CleanBay Renewables Inc., an environmental technology company, is in talks to go public through a merger with blank check firm BurTech Acquisition Corp., people with knowledge of the matter said.
(Bloomberg) — CleanBay Renewables Inc., an environmental technology company, is in talks to go public through a merger with blank check firm BurTech Acquisition Corp., people with knowledge of the matter said.
The combination could value CleanBay at as much as $660 million including debt and earn-out provisions, according to the people, who asked not to be identified discussing confidential information. A letter of intent could be signed as soon as Friday, they said.
Deliberations are ongoing and could still be delayed or falter. Representatives for BurTech and CleanBay declined to comment.
Founded in 2013, Annapolis, Maryland-based CleanBay focuses on the production of sustainable renewable natural gas, green hydrogen and natural controlled-release fertilizer.
BurTech is a special purpose acquisition company led by Chief Executive Officer Shahal Khan. It raised $287.5 million in a December 2021 initial public offering and said it would focus on finding a target in sectors such as retail, lifestyle, hospitality, technology or real estate.
The SPAC was previously in discussions about merging with Vic Properties and India’s JetSynthesys.
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