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Controlled Thermal Resources Holdings Inc. announced a merger with Plum Acquisition Corp IV, valuing the company at $4.7 billion. This merger is intended to enhance the development timeline of the Hell's Kitchen Project in California's Imperial Valley, which aims to deliver 650 megawatts of geothermal energy and produce 100,000 metric tons of lithium carbonate per year.

The combined company will be listed on Nasdaq under the ticker symbol 'CTRH.' The transaction is anticipated to close in the second half of 2026, subject to shareholder approvals and regulatory conditions. CTR has raised over $285 million in private capital for its development initiatives.