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.