CTR enters public listing to advance Hell’s Kitchen geothermal and lithium project
Signing of strategic business combination between Critical Resources Holdings and Plum Acquisition Corp. (source: Controlled Thermal Resources)
Carlo Cariaga
9 Mar 2026
CTR will soon be publicly listed, following a business combination with Plum IV, to support advancement of the Hell's Kitchen geothermal and lithium project.
Critical minerals and geothermal energy developer Controlled Thermal Resources Holdings Inc. (“CTR”) has entered into a definitive business combination agreement with Plum Acquisition Corp. IV (Nasdaq: PLMK, “Plum IV”) that will result in CTR becoming a publicly traded company in the United States. Upon closing, the combined company is expected to operate as Controlled Thermal Resources and is expected to be listed on the Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbol “CTRH”.
This follows on a non-binding letter of intent signed between the two parties in late 2025, as reported by ThinkGeoEnergy.
The transaction values CTR at a pro forma enterprise value of $4.7 billion. It is expected to enable CTR to advance its flagship Hell’s Kitchen project and commence Stage 1 construction. The proposed transaction is expected to close during the second half of 2026 and remains subject to approval by Plum IV shareholders representing a majority of the outstanding Plum IV voting power, the effectiveness of a registration statement to be filed with the Securities and Exchange Commission (the “SEC”) in connection with the transaction, the expiration of the HSR Act waiting period, and other customary closing conditions. The boards of directors of both CTR and Plum IV have unanimously approved the proposed transaction.
Addressing mineral and energy security
Located in California’s Imperial Valley, the Hell’s Kitchen project is considered one of the largest and most advanced geothermal energy and critical minerals developments in the United States. Through its two wholly owned subsidiaries, American Data Power and American Critical Resources, CTR is pursuing a phased buildout designed to deliver up to 650 MW of renewable baseload electricity to power next-generation AI and hyperscale computing infrastructure, alongside an estimated 100,000 metric tons per year of lithium carbonate production at full scale. The project is also targeting the production of other minerals critical to US industrial capacity, including potash, zinc, manganese, rubidium, and cesium.
“Few projects simultaneously address energy security and mineral security at scale. Hell’s Kitchen is structured to deliver clean baseload geothermal power alongside domestically produced strategic critical minerals from a single integrated brine resource,” said Rod Colwell, CEO of CTR.
“As AI adoption and hyperscale data center growth intensify across the United States, the need for resilient, low-carbon, 24/7 power is becoming a defining infrastructure constraint and a major issue of national security. We believe CTR is positioned to meet that demand while strengthening domestic supply chains for battery materials and nationally designated critical minerals.”
Hell’s Kitchen deployment readiness
“After more than a decade of technical validation, permitting progress, and strategic investment, we believe we are shovel-ready and prepared to deploy competitively at commercial scale. Partnering with Plum IV is expected to enable us to accelerate execution, begin Stage 1 construction, and establish a leading model for integrated energy and critical minerals production that supports rapid U.S. industrial growth and long-term national competitiveness,” further said Colwell.
Backed by strategic partnerships and investments, CTR has raised more than US$285 million in private capital to date. The Company has completed a comprehensive Field Development Plan with Baker Hughes, supporting its 650 MW clean energy development strategy.
CTR has demonstrated its direct lithium extraction process on live geothermal brine through an integrated demonstration facility at 1/15 commercial scale, supported by a Definitive Feasibility Study prepared by Baker Hughes in accordance with SEC SK1300. Additional process development has been undertaken with Aquatech, one of the few firms capable of delivering an integrated single-flowsheet approach to brine processing for lithium and additional critical minerals.
CTR’s Hell’s Kitchen Project is aligned with the County of Imperial’s draft Lithium Valley Specific Plan, a comprehensive framework designed to provide long-term zoning and land-use certainty for clean energy, critical minerals, and advanced manufacturing development, while creating a competitive permitting pathway comparable to those in other U.S. states. The Company has received a Conditional Use Permit to commence Stage 1 construction activities, with $185M invested in long-lead equipment built and staged for construction.
The project is also a designated FAST-41 covered project, ensuring interagency coordination to expedite federal permitting approvals.
The business combination is intended to accelerate CTR’s development timeline and support the commencement of Stage 1 construction, which is anticipated to include a 50 MW clean power facility, lithium carbonate production capacity of up to 25,000 metric tons per year, and additional critical mineral production.
Source: Email correspondence
