California-based lithium and geothermal power developer Controlled Thermal Resources (CTR) is going public. The firm will list on Nasdaq through a merger with blank-check company Plum Acquisition Corp. IV (NASDAQ:PLMK).
The deal values CTR at a pro forma enterprise value of about $4.7 billion and is expected to raise $300 million in fresh capital to advance development of its flagship project in California. Once completed, the combined company will trade under the ticker CTRH. The transaction is expected to close in the second half of 2026 pending shareholder and regulatory approvals.
Californian Critical Minerals
The firm has been pursuing a public market debut since at least 2021, as a part of its domestic critical mineral strategy. Its key project is Hell’s Kitchen geothermal and lithium project in California’s Imperial Valley, about 160 miles southeast of Los Angeles.
By extracting superheated geothermal brine from deep underground, the project would use that heat to generate electricity before processing it to extract lithium and other minerals. Then, by reinjecting it underground, the process becomes a closed-loop system.
“Few projects simultaneously address energy security and mineral security at scale,” Rod Colwell, CTR’s chief executive, said in a news release. “Hell’s Kitchen is structured to deliver clean baseload geothermal power alongside domestically produced strategic critical minerals from a single integrated brine resource,” he added.
Clean Production And Renewable Energy
CTR plans to deploy direct lithium extraction technology developed with water treatment firm Aquatech, allowing separation from geothermal brine without traditional evaporation ponds.
The firm plans the project as a phased development that combines renewable power generation and lithium production. Initial construction should include a 50-megawatt geothermal facility and lithium carbonate capacity of up to 25,000 metric tons per year. The target for first power is 2028, and for lithium production around 2029.
At full buildout, the site could generate up to 650 megawatts of geothermal power and approximately 100,000 metric tons of lithium carbonate annually. CTR is also targeting additional minerals in the brine, including zinc, manganese, potash, rubidium, and cesium, which are considered increasingly important for advanced manufacturing and national security.
Partnerships In Place
CTR has already secured supply agreements with automakers, including Stellantis N.V. (NYSE:STLA) and General Motors Company (NYSE:GM), to provide lithium for electric vehicle batteries, although the final volumes under those contracts may change as development progresses.
The project has received a conditional use permit from local authorities. It is also designated for an accelerated FAST-41 federal infrastructure permit. CTR says it has raised more than $285 million in private funding and has already invested heavily in long-lead equipment ahead of construction.
PLMK Price Action: Plum Acquisition shares were up 0.19% at $10.54 during premarket trading on Tuesday, according to Benzinga Pro data.
Photo by Juan Roballo via Shutterstock
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