CleanBay Renewables Inc, a US environmental technology firm focused on the production of renewable natural gas (RNG) and natural fertiliser, plans to go public through a merger with special purpose acquisition company (SPAC) BurTech Acquisition Corp (NASDAQ:BRKH) in a deal that values it at USD 330 million (EUR 313.1m).
The parties have inked a letter of intent (LOI) for the potential combination which will be subject to the completion of due diligence and the signing of a definitive agreement, among other standard conditions, a joint press release said on Friday.
Set up in 2013, CleanBay has developed technology that reuses byproducts from the poultry industry to produce sustainable RNG, green hydrogen and natural controlled-release fertiliser. It is building a portfolio of anaerobic digestion and nutrient recovery facilities, having three shovel-ready or close to shovel-ready projects in the US and 17 other already identified potential project locations.
Each of CleanBay’s bioconversion facilities is expected to have a maximum capacity to recycle more than 150,000 tons of poultry litter annually, according to the company’s management.
BurTech went public in December 2021. The blank check company currently holds about USD 294 million in cash in its trust account.
“We are excited to partner with CleanBay and believe that access to capital markets will enable CleanBay to commercialise and scale its proprietary and patented processes,” said BurTech’s CEO Shahal Khan.
(USD 1 = EUR 0.948)
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