Plum Acquisition Corp. IV (PLMK) and Controlled Thermal Resources Holdings Inc. (CTR) announced a definitive business combination agreement under which CTR will become a public company listed on Nasdaq under ticker CTRH, valuing CTR at a pro forma enterprise value of approximately $4.7 billion. The transaction supports advancement of CTR's Hell’s Kitchen Project for geothermal power and critical minerals production.
Key takeaways
Entered definitive Business Combination Agreement with CTR via Plum IV Merger Sub Inc.
CTR pro forma enterprise value of approximately $4.7 billion.
Combined company expected to trade on Nasdaq as CTRH.
Hell’s Kitchen Project targets up to 650 MW geothermal power and 100,000 metric tons per year lithium carbonate at full scale.
CTR raised more than US$285 million in private capital; $185M invested in long-lead equipment.
Stage 1 construction to include 50 MW power facility and up to 25,000 metric tons per year lithium carbonate.
Expected closing in second half of 2026 subject to shareholder approval, SEC registration, HSR Act, and customary conditions.