Churchill Capital Corp V (NYSE:CCV) this morning revealed that the letter of intent it has had pending for the past three months is with proptech firm Sustainable Living Innovations.
Sustainable Living produces panelized building systems for multifamily homes that are manufactured at its 91,000-square-foot Tacoma, Washington facility. This panel system was first used employed in building a six-story building in 2015 and the company has stacked up about 170 patents around the technology.
The 90-person company primarily operates out of Seattle and Denver and it is currently working on two additional projects. These are a 15-story and 5-story building in the Seattle area and Sustainable Living expects to generate recurring revenue from its new constructions.
Sustainable Living’s portion of each building’s construction involves solar power generation and energy storage equipment as well as heat recovery and on-site water treatment systems to improve overall sustainability. Its goal is for these buildings to achieve net zero emissions and the larger of its two ongoing constructions is expected to be “the greenest apartment tower in Seattle” when completed in 2023.
The new details about the company came alongside the update that Churchill V plans to extend its transaction deadline nine months from March 18 to December 18 at a special meeting set for March 14. If this extension were approved, its sponsor would contribute $250,000 to its trust monthly over this period.
All three Churchill SPACs currently in circulation recently announced LOIs. All initial announcements came on the eve of their transaction deadlines, which allowed for automatic extensions. Churchill V is the first to tip additional details about its own pending deal, and it is also the only one to come up on a deadline again.
Churchill Capital Corp VI (NYSE:CCVI) and Churchill Capital Corp VII (NYSE:CVII) share May 17 as their current deadlines.
Churchill V also noted in its release that its trust funds have been transferred from a cash account to a demand deposit account bearing 4.45% interest per annum at a variable rate. The SPAC also clarified that no trust funds or interest accrued will be used to pay potential excise tax liabilities.
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