Project Energy Reimagined Acquisition Corp. (Nasdaq: PEGR) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with an unnamed target.
The SPAC kept details on the potential merger to a minimum, but with today’s signed LOI in hand, it can now auto-extend an additional 3 months to August 2, without a contribution to trust. Project Energy Reimagined was originally set to expire next Tuesday, May 2.
It announced the pricing of its $250 million IPO in October 2021 and set out to combine with high-potential ESG targets within the advanced renewable energy “Grid 2.0” value-chain. This includes targets focused on grid reliability and stability solutions, electrification of transportation and EV infrastructure, smart and/or AI-enabled grid optimization, energy storage, second-life use of batteries, and end-of-life battery recycling.
Project Energy Reimagined is led by CEO Srinath Narayana, President Sanjay Mehta, Chairman Michael Browning, COO David Roberts, CFO Prakash Ramachandran, Head of Business Strategy Tim Dummer and Head of Technology Strategy Kathy Liu.
Since this announcement is currently only at the LOI stage, Project Energy Reimagined will remain in SPACInsider’s “Searching” category until a definitive agreement is signed.
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