Welsbach Technology (NASDAQ:WTMA) has signed a non-binding letter of intent (LOI) to combine with mining firm Evolution Metals for so far unspecified terms.
Palm Beach, Florida-based Evolution is developing both mining and refining capabilities to process battery and rare earth metals for a wide range of technology applications.
The company gives little detail on its website of its existing facilities and stops short of describing any of its efforts as operational. It does, however, say its refining projects are “fully permitted, providing a short timeline to scale production of battery-grade materials.”
As such, its projects appear to be greenfield at the moment, although it claims it already is providing “bespoke solutions” to clients as a “pre-eminent supplier and trader” of battery metals.
It is also unclear if Evolution Metals is the same company with which Welsbach Metals touted an LOI back last September ahead of an extension vote. The target was not named at that time, but the SPAC got through the vote with 71.8% redemptions to date, leaving about $23.4 million in its trust. It now has until June 30, 2024 to complete a deal.
Welsbach previously announced a definitive agreement with battery-maker WaveTech in November 2022 at a $228 million enterprise value, but the parties terminated the combination seven months later.
Because there is no guarantee that this LOI will advance to a definitive agreement, Welsbach Technology Metals will remain in SPACInsider‘s “Searching” column for now.
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