Controlled Thermal Resources and Plum Acquisition Corp. IV Announce Strengthened Capital Structure to Advance Hell’s Kitchen Geothermal Power and Critical Minerals Project
Plum Acquisition Corp. IV (PLMK) and Controlled Thermal Resources announced agreements under which approximately $245 million of CTR convertible debt will be retired at close of the proposed business combination, with roughly $205 million converting to equity and $40 million into a planned PIPE. The combined company is expected to list on Nasdaq under ticker 'CTRH' in the fourth quarter of 2026, subject to shareholder and regulatory approvals.
Key figures
- Site acres
- 4,000-acre
- Debt converting to pipe
- $40 million
- Stage1 power capacity mw
- 50
- Debt converting to equity
- $205 million
- Planned total generation mw
- 650
- Development invested to date
- $310 million
- Stage1 lithium capacity tons
- 25,000 metric tons annually
- Convertible debt total at closing
- $245 million
AI analysis
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