Air Water Ventures to go public in $300M SPAC deal

Air Water Ventures, an Abu Dhabi-based company that extracts water from air, is planning to go public via a SPAC listing at an implied $300 million valuation, the company tells Axios.

Why it matters: The company's decision to take the SPAC route shows that executives still have confidence in that path, at a time when listings of all shapes and sizes have ground to a halt.

Details: Air Water Ventures is combining with Athena Technology Acquisition Corp. II and will trade on the NYSE.

• The deal values the combined entity at $300 million pre-money.
• Trading is expected to begin in Q1 2024.

How it works: Air Water Ventures makes hardware that filters humidity — water molecules — out of the air, condenses the water and bottles it for consumption.

• The company was founded in 2018 and started operations in 2022.
• Its technology is currently operational in Abu Dhabi, UAE, but CEO Alex Guy tells Axios he plans to expand into the U.S. following the company's public debut.

Between the lines: Guy says proceeds from the SPAC will go toward a global expansion of the company.