Controlled Thermal Resources and Plum Acquisition Corp. IV Announce \$4.7 Billion Business Combination to Advance U.S. Critical Minerals and Geothermal Energy

Key Highlights for Investors

• Definitive Business Combination Agreement: Controlled Thermal Resources Holdings Inc. (CTR) and Plum Acquisition Corp. IV (Nasdaq: PLMK) have entered into a definitive agreement that will see CTR become a publicly traded company on Nasdaq under the ticker “CTRH” following the transaction, which values CTR at a pro forma enterprise value of approximately \$4.7 billion.
• Strategic Importance: CTR’s flagship Hell’s Kitchen Project in California’s Imperial Valley is among the largest and most advanced geothermal energy and critical minerals projects in the U.S., with a phased buildout targeting up to 650 MW of renewable baseload electricity and 100,000 metric tons per year of lithium carbonate production at full scale.
• Strong Capital Position: CTR has raised over \$285 million in private capital and invested \$185 million in long-lead equipment for Stage 1 construction. The company has also secured a Conditional Use Permit for construction commencement and achieved FAST-41 designation, ensuring expedited federal permitting.
• Stage 1 Construction Imminent: The initial stage will include a 50 MW clean power facility, lithium carbonate production capacity up to 25,000 metric tons per year, and additional critical mineral output.
• Strategic Partnerships and Technical Validation: CTR has collaborated with Baker Hughes on a comprehensive Field Development Plan and feasibility study, and with Aquatech for advanced brine processing, demonstrating a proven, scalable direct lithium extraction process.
• Regulatory Alignment: The project is supported by the County of Imperial’s draft Lithium Valley Specific Plan, offering regulatory certainty and a competitive permitting framework.
• Transaction Timeline and Approvals: The deal is expected to close in the second half of 2026, subject to shareholder, regulatory, and customary closing conditions.

Details Investors and Shareholders Need to Know

• Valuation and Listing: The combined company will be valued at approximately \$4.7 billion and is expected to trade under the symbol “CTRH” on Nasdaq.
• Price-Sensitive Catalysts:
  • CTR’s status as a FAST-41 covered project and its advanced permitting and investment position could accelerate project timelines, which, if successful, may positively impact share value.
  • The initial phase’s success—50 MW power generation and 25,000 metric tons of lithium carbonate per year—would establish CTR as a major domestic supplier of battery metals and clean energy, addressing critical U.S. supply chain and energy security priorities.
  • CTR aims to supply power and battery materials to the rapidly growing AI and data center market, a strategic growth sector with exponential demand for both electricity and lithium.
  • Regulatory or construction delays, or failure to secure all necessary approvals, remain risks which could negatively impact investor sentiment.
• Shareholder Voting and SEC Filings: The transaction requires approval of Plum IV shareholders, effectiveness of a Form S-4 registration statement, and expiration of the HSR Act waiting period. Shareholders are urged to review all proxy materials and SEC filings when available, as these will contain important details about the transaction and its implications.
• Forward-Looking Statements and Risks: The transaction and project are subject to various risks, including potential termination of the agreement, regulatory or legal challenges, inability to maintain exchange listing, construction delays, commodity price fluctuations, environmental and permitting risks, and volatility in the share price due to macroeconomic or sector-specific factors.

Management Comments

Rod Colwell, CEO of CTR: “Few projects simultaneously address energy security and mineral security at scale. Hell’s Kitchen is structured to deliver clean baseload geothermal power alongside domestically produced strategic critical minerals from a single integrated brine resource. As AI adoption and hyperscale data center growth intensify, the need for resilient, low-carbon, 24/7 power is becoming a defining infrastructure constraint and a major issue of national security. We believe CTR is positioned to meet that demand while strengthening domestic supply chains for battery materials and nationally designated critical minerals.”

Kanishka Roy, CEO of Plum IV: “Given the exponential growth in AI data center infrastructure, the need for baseload power and for lithium in battery energy storage systems to power these data centers, has become exponentially important. We’re incredibly excited to partner with CTR to potentially unlock multiple avenues of U.S.-developed supply-chain independence.”

Advisors and Next Steps

• Hall Chadwick is serving as exclusive corporate, financial, and lead capital markets advisor to CTR.
• Cohen & Company Capital Markets is the exclusive financial advisor to Plum IV; both are also joint lead private placement agents.
• Greenberg Traurig, LLP is legal counsel to Plum IV; Duane Morris LLP is legal counsel to CTR.
• Additional documentation and details on the transaction will be filed on Form 8-K and the S-4 registration statement with the SEC, which will be available for review by all investors and shareholders.

What to Watch For

• SEC effectiveness of the registration statement and proxy materials for the shareholder vote.
• Commencement of Stage 1 construction at Hell’s Kitchen, which could serve as a major milestone and potential price catalyst.
• Regulatory and permitting developments, including finalization of the Lithium Valley Specific Plan and FAST-41 federal coordination.
• Updates on strategic partnerships, project financing, and offtake agreements for lithium and clean energy supply to the AI, manufacturing, and defense sectors.

Contact Information

Lauren Rose
Chief Communications Officer
M: +61 438 123 177
[email protected]
www.cthermal.com

Disclaimer: This article is for informational purposes only and does not constitute investment advice, an offer to sell, or a solicitation to buy any securities. The transaction described herein is subject to shareholder and regulatory approvals, and involves significant risks, including but not limited to permitting, regulatory, construction, market, and commodity risks. Investors are strongly urged to review all official SEC filings, proxy statements, and related documents before making any investment or voting decisions. Forward-looking statements contained in this article are based on current expectations and are subject to change without notice.

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