EGH Acquisition Corp

has signed a definitive business combination to take

Hecate Energy

public via a

Nasdaq SPAC listing

. The transaction values Hecate at a

$1.2 billion pre-money enterprise value

, with up to

$155 million

of trust capital available at closing, subject to redemptions.

The key insight is structural. This is not a liquidity exit. It is a

capital access move

that keeps the developer intact.

100% of Hecate’s equity rolls over

, and the

existing management team

remains in control. The SPAC is being used as

balance-sheet infrastructure

, not a sell-down.

That distinction matters because Hecate is already

late-stage

. The platform has sold

12+ GW

historically, holds

5+ GW

of

under-construction or operating assets

, and controls a

47 GW pipeline

across

26 states

. This is not speculative development capital. It is execution capital for

grid-ready, contracted power

.

Public capital gives Hecate optionality. It can continue

project monetisation

, fund balance-sheet builds, or evolve into an

IPP with recurring cash flows

. The structure avoids minority protections, staged earn-outs, or forced asset rotation typical in private growth equity.

The signal is clear. As

hyperscaler and data centre demand

accelerates, advanced US power developers are looking beyond private markets.

Public listings

are re-emerging as a way to fund scale

without giving up control

.

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