Nauticus Robots, a developer of cloud-based software for ocean-tasked robots and services, is going public through a merger with special purpose acquisition company CleanTech Acquisition. CLAQ
The company, which was founded by ex-NASA engineers, will have a pro forma equity value of $560 million with cash on hand of about $222 million following its merger with CleanTech.
“The ocean will be the epicenter in our fight against climate change and the offshore ocean services industry has signaled the beginning of a major technology revolution to combat it,” Nauticus Founder and CEO Nicolaus Radford said.
The company is working on robots to be dropped from the surface to the seabed, providing services to industries like energy and fishing. Nauticus says its offerings will save clients money and lower emissions.
Nauticus expects sales this year of $8 million, but expects that number to grow quickly in coming years. It is raising $73 million in funding through equity and convertible bonds in a private investment in public equity associated with the SPAC merger.
PIPE investors include multiple current Nauticus investors, including offshore driller Transocean (RIG) – Get Transocean Ltd. Report, oilfield services giant Schlumberger (SLB) – Get Schlumberger NV Report and robotics systems maker AeroVironment (AVAV) – Get AeroVironment, Inc. Report.
That investment, along with the about $170 million CleanTech raised in July, according to The Wall Street Journal, will be used to fund the company’s growth.
At last check CLAQ shares were trading up 0.3% at $9.95.
SPACs, or blank-check companies, are formed for the express purpose of finding and merging with an operating partner. The idea is to speed the operating company to the public markets and avoid the extended process of a traditional initial public offering.
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