GigCapital9 Signs LOI for Carbon-Capture Combination
The blank-check firm said the proposed combination would take a post-combustion carbon-capture technology company public to support firm power for AI-driven demand.
GigCapital9 Corp. (GIX), a blank-check company, entered into a non-binding letter of intent for a proposed business combination with a leading clean energy technology company focused on post-combustion carbon capture solutions. The contemplated terms value the target at a pre-money enterprise value of approximately $600 million, subject to customary closing conditions, plus a potential earnout of up to $100 million.
The combination is intended to give the technology company a pathway to the public capital markets, the company said, supporting commercialization of clean, firm power applications tied to growth in power demand from artificial intelligence applications and, more broadly, a more sustainable global energy future.
The parties are targeting completion of the proposed business combination and the resulting deSPAC transaction in late Q2 2027. That timing is an objective and is subject to completion of due diligence, definitive documentation, financing, regulatory and stock exchange review, shareholder approvals, and other customary closing conditions. The LOI is non-binding with respect to the proposed business combination, except for any provisions expressly intended to be binding, and there can be no assurance that the parties will enter into definitive agreements or that the proposed transaction will be consummated.
Dr. Avi S. Katz, Executive Chairman and Chief Executive Officer of GigCapital9, said the proposed combination is another example of how GigCapital Global continues to build on and extend the legacy of its Private-to-Public Equity (PPE) Mentor Investor model.
“Our mission has always been to identify exceptional deep technology companies, work alongside their outstanding leadership teams, and help create the public company platforms needed to scale their technologies and maximize their impact,” Katz said.
The $600 million pre-money enterprise value is the headline figure for the target, with the potential earnout of up to $100 million included among the terms currently contemplated.
GigCapital9 said the combination is intended to bring differentiated clean energy technology to the public capital markets. The company said the combination is meant to support firm power applications required for AI-driven demand growth and to contribute to a more sustainable global energy future.
The PPE Mentor Investor model Katz described is the framework through which GigCapital Global said it works with deep-technology companies. The company said the combination is another instance of that model, with the carbon-capture firm as the deep-technology platform being scaled in the public markets.
Under the terms contemplated by the LOI, GigCapital9 and the target company intend to continue discussions and due diligence toward a potential definitive business combination agreement. The transaction remains subject to the negotiation and execution of definitive documentation, satisfactory completion of due diligence, applicable financing arrangements, required regulatory and stock exchange reviews, shareholder approvals, and other customary closing conditions.
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