You are currently viewing Climate Rock and E.E.W. Eco Energy World PLC, Announce Definitive Business Combination Agreement

Climate Rock and E.E.W. Eco Energy World PLC, Announce Definitive Business Combination Agreement

Eco Energy world

Climate Rock and E.E.W. Eco Energy World PLC, Announce Definitive Business Combination Agreement

London, United Kingdom, Oct. 06, 2022 (GLOBE NEWSWIRE) – ClimateRock (Nasdaq: CLRC), a special purpose acquisition company formed for the purpose ofentering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, and EEW, an independent global developer of utility scale solar photovoltaic projects from greenfield to ready-to-build, announced today the signing of a definitive business combination agreement (the “Business Combination Agreement”). Upon the closing of the business combination (the “Business Combination”), a newly formed holding company that will own ClimateRock and EEW (“Pubco”), is expected to be listed on the Nasdaq Stock Market and will be led by Svante Kumlin, EEW’s founder and Chief Executive Officer, with two individuals from ClimateRock joining the board of directors.

With more than fourteen years of  experience, and projects with a capacity  of approximately 1.5  GW  developed across  Europe,  the UK  and  Australia,  EEW develops from  greenfield  to ready-to-build  stage  around the  world.  EEW’s diverse management team combines technical  skills with a rigorous  commercial mind-set with more than a decade of experience in the industry. This blend  of skills and experience enables EEW to drive value in the early stages of  solar power project development, and ultimately for EEW’s customers.

Svante Kumlin, Founder and Chief Executive Officer of EEW commented,  “Today’s announcement is truly an incredible milestone for EEW and I could not be  more pleased with  the  business  combination.   We  are  looking  forward  to  our partnership with ClimateRock and we are  proud of our EEW colleagues. We  have been aggressively implementing our growth strategy, and through this  business combination we believe we  will be well positioned  to continue executing  our business plan. Together  EEW and  members of the  ClimateRock management  team have a  solid  track  record of  creating  value  and driving  growth  in  the renewable energy sector.”   

Per  Regnarsson,  Chief  Executive  Officer  of  ClimateRock  commented,   “In connection with  our initial  public offering  we made  a commitment  to be  a trusted acquirer of,  and investor  in, the sustainable  energy industry.   We believe, with today’s business combination announcement, that EEW is the ideal partner with which we can fulfill this commitment.”

EEW Investment Highlights:

  • Nearly 15-year track record of experience with solar photovoltaic projects     developed from greenfield to ready-to-build stage across Europe, the UK and Australia with a capacity of approximately 1.5 GW
  • Proven competence in developing and selling ready-to-build projects
  • Focused on operating in subsidy-free markets and on the highest margin segment of the value chain
  • Strong track record of blue chip institutional and industrial relationships in the renewable energy market
  • Diverse and growing customer base with a strong pipeline
  • Highly experienced management team, under the continued leadership of Svante Kumlin
  • Combined company brings a unique mix of technical expertise, global relationships and commercial opportunities

Transaction Summary

Under the terms of the  proposed Business Combination Agreement, Pubco,  which is a newly  formed entity,  will acquire both  EEW and  ClimateRock, and  will become a publicly traded  entity under a new  company name.   The  transaction values EEW at an equity value of $650 million.

In connection with  the Business Combination  EEW’s shareholders will  receive shares of Pubco in exchange for EEW shares, and are expected to hold 80 to 85% of Pubco’s outstanding shares.

The  Business  Combination  will  require  approval  of  the  shareholders  of ClimateRock and  acceptance  by EEW  shareholders  of  an offer  by  Pubco to exchange their EEW shares for shares of Pubco, subject to the satisfaction  of customary closing conditions.

The closing of the  Business Combination is  conditional, among other  things, upon $40 million of  cash being available,  after any ClimateRock  shareholder redemptions and  payment of  transaction  expenses, from  ClimateRock’s  trust account or  additional  equity or  debt  financing  to be  obtained  prior  to closing.

Advisors

White & Case LLP is acting as legal counsel to EEW.

Alantra is acting as lead financial advisor to ClimateRock. Ellenoff  Grossman & Schole LLP is acting as lead legal counsel to ClimateRock. Simmons & Simmons LLP is acting as UK legal counsel for ClimateRock.

About ClimateRock

ClimateRock is a special purpose acquisition company led by Chairman,  Charles Ratelband V and CEO, Per Regnarsson,  and is incorporated as a Cayman  Islands exempted company for the  purpose of entering into  a merger, share  exchange, asset  acquisition,  share  purchase,   reorganization  or  similar   business combination with  one  or  more  businesses  in  any  industry  or  geographic location, but  it is  focused on  acquiring a  target within  the  sustainable energy industry in the Organization for Economic Co-operation and  Development countries,  including  climate  change,  environment,  renewable  energy and emerging, clean technologies.  For more information, please visit Driving  The Energy Transition – ClimateRock (climate-rock.com).

About Eco Energy World

EEW is an  independent global  developer of utility  scale solar  photovoltaic projects from  greenfield to  ready-to-build stage,  with a  recognized  track record, with founders and management who  have been operating in the  industry since 2008. EEW has  developed projects with a  capacity of approximately  1.5 GW, which it has deployed for major institutional investors across Europe, the UK and  Australia. EEW  has significant  experience in  delivering  successful turnkey developments  globally including  green field  development,  technical design, construction,  permitting, power  purchase agreements  and  structured financing.

EEW has a strong pipeline of new  opportunities to take advantage of the  next wave of global subsidy-free renewable  energy development including solar  and hydrogen. Headquartered in London, the  Group has assets under development  in the UK, Spain, Sweden,  Australia and Italy.  For further information,  please visit www.eew.solar.

Forward-Looking Statements

This press  release contains  certain  forward-looking statements  within  the meaning of the federal securities laws  with respect to the proposed  Business Combination between  EEW  and  ClimateRock  and  Pubco,  including  statements regarding the benefits of the Business Combination, the anticipated timing  of the completion of the  Business Combination, the services  offered by EEW  and the markets in which  it operates, the expected  total addressable market  for the services  offered by  EEW, the  sufficiency  of the  net proceeds  of  the proposed Business Combination to fund  EEW’s operations and business plan  and EEW’s projected future results. These forward-looking statements generally are identified  by  the  words   “believe,”  “project,”  “expect,”   “anticipate,” “estimate,” “intend,”  “strategy,”  “future,”  “opportunity,”  “plan,”  “may,” “should,” “will,” “would,” “will be,”  “will continue,” “will likely  result,” and  similar   expressions.   Forward-looking  statements are predictions, projections and other statements about future events that are based on current expectations and  assumptions and,  as  a result,  are  subject to  risks  and uncertainties. Many  factors  could  cause  actual  future  events  to  differ materially from the  forward-looking statements in  this document,  including, but not limited  to: (i) the  risk that  the Business Combination  may not  be completed in  a timely  manner or  at all;  (ii) the  risk that  the  Business Combination  may  not  be  completed  by ClimateRock’s  business combination deadline and the  potential failure  to obtain  an extension  of the  business combination deadline if sought  by ClimateRock; (iii)  the failure to  satisfy the conditions to the consummation of the Business Combination, including  the adoption  of  the  business  combination  agreement  by  the  shareholders  of ClimateRock, the satisfaction  of the minimum  trust account amount  following redemptions by ClimateRock’s public  shareholders, retaining a minimum  amount of available  cash and  the  receipt of  certain governmental  and  regulatory approvals; (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement;  (v) the effect of  the announcement  or pendency  of the  Business Combination  on EEW’s business relationships, performance, and business generally; (vi)  risks that the Business Combination disrupts current plans and operations of EEW  as a result; (vii) the  outcome of any legal  proceedings that may be  instituted against EEW, ClimateRock, Pubco or others related to the business  combination agreement or the  Business Combination; (viii)  the ability of  Pubco to  meet Nasdaq Stock Exchange listing  standards at or  following the consummation  of the Business  Combination;  (ix)  the ability  to  recognize  the  anticipated benefits of  Business Combination,  which  may be  affected  by a  variety  of factors, including changes in the competitive and highly regulated  industries in which  EEW  (and  following  the  Business  Combination,  Pubco)  operates, variations in performance across competitors and partners, changes in laws and regulations  affecting  EEW’s  business  and  the  ability  of  EEW  and   the post-combination company to retain its  management and key employees; (x)  the ability to implement business plans,  forecasts, and other expectations  after the completion  of the  Business  Combination; (xi)  the  risk that  EEW  (and following the  Business  Combination, Pubco)  will  need to  raise  additional capital to execute its business plan, which may not be available on acceptable terms or  at  all; (xii)  the  risk  that Pubco  experiences  difficulties  in managing its  growth  and  expanding  operations; (xiii)  the  risk  of  cyber security or foreign exchange  losses; (xiv) the effects  of COVID-19 or  other public health crises  on the business  and results of  operations of EEW  (and following the Business Combination, Pubco)  and the global economy  generally; and (xv) costs  related to  the Business  Combination. The  foregoing list  of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors”  section of ClimateRock’s Quarterly Reports on Form 10-Q, the registration statement on Form F-4 and proxy statement/prospectus that will be filed by Pubco, and other documents filed by ClimateRock and Pubco from time to time with the SEC. These filings identify  and address  other important  risks and  uncertainties  that could cause  actual  events  and  results  to  differ  materially  from  those contained in the forward-looking statements. Forward-looking statements  speak only as of  the date they  are made. Readers  are cautioned not  to put  undue reliance on  forward-looking statements,  and EEW  and ClimateRock  assume  no obligation and  do  not  intend  to update  or  revise  these  forward-looking statements, whether  as  a  result  of  new  information,  future  events,  or otherwise. Neither EEW nor ClimateRock gives any assurance that either EEW  or ClimateRock will achieve its expectations.

Additional Information and Where to Find It

This press release relates to the  Business Combination, but does not  contain all  the  information  that  should  be  considered  concerning  the  Business Combination and is not intended to  form the basis of any investment  decision or any other  decision in respect  of the transaction.  Pubco intends to  file with the SEC a registration statement on Form F-4 relating to the  transaction that will include a proxy statement of ClimateRock and a prospectus of  Pubco. When available, the definitive  proxy statement/prospectus and other  relevant materials will be sent to all ClimateRock shareholders as of a record date  to be established for voting on  the Business Combination. ClimateRock and  Pubco also will file  other documents  regarding the Business  Combination with  the SEC. Before making any  voting decision, investors  and securities holders  of ClimateRock  are  urged  to  read   the  registration  statement,  the   proxy statement/prospectus and all other  relevant documents filed  or that will  be filed with the SEC in connection with the Business Combination as they  become available because they will  contain important information about  ClimateRock, EEW and the Business Combination.

Investors and securities  holders will be  able to obtain  free copies of  the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by ClimateRock and Pubco through the website  maintained by the SEC at www.sec.gov. In addition, the documents filed by ClimateRock and Pubco  may  be  obtained  free   of  charge  from  ClimateRock’s  website   at https://www.climate-rock.com/or by by contacting its Chief Financial  Officer, Abhishek Bawa,  c/o ClimateRock,  50 Sloane  Avenue, London,  SW3 3DD,  United Kingdom, at +44 203 954 0590 or at info@climate-rock.com

Participants in the Solicitation

ClimateRock, Pubco and EEW and their respective directors and officers may  be deemed to be participants  in the solicitation  of proxies from  ClimateRock’s shareholders in connection  with the Business  Combination. Information  about ClimateRock’s  directors  and  executive  officers  and  their  ownership   of ClimateRock’s securities is set forth  in ClimateRock’s filings with the  SEC, including ClimateRock’s final prospectus in connection with its initial public offering, which was filed with the SEC  on April 29, 2022. To the extent  that such persons’  holdings of  ClimateRock’s securities  have changed  since  the amounts disclosed in  ClimateRock’s final  prospectus in  connection with  its initial public  offering, such  changes  have been  or  will be  reflected  on Statements of Change  in Ownership on  Form 4 filed  with the SEC.  Additional information regarding the names and  interests in the Business Combination  of ClimateRock’s and EEW’s  respective directors and  officers and other  persons who may be deemed participants in the Business Combination may be obtained  by reading the proxy statement/prospectus regarding the Business Combination when it becomes  available.  You may  obtain  free  copies of  these  documents  as described in the preceding paragraph.

No Offer or Solicitation

This press  release is  not a  proxy  statement or  solicitation of  a  proxy, consent or authorization with respect to  any securities or in respect of  the transaction and shall not constitute an offer to sell or a solicitation of  an offer to buy the securities of ClimateRock,  Pubco or EEW, nor shall there  be any sale of any  such securities in  any state or  jurisdiction in which  such offer, solicitation,  or  sale would  be  unlawful prior  to  registration  or qualification under  the securities  laws of  such state  or jurisdiction.  No offer of securities shall be made except by means of a prospectus meeting  the requirements of  Section 10  of the  Securities Act  of 1933,  as amended,  or exemptions therefrom.

Contact Information:

ClimateRock
Phone number: +44 203 954 0590
Email: info@climate-rock.com
Contact: Abhishek Bawa

ClimateRock Investor Relations
Phone number: +1 203 741 8811
Email: CLRCU@mzgroup.us
Contact: Shannon Devine

EEW Eco Energy World PLC Press Enquiries
Phone number:  +44 203 727 1000
Email:  eew@fticonsulting.com
Contact:  Ben Brewerton /  Dhruv Soni / Kelly Smith

No Offer or Solicitation<
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of ClimateRock, Pubco or EEW, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom.

Contact Information:

ClimateRock
Phone number: +44 203 954 0590
Email: info@climate-rock.com
Contact: Abhishek Bawa

ClimateRock Investor Relations
Phone number: +1 203 741 8811
Email: CLRCU@mzgroup.us
Contact: Shannon Devine

EEW Eco Energy World PLC Press Enquiries
Phone number:  +44 203 727 1000
Email:  eew@fticonsulting.com
Contact:  Ben Brewerton /  Dhruv Soni / Kelly Smith

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