Controlled Thermal Resources Holdings and Plum Acquisition Corp. IV (Nasdaq: PLMK) on March 9 said in a statement they entered into a business combination agreement that values CTR at a pro forma enterprise value of around $4.7 billion.
The combined company expected to list on Nasdaq under the ticker “CTRH.”
CTR is developing the Hell’s Kitchen Project in California’s Imperial Valley, designed to deliver up to 650 megawatts (MW) of renewable baseload geothermal electricity alongside an estimated 100,000 metric tons per year of lithium carbonate production at full scale. The project also targets additional critical minerals including potash, zinc, manganese, rubidium and cesium.
Stage 1 construction is anticipated to include a 50 MW clean power facility and lithium carbonate production capacity of up to 25,000 metric tons per year. CTR has raised more than $285 million in private capital to date and has invested $185 million in long-lead equipment staged for construction. The project holds a conditional use permit and is designated a FAST-41 covered project for expedited federal permitting.
“Few projects simultaneously address energy security and mineral security at scale,” said Rod Colwell, CEO of CTR. “As AI adoption and hyperscale data center growth intensify across the United States, the need for resilient, low-carbon, 24/7 power is becoming a defining infrastructure constraint.”
The proposed transaction is expected to close during the second half of 2026, subject to Plum IV shareholder approval, SEC registration effectiveness, HSR Act clearance and other customary conditions.
Hall Chadwick is exclusive corporate and financial advisor to CTR. Cohen & Company Capital Markets is exclusive financial advisor to Plum IV. Duane Morris is legal counsel to CTR, and Greenberg Traurig is legal counsel to Plum IV.
Source: Press Release | Photo Credit: Controlled Thermal Resources Holdings