TortoiseEcofin Acquisition Corp. III (NYSE:TRTL) announced this afternoon that it has executed a non-binding letter of intent (LOI) to combine with an industrial renewable power solutions company.
As of now, the SPAC has not disclosed any additional information about the unnamed target. But, it anticipates announcing further updates regarding the execution of a definitive agreement, which is expected in the third quarter of 2023. TortoiseEcoFin III had previously signed an initial LOI with the target back in April.
Having secured a signed LOI, the SPAC now automatically receives a three-month extension, pushing its completion deadline back from this Saturday, July 22, until October 22.
TortoiseEcofin III raised $345 million in total gross proceeds from its July 2021 IPO and set out to combine with a target that actively provides solutions to reduce emissions. In line with its S-1, the SPAC believes the renewable power solutions target will play a critical role in facilitating the energy transition for the industrial market. TortoiseEcofin Acquisition Corp. III is led by CEO and Chairman Vincent Cubbage, and CFO and President Stephen Pang.
Since there is no guarantee that this LOI will be completed, TRTL will remain in SPACInsider’s “Searching” column until a definitive agreement is signed.
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