ClimateRock (CLRC) Terminates EEW Deal

ClimateRock (NASDAQ: CLRC) announced this morning that it has terminated its business combination with solar plant developer EEW.

The SPAC noted that it decided to part ways with its target since the conditions to closing were not satisfied or waived by the outside date of September 30.

ClimateRock inked the $650 million deal with EEW in October 2022. It brought an estimated $80 million into the deal from its trust, but saw redemptions hit 67.7% during an April meeting, leaving it with $26.88 million post-vote. It did not supplement this with a PIPE. London-based EEW designs and sells solar utility-scale solar power plants in Europe, Africa, Australia, and the US.

Going forward, ClimateRock and its sponsor intend to seek alternative ways to pursue a business combination. It originally set out to acquire a target within the sustainable energy industry in the Organization for Economic Co-operation and Development (“OECD”) countries.

The SPAC currently has an upcoming completion deadline of December 2, but can extend this until May 2024, giving it six months to find a new target to combine with.  ClimateRock is led by CEO Per Regnarsson, Executive Chairman Charles Ratelband V, and CFO Abhishek Bawa.