Plum Acquisition IV to Merge With Controlled Thermal Resources

An announcement from Plum Acquisition Corp. IV Class A ( (PLMK) ) is now available.

On March 9, 2026, Controlled Thermal Resources Holdings Inc. and Plum Acquisition Corp. IV announced a definitive business combination agreement that would see CTR become a publicly traded company on Nasdaq under the ticker “CTRH,” at a pro forma enterprise value of about $4.7 billion. The deal, unanimously approved by both boards and expected to close in the second half of 2026 subject to shareholder and regulatory approvals, is designed to accelerate development of CTR’s Hell’s Kitchen geothermal and critical minerals project in Imperial County, support the start of Stage 1 construction with a 50 MW power plant and up to 25,000 metric tons per year of lithium carbonate capacity, and bolster U.S. supply-chain independence for clean baseload power and strategic minerals amid surging demand from AI-driven data center growth.

CTR’s Hell’s Kitchen project, already backed by more than $285 million in private capital, permitting milestones including a Conditional Use Permit, FAST-41 designation and an SEC-compliant feasibility study, is being advanced through partnerships with Baker Hughes and Aquatech to integrate geothermal power with direct lithium extraction and recovery of additional critical minerals. Management from both CTR and the SPAC framed the transaction as a way to move a “shovel-ready” project into commercial deployment, potentially easing a key bottleneck in low-carbon power and lithium supply for U.S. technology and defense industries, while investors are cautioned that completion of the transaction and realization of its anticipated benefits remain subject to execution, market and regulatory risks highlighted in securities filings.

More about Plum Acquisition Corp. IV Class A

Controlled Thermal Resources Holdings Inc. is an emerging U.S. developer of geothermal baseload power, battery-grade lithium chemicals and other critical minerals, centered on its Hell’s Kitchen project in California’s Imperial Valley. Through subsidiaries American Data Power and American Critical Resources, it targets up to 650 MW of renewable power for AI and hyperscale data centers and up to 100,000 metric tons of lithium carbonate annually, along with additional U.S.-designated critical minerals such as potash, zinc, manganese, rubidium and cesium, positioning the company at the nexus of energy security, battery supply chains and national industrial policy.

Average Trading Volume: 50,671

Technical Sentiment Signal: Strong Buy

Current Market Cap: $255M

For a thorough assessment of PLMK stock, go to TipRanks’ Stock Analysis page.