Project Energy Reimagined Acquisition Corp.
PEGRW
NASDAQ Global Market0.09
USD
-0.01
- -
CIK
0001847241
ISIN
KYG725561149
CUSIP
G72556114
Return %
Stock
S&P500
1Y
- -
26.53
3Y
-17.25
76.60
5Y
-81.96
80.11
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- CEO
- Srinath Narayanan
- Sector
- Financial Services
- Industry
- Shell Companies
- Address
- 3 Lagoon Drive Redwood City CA United States of America 94065
- IPO Date
- Dec 20, 2021
- CIK
- 0001847241
- Website
- pegyr.com
- Similar Companies
- Business
- Project Energy Reimagined Acquisition Corp. (PEGRW) operates as a special purpose acquisition company (SPAC) focused on effecting mergers, share exchanges, asset acquisitions, share purchases, reorganizations, or similar business combinations with one or more businesses, primarily targeting opportunities in the energy reimagined sector. Formed in 2021 and headquartered in Redwood City, California, with subsequent operations referenced in Menlo Park, California, the company completed its initial public offering in November 2021, raising proceeds through units comprising Class A ordinary shares and warrants traded under tickers PEGR and PEGRW. As a blank check company, it does not currently engage in substantive operations beyond pursuing and executing its initial business combination; its structure supports public market access for target entities without traditional revenue-generating products or services. In a major strategic shift, Project Energy Reimagined Acquisition Corp. consummated a definitive business combination with Heramba GmbH and related entities, approved by shareholders on March 28, 2024, and closed effective July 26, 2024, resulting in the formation of Heramba Electric plc. This reverse merger transaction valued the combined entity at a pro forma enterprise value of approximately $450 million and facilitated the prior February 2024 acquisition by Heramba of Kiepe Electric, a century-old specialist in electrification technologies; post-combination, Heramba Electric's ordinary shares and warrants began trading on Nasdaq under new tickers PITA and PITAW, respectively, on July 30, 2024. The deal followed significant shareholder redemptions of over 5.7 million shares, with remaining public shares exchanged for Heramba Electric ordinary shares amid lock-up arrangements on select holdings. Through this combination, the company transitioned from a dormant SPAC to support Heramba Electric's operations in sustainable urban transportation, including Kiepe Electric's core offerings such as power electronics, electric drives, vehicle control hardware and software, AI-based smart fleet management systems, predictive energy optimization tools, onboard in-motion charging solutions, offboard charging infrastructure up to 800 kW with battery storage, and modular high-power platforms for 12- to 24-meter electric buses. These products target rail vehicles, buses, and public transit authorities, emphasizing decarbonization of commercial and urban mobility with real-time fleet dashboards and cost-reducing energy management; geographic focus spans Europe, North America, and global markets. Heramba Electric, as the post-merger entity, positions the legacy SPAC structure to drive expansion in zero-emissions e-mobility solutions.