Controlled Thermal Resources and Plum Acquisition Corp. IV Announce Strengthened Capital Structure to Advance Hell’s Kitchen Geothermal Power and Critical Minerals Project
Key Highlights
- ➤$205 million of convertible debt expected to convert to equity at transaction close
- ➤Approximately $40 million of convertible debt expected to convert into planned PIPE
- ➤Proposed business combination expected to close in fourth quarter of 2026
- ➤Stage 1 Power planned as 50 MW geothermal facility targeting commercial operation in 2028
- ➤Combined company expected to list on Nasdaq under ticker symbol “CTRH”
Expert Statements
Rod Colwell, Chief Executive Officer of Controlled Thermal Resources
“This is an important step in our plan to deliver on the resource of the Salton Sea, including power production and critical minerals in one place”
Rod Colwell, Chief Executive Officer of Controlled Thermal Resources
“Converting this debt to equity ahead of listing strengthens our capital structure and provides greater flexibility to complete project financing for Stage 1, building on the significant capital already invested, full-scale production wells in place, advanced permitting and key long-lead equipment already staged for construction.”
Kanishka Roy, Chief Executive Officer of Plum IV
“CTR has reached an important point in its development, with a proven resource, advanced permitting, equipment already staged and a defined capital plan for Stage 1”
Kanishka Roy, Chief Executive Officer of Plum IV
“The steps announced today simplify CTR’s balance sheet ahead of the proposed listing, providing enhanced financial flexibility as the Company advances one of the country’s most significant geothermal power and critical minerals developments.”
* Approximately $205 Million of Existing Convertible Debt Expected to Convert to Equity at Close of the Proposed Business Combination, with an Additional Approximately $40 Million Expected to Convert into a New Planned PIPE * Simplified Capital Structure Expected to Support Financing of CTR’s Power-First Development Strategy Ahead of Proposed Nasdaq Listing * CTR plans to develop approximately 650 MW of renewable baseload geothermal generation for potential of co-location of AI data centers IMPERIAL, Calif. and SAN FRANCISCO, Oct. 01, 2026 (GLOBE NEWSWIRE) -- Controlled Thermal Resources Holdings Inc. ("CTR" or the "Company"), developer of one of America’s largest and most advanced geothermal power and critical minerals projects, and Plum Acquisition Corp. IV (Nasdaq: PLMK) ("Plum IV"), a publicly traded special purpose acquisition company, today announced a series of agreements between CTR and certain strategic investors that are expected to materially strengthen CTR’s capital structure in connection with their previously announced proposed business combination.
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