Controlled Thermal Resources Secures Stellantis Supply in $4.7B SPAC Deal
Controlled Thermal Resources will go public via a SPAC merger valuing the company at $4.7 billion and raising $300 million to fund its Hell’s Kitchen geothermal-lithium project. The developer has supply agreements with Stellantis and General Motors for up to 100,000 metric tons annually at full buildout.
1. SPAC Merger Details
Controlled Thermal Resources will go public via a merger with Plum Acquisition Corp. IV, listing on Nasdaq under the ticker CTRH. The transaction values the combined company at a pro forma enterprise value of $4.7 billion and is expected to raise $300 million, closing in the second half of 2026 pending approvals.
2. Project Funding and Timeline
The raised capital will fund development of the Hell’s Kitchen project in California’s Imperial Valley. Initial construction will deliver 50 megawatts of geothermal power and 25,000 metric tons of lithium carbonate capacity, targeting first power in 2028 and lithium output in 2029, with full buildout at 650 megawatts and 100,000 metric tons annually.
3. Clean Extraction Technology
Controlled Thermal Resources will deploy direct lithium extraction technology developed with Aquatech to separate lithium and other critical minerals from superheated geothermal brine in a closed-loop system, also targeting zinc, manganese, potash, rubidium, and cesium.
4. Automaker Supply Agreements
Supply agreements with Stellantis and General Motors secure deliveries of lithium for electric vehicle batteries, with combined volumes potentially reaching 100,000 metric tons at full buildout, providing automakers with domestically produced critical minerals.