California-based lithium and geothermal power developer Controlled Thermal Resources (CTR) is going public. The firm will list on Nasdaq through a merger with blank-check company Plum Acquisition Corp. IV (NASDAQ:PLMK).

The deal values CTR at a pro forma enterprise value of about $4.7 billion and is expected to raise $300 million in fresh capital to advance development of its flagship project in California. Once completed, the combined company will trade under the ticker CTRH. The transaction is expected to close in the second half of 2026 pending shareholder and regulatory approvals.

Californian Critical Minerals

The firm has been pursuing a public market debut since at least 2021, as a part of its domestic critical mineral strategy. Its key project is Hell's Kitchen geothermal and lithium project in California's Imperial Valley, about 160 miles southeast of Los Angeles.

By extracting superheated geothermal brine from deep underground, the project would use that heat to generate electricity before processing it to ...