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TortoiseEcofin Acquisition Corp. III (the "Company") (NYSE:TRTL), a publicly traded special purpose acquisition company focused on the broad energy transition or sustainability arena targeting industries that require innovative solutions to decarbonize, today announced that it has executed a new non-binding letter of intent ("LOI") for a proposed business combination (the "Business Combination") with an industrial renewable power solutions company (the "Target") that would result in a public listing of the Target upon completion of the proposed Business Combination. The Company previously signed an initial LOI with the Target on April 26, 2023 and anticipates announcing additional details regarding the execution of a definitive agreement for the Business Combination, which is expected in the third quarter of 2023.
"Our commitment to the energy transition is unwavering and is supported by our deep sector expertise and long track record of value creation over decades of investing in the energy and power infrastructure sector," commented Vince Cubbage, Chief Executive Officer of TortoiseEcofin Acquisition Corp. III. "In assessing potential business combination targets, we have focused on companies that are developing specific solutions to current, real-world problems. We are excited by the potential transaction identified with this pioneering industrial renewable power solutions company. We expect that this company will play a critical role in facilitating the energy transition for the industrial market."
As a result of the signed letter of intent, pursuant to the provisions of the Company's Amended and Restated Memorandum and Articles of Association, the Company has until October 22, 2023 to consummate its business combination.
The completion of the Business Combination with the Target is subject to, among other matters, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by the board and shareholders of both the Company and the Target. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all.
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, will be serving as the exclusive financial advisor and the lead capital markets advisor for the transaction.
Posted In: TRTL
