Daily Newsletter

17 August 2023

Daily Newsletter

17 August 2023

One Energy to be listed on NYSE via SPAC merger

Shareholders of One Energy will receive newly issued shares in the merged entity at $10 each.

Surya Akella August 16 2023

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).

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.

The 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.”

Renewable technologies continue to account for a significant share of the global energy mix

The push for a transition to cleaner energy, driven by strong policies and financial support, will heavily impact the future of renewables, allowing them to take almost 50% of the power mix by 2035. From a regional perspective, Europe and North America will continue to have an accelerated shift into clean technologies, whereas progress is slower in Asia-Pacific and specially Middle East where thermal technologies will still be their main power source. The development of new technologies such as hydrogen, energy storage, carbon capture and smart grids, are also driving change in the power sector.

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