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One Energy Enterprises announced the successful closure of an oversubscribed $35+ million Series A Preferred Round. The company plans to use the proceeds to pursue business plans and fund working capital needs before the expected closing of its proposed business combination with Tortoise Ecofin Acquisition Corp. III (TRTL). $2 million of the funds is expected to close by the end of May 2024, with the remaining contingent upon specific conditions by August 1, 2024. Upon the proposed business combination closing, the Series A shares will either convert into common stock or be exchanged for new preferred shares. The company is also exploring additional financing opportunities prior to the business combination closure.
TortoiseEcofin Acquisition Corp. III (NYSE: TRTL) has filed a Form S-4 registration statement with the SEC for a proposed business combination with One Energy Enterprises Inc. The merged entity will be named One Power Company and is expected to list on the NYSE under the ticker 'ONE'.
The closing of this business combination is anticipated in the second half of 2024, subject to shareholder approvals and other conditions. One Energy, a power solutions provider specializing in industrial wind energy, will continue its operations under the new name.
Founded in 2009, One Energy develops, constructs, owns, and operates behind-the-meter power solutions for industrial clients.