One Nuclear Energy has announced to become a public company after entering into a definitive business combination agreement with Hennessey Capital Investment Corp. VII Thursday.
The transaction is anticipated to provide up to $210 million in gross proceeds and is expected to close in the first half of next year, according to ONE Nuclear’s press release.
According to the release, the transaction values ONE Nuclear at anywhere from $1 billion to $1.3 billion, under various valuation measures.
ONE Nuclear said its current management team will continue to lead the combined company following the completion of the transaction. The company’s shareholders will also roll all of their equity holdings into the new public company it added.
“This Business Combination with HVII [Hennessey Capital Investment Corp. VII] represents a transformational milestone for ONE Nuclear as we work to deploy gas power and advanced nuclear SMR technology at scale,” ONE Nuclear CEO Richard Taylor said.
ONE Nuclear has a relationship with Rolls-Royce Solutions America, for access to natural gas power generators.
ONE Nuclear is a developer of large-scale energy solutions powered by natural gas and small modular reactors (SMRs) technologies. The company has made plans to deploy 2,000 megawatts of gas generation by 2028 and 3,000 megawatts of SMR generation by 2034, according to release. Its first two target sites are Oklahoma and Texas, according to the release.
Hennessey Capital Investment Corp. VII is a “blank check company” formed for the purpose of “effecting a merger, according to the release. Republican National Committee Chair Joe Gruters is a member of the ONE Nuclear advisory board.