EEW Announces Termination of Business Combination Agreement with ClimateRock

Background of the Business Combination Agreement

The agreement, initially entered into on October 6, 2022, as amended and restated on August 3, 2023, was set to see the combined entity trade on the Nasdaq Stock Market. This transaction had valued EEW at a pro forma enterprise value of approximately $691 million.

Current Developments and Future Plans

EEW remains committed to exploring opportunities to grow and expand its business and anticipates providing updates in due course.

EEW continues to demonstrate strong performance. The company boasts a robust pipeline of 10.1 GW of projects and projects the sale of 3 GW over the next three years, including 2023. Highlighting its ongoing success, EEW recently completed the sale of a 142 MW solar PV project in Sweden to a prominent Swedish solar and wind developer in March 2023.

Industry Outlook

EEW remains committed to its role in the renewable energy sector, particularly in solar PV, which is recognized as the cheapest and fastest-growing source of renewable power. To meet the world's 1.5°C climate goal, it is estimated that over $300 billion in annual investment is required by 2030. Additionally, the Battery Energy Storage Systems market is experiencing significant growth, projected to reach $43.7 billion by 2030, growing at an annual rate of 26.5%. The Green Hydrogen market is also expected to expand significantly, anticipated to reach $87 billion by 2030, growing at a compound annual growth rate (CAGR) of 47%.

Contact Information

Via FTI Consulting

EEW Eco Energy World

• Svante Kumlin, Chief Executive Officer
• Kaveh Ertefai, Chief Financial Officer

PR Adviser – FTI Consulting
• Contact Persons: Ben Brewerton, Dhruv Soni
• Telephone:
•+44 203 727 1000
• Email:
• eew@fticonsulting.com