcofin Acquisition Corp. III (TRTL), a special-purpose acquisition company (SPAC).
One Energy’s name will be changed to One Power and its securities will be listed under the ticker symbol ‘ONEP’ on the New York Stock Exchange (NYSE).
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The deal, which gives the energy company an implied pre-money enterprise value of $300m minus its debt at closing, has secured the green light from the two parties’ boards.
Its CEO, Jereme Kent, who is expected to retain his role in the combined business, has agreed to contribute half of his pro forma shares to a contingent share rights (CSR) structure.
The participants in the CSR will be entitled to receive all or a portion of the 5.5 million shares. Some sponsor warrants will be terminated and multi-year lock-up agreements will apply for the new company’s shareholders.
Current shareholders of One Energy are rolling 100% of their interests into the combined company. Jereme Kent also agreed to a three-year lock-up of his securities with no provision for early release.
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By GlobalDataThe newly formed subsidiary of TRTL will be merged with One Power, which will continue as the surviving company.
Shareholders of One Energy, which owns and operates major electrical infrastructure for industrial energy users, will receive newly issued shares of the merged entity at $10 each.
Jerome Kent stated: “Entering into a definitive agreement to merge with TRTL is a monumental step towards our vision of reshaping the utility industry.
“With the added financial strength we anticipate from going public, we hope to accelerate our growth plans to continue helping industrial clients take back control of their power and transition to a more sustainable, reliable and cost-effective power solution that is custom-engineered to their individual needs.”
