Hecate Energy Group and EGH Acquisition Corp have agreed a business combination that will result in Hecate becoming a public company listed on Nasdaq under the ticker HCTE.
The transaction values Hecate at a pre-money enterprise value of $1.2 billion, said the companies.
EGH’s trust account will provide up to $155 million for the development of Hecate’s utility-scale energy park portfolio, added the partners.
Hecate was founded in 2012 and has assembled a portfolio of more than 47GW across eight US power markets and 26 states.
Chris Bullinger, president and chief executive of Hecate, said the partnership represents “a transformational milestone for Hecate as we advance to the next phase of growth and value creation”.
“Our partnership with EGH and its experienced team and the public listing resulting from a successful completion of our combination represent a transformational milestone for Hecate as we advance to the next phase of growth and value creation,” said Bullinger.
“Access to the public capital markets will strengthen our ability to accelerate project development and monetization, while providing the flexibility to evolve into an Independent Power Producer and generate long-term, recurring cash flows. A publicly traded platform also enhances our ability to attract institutional investors while building the energy infrastructure required to support the nation’s rapidly growing power needs.”
Drew Lipsher, chief executive of EGH, stated: “We are pleased to partner with Chris and the Hecate team as they enter Hecate’s next phase of growth.”
“We are pleased to partner with Chris and the Hecate team as they enter Hecate’s next phase of growth,” stated Lipsher.
“Hecate’s significant portfolio, combined with the team’s strong reputation and proven execution, positions Hecate exceptionally well to meet the rising demand for reliable power from data centers and hyperscalers as well as other large consumers of power. We believe Hecate is uniquely positioned to capitalize on this opportunity and deliver meaningful long-term value.”
Hecate’s shareholders will roll 100% of their equity into the public company and the existing management team will continue to lead the business.
The deal is expected to close in mid-2026 subject to customary conditions, including approval by EGH shareholders.