US Convalt Energy eyes public market

US renewable energy company Convalt Energy Inc is planning to go public through a merger with GigInternational1 Inc (NASDAQ:GIW), a special purpose acquisition company (SPAC) formed by serial entrepreneur Avi Katz.

The parties have entered into a non-binding term sheet for a potential transaction, a joint press release said on Tuesday. Financial details were not provided.

“This combination and partnership with GigInternational1 will allow us to further deliver on our mission, accelerate our growth, and provide significant shareholder value as a public company,” said Convalt’s founder and CEO Hari Achuthan.

Convalt specialises in manufacturing solar panels, generating renewable power at company-owned power plants and providing engineering and construction services including solar panel recycling for renewable energy projects.

Following the purchase of SunPower manufacturing assets in 2021, the company plans to produce 900 MW of panels at a new factory in Watertown, New York, starting from the third quarter of 2023. The panels will be sold to utility, commercial and residential solar customers in the US and abroad.

Additionally, the renewable energy firm is also setting up a solar panel recycling facility in East Millinocket, Maine while developing community and utility-scale projects in Maine and New York.

GigInternational1 is a blank check company of GigCapital Global, a private-to-public equity (PPE) technology, media, and telecommunications (TMT) focused investment group. The investment vehicle went public in May 2021, raising USD 200 million (EUR 199.8m) from its initial public offering (IPO).

(USD 1 = EUR 0.999)

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