Overview
- Controlled Thermal Resources and Plum Acquisition Corp. IV signed a definitive business combination that would list CTR on Nasdaq under the ticker CTRH.
- The transaction assigns a pro forma enterprise value of about $4.7 billion and is expected to raise roughly $300 million to advance the Hell’s Kitchen project.
- Closing is targeted for the second half of 2026, contingent on Plum IV shareholder approval, SEC registration effectiveness, the HSR waiting period, and other customary conditions.
- Stage 1 is planned to deliver a 50 MW geothermal facility and up to 25,000 metric tons per year of lithium carbonate using direct lithium extraction from geothermal brine.
- CTR reports a Conditional Use Permit, FAST-41 designation, $185 million in staged long-lead equipment, more than $285 million raised privately, and a 1/15-scale DLE demonstration supported by a Baker Hughes SK-1300 study.