TortoiseEcofin Acquisition Corp. III
TRTL-UN
New York Stock Exchange10.98
USD
+0.01
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TortoiseEcofin Acquisition Corp. III
TRTL-UN
(New York Stock Exchange)
Recent
price
10.98
P/E
ratio
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div
yld
- -
ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- TortoiseEcofin Acquisition Corp. III (NYSE: TRTL-UN) operates as a blank check company, or special purpose acquisition company (SPAC), incorporated in the Cayman Islands as an exempted company whose principal activity involves pursuing a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities; it focuses exclusively on targets within the broad energy transition or sustainability sectors, particularly industries requiring innovative decarbonization solutions to achieve emission reduction goals. The company offers no operational products or services beyond its SPAC structure, which includes Class A ordinary shares, redeemable units comprising one Class A ordinary share and one-fourth of a redeemable warrant exercisable at $11.50 per share, and standalone redeemable warrants; it conducts no independent revenue-generating operations and maintains its efforts geographically without limitation, primarily targeting North American opportunities from its operational base tied to sponsor Tortoise Capital Advisors in the United States. Founded in 2021 and listing via a $300 million initial public offering in July 2021 raising 30 million units at $10 each, the company is headquartered effectively through its management in Zephyr Cove, Nevada, USA, with leadership including Chief Executive Officer and Chairman Vincent Cubbage and President and Chief Financial Officer Stephen Pang, both affiliated with TortoiseEcofin. Recent developments include signing a non-binding letter of intent in April 2023 and a definitive business combination agreement in February 2024 with One Energy Enterprises Inc., a provider of industrial renewable power solutions, at a pro forma enterprise value of $384 million, accompanied by public filings of an S-4 registration statement in May 2024; however, One Energy purportedly terminated the agreement in July 2024, prompting NYSE delisting proceedings in July 2024 for failing to complete a combination within three years and a subsequent announcement in August 2024 of intent to liquidate and return funds to Class A shareholders as soon as practicable.