TortoiseEcofin Acquisition Corp. III (TRTL) Bundle
A Brief History of TortoiseEcofin Acquisition Corp. III (TRTL)
Formation and Initial Public Offering
Formation and Initial Public Offering
TortoiseEcofin Acquisition Corp. III (TRTL) was formed as a special purpose acquisition company (SPAC) by Tortoise Acquisition Corp. in 2021. The company aimed to focus on the energy and sustainability sectors. The initial public offering (IPO) took place on March 24, 2021, raising $250 million by offering 25 million units at $10.00 per unit.
Business Combination
On September 29, 2021, TRTL announced the business combination with EVgo Inc., a leading electric vehicle (EV) charging network provider. The transaction valued EVgo at approximately $2.6 billion. The deal was completed on November 22, 2021, with TRTL shareholders receiving shares of the combined company.
Listing and Trading Performance
Following the merger, shares of the newly formed company began trading on the NASDAQ under the ticker symbol EVGO. The stock opened at approximately $10.73 and experienced volatility in its early trading days, with a peak price of $13.39 shortly after the merger announcement.
Financial Performance and Metrics
In its first quarter as a publicly-traded company, EVgo reported revenues of approximately $9.5 million. The company's net loss for the same period was around $13.4 million. By the end of the fiscal year 2021, EVgo had deployed over 800 fast charging stations in the United States.
| Year | Revenue ($ million) | Net Loss ($ million) | Charging Stations Deployed |
|---|---|---|---|
| 2021 | 9.5 | 13.4 | 800 |
| 2022 | 14.8 | 20.5 | 1,000 |
| 2023 (Projected) | 25.0 | 15.0 | 1,500 |
Market Position and Strategy
TRTL focused on expanding its market presence in the electric vehicle charging sector. As of October 2023, EVgo operates more than 1,500 fast chargers across 34 states, and its strategic partnerships include collaborations with major automotive manufacturers and retail locations.
Future Outlook
The company aims to leverage the increasing demand for EV charging infrastructure, driven by the transition to electric vehicles and government regulations promoting clean energy. Analysts project the EV charging market to grow significantly, with estimates suggesting it could reach a value of $37.5 billion by 2027.
Investment and Analyst Ratings
As of October 2023, various investment analysts have rated EVgo with strong buy and buy recommendations, citing the company's potential in the rapidly expanding EV charging market. The company’s share price has fluctuated between $8.00 and $12.00 in recent months, influenced by broader market trends and energy policy changes.
| Analyst Firm | Rating | Target Price ($) |
|---|---|---|
| Goldman Sachs | Buy | 12.00 |
| JP Morgan | Strong Buy | 11.50 |
| Morgan Stanley | Hold | 9.00 |
A Who Owns TortoiseEcofin Acquisition Corp. III (TRTL)
Ownership Structure
The ownership of TortoiseEcofin Acquisition Corp. III (TRTL) consists of various institutional and retail investors. As of the latest available data, the following detailed ownership breakdown illustrates the distribution of shares among major stakeholders.
| Owner Type | Percentage Owned | Total Shares | Notes |
|---|---|---|---|
| Institutional Investors | 71.5% | 7,150,000 | Includes large investment firms and mutual funds. |
| Retail Investors | 28.5% | 2,850,000 | Comprised of individual stockholders. |
| Insider Ownership | 5.0% | 500,000 | Includes founders and company executives. |
Major Institutional Shareholders
The following table lists the leading institutional shareholders of TortoiseEcofin Acquisition Corp. III, along with the percentage of shares they own.
| Institution | Percentage Owned | Total Shares | Investment Vehicle |
|---|---|---|---|
| BlackRock, Inc. | 9.2% | 920,000 | Mutual Fund |
| The Vanguard Group, Inc. | 8.5% | 850,000 | Exchange-Traded Fund |
| State Street Corporation | 7.8% | 780,000 | Asset Management |
| Invesco Ltd. | 5.5% | 550,000 | Mutual Fund |
Insider Ownership Details
Insider ownership plays a critical role in the governance of TortoiseEcofin Acquisition Corp. III. The individuals with the most significant stakes are detailed below.
| Name | Position | Shares Owned | Percentage of Total |
|---|---|---|---|
| David M. K. Kauffman | CEO | 300,000 | 0.3% |
| Angela L. Kauffman | COO | 150,000 | 0.15% |
| John D. Smith | CFO | 50,000 | 0.05% |
Recent Share Price Performance
The share price of TortoiseEcofin Acquisition Corp. III has shown fluctuations in the market, affecting its overall valuation and investor sentiment.
| Date | Share Price ($) | Market Cap ($MM) | Volume Traded |
|---|---|---|---|
| October 1, 2023 | 10.50 | 100.5 | 1,200,000 |
| September 1, 2023 | 11.00 | 105.0 | 900,000 |
| August 1, 2023 | 10.75 | 102.0 | 1,000,000 |
Conclusion of Ownership Structure
As demonstrated by the tables above, TortoiseEcofin Acquisition Corp. III has a diverse ownership structure comprised of institutional investors, retail investors, and insiders. This diversity reflects a broad interest in the company's future and its approach to sustainable investments.
TortoiseEcofin Acquisition Corp. III (TRTL) Mission Statement
Mission Overview
The mission of TortoiseEcofin Acquisition Corp. III (TRTL) is to identify, acquire, and manage a company in the renewable energy, sustainability, or environmentally-focused sectors, with a specific emphasis on companies that are poised for growth and have a commitment to sustainable practices.
Strategic Focus Areas
- Investing in sustainable energy solutions
- Promoting environmental responsibility
- Enhancing shareholder value through strategic acquisitions
Market Position and Financial Performance
As of September 30, 2023, TortoiseEcofin Acquisition Corp. III reported a total net asset value of approximately $320 million, with the shares trading at an average price of $10.25 per share.
Investment Criteria
TRTL evaluates potential investment targets based on the following criteria:
- Revenue growth potential
- Strong management team with relevant industry experience
- Commitment to environmental, social, and governance (ESG) principles
Corporate Governance and Values
TortoiseEcofin is committed to maintaining the highest standards of corporate governance. This includes adherence to regulatory requirements and a focus on ethical business practices.
Recent Financial Data
| Financial Metric | Amount |
|---|---|
| Total Assets | $320 million |
| Cash Held in Trust | $245 million |
| Public Shares Outstanding | 31 million |
| Investment Income (Year-to-Date) | $5 million |
Long-term Goals
TRTL’s long-term goals align with its mission to drive sustainability within its portfolio:
- Aiming for a 50% reduction in carbon emissions across its investments by 2025
- Targeting a compound annual growth rate (CAGR) of 15% for its investment returns
- Expanding its portfolio to include at least three additional companies in related sectors by 2024
Community Engagement
As part of its mission, TRTL emphasizes community engagement through:
- Partnerships with local organizations
- Investment in community renewable energy projects
- Providing educational resources on sustainable practices
Financial Strategies
TortoiseEcofin employs a variety of financial strategies to maximize its returns:
- Utilizing a combination of debt and equity financing
- Implementing rigorous risk management protocols
- Adopting a flexible investment approach to adapt to market changes
Conclusion
The mission statement of TortoiseEcofin Acquisition Corp. III reflects its commitment to sustainable investment and environmental responsibility while aiming to achieve significant financial growth.
How TortoiseEcofin Acquisition Corp. III (TRTL) Works
Background of TortoiseEcofin Acquisition Corp. III
Background of TortoiseEcofin Acquisition Corp. III
TortoiseEcofin Acquisition Corp. III (TRTL) is a special purpose acquisition company (SPAC) designed to merge with or acquire companies in the environmentally sustainable, renewable energy, and related sectors. TRTL was founded in 2020 and is part of TortoiseEcofin's strategy to invest in sustainable infrastructure.
Financial Structure
As of the last reported quarter, TRTL raised approximately $300 million in its initial public offering (IPO), which took place on March 2, 2021. The company trades on the Nasdaq under the ticker symbol TRTL.
| Financial Metric | Amount |
|---|---|
| IPO Amount | $300 million |
| Market Capitalization (as of October 2023) | $350 million |
| Cash Held in Trust | $290 million |
| Outstanding Shares | 30 million |
Investment Focus
TRTL aims to identify and partner with companies in sectors such as:
- Renewable Energy
- Energy Storage
- Electric Vehicles
- Sustainable Agriculture
- Water Treatment and Conservation
Acquisition Strategy
TRTL targets companies that demonstrate:
- Strong growth potential in sustainable sectors
- Innovative technologies
- Experienced management teams
- Positive environmental impact
Recent Developments
In September 2023, TRTL announced a proposed merger with a leading renewable energy company, with an estimated valuation of $1.2 billion. The transaction aims to enhance its portfolio and accelerate growth.
| Merger Details | Amount |
|---|---|
| Proposed Valuation | $1.2 billion |
| Target Company Revenue (2022) | $150 million |
| Projected Revenue Growth (2023) | 40% |
| Expected Close Date | Q1 2024 |
Market Position
TRTL's positioning in the SPAC market remains competitive due to a growing interest in green investments.
- SPAC Listings in 2023: 16
- Average SPAC Size in 2023: $400 million
- Percentage of SPACs focused on sustainable sectors: 25%
Regulatory Compliance
TRTL adheres to all SEC regulations pertaining to SPAC operations, ensuring transparency and accountability for its investors.
How TortoiseEcofin Acquisition Corp. III (TRTL) Makes Money
Business Model Overview
TortoiseEcofin Acquisition Corp. III (TRTL) primarily operates through its role as a Special Purpose Acquisition Company (SPAC), focusing on investing in companies within the sustainable energy and infrastructure sectors. The company aims to identify and merge with a target company, ultimately generating returns for its investors.
Revenue Generation Mechanisms
TRTL generates revenue through various channels, including:
- Transaction fees associated with mergers and acquisitions.
- Management fees from capital raised for acquisition purposes.
- Potential equity stakes in the merged entity.
Financial Performance Metrics
As of September 30, 2023, TortoiseEcofin Acquisition Corp. III reported a cash balance of approximately $345 million. This capital is primarily derived from the initial public offering (IPO) and subsequent fundraising activities.
Recent Mergers and Acquisitions
TRTL completed its business combination with a target company in the renewable energy sector in 2023, creating a combined company valued at approximately $2.1 billion at the time of the merger. This transaction leveraged TRTL's expertise in sustainable investments.
Transaction Fees
The company typically earns a fee of approximately 2% on the total transaction value when completing a merger, which for the recent deal was about $42 million.
Management Fees and Operational Expenses
TRTL charges an annual management fee of $1 million from the funds raised during its IPO to cover operational costs and management functions.
Capital Utilization
After the merger, TRTL retained a portion of its cash reserves for future investments, with approximately $100 million earmarked for further acquisitions or strategic partnerships in the sustainable energy sector.
Investments and Equity Stakes
TRTL’s investment strategy includes holding equity stakes in its target companies, which may appreciate in value over time. The current market valuation of their equity portfolio is estimated at $250 million.
| Financial Metric | Value |
|---|---|
| Cash Balance as of September 30, 2023 | $345 million |
| Value of Recent Business Combination | $2.1 billion |
| Transaction Fee Percentage | 2% |
| Transaction Fee from Recent Deal | $42 million |
| Annual Management Fee | $1 million |
| Cash Set Aside for Future Acquisitions | $100 million |
| Current Market Valuation of Equity Portfolio | $250 million |
Market Trends and Future Outlook
The renewable energy sector is projected to grow substantially, with estimates suggesting a market size of $1.5 trillion by 2025. TortoiseEcofin seeks to capitalize on this trend by aligning its acquisition strategy with leading firms in the sector.
Conclusion on Profitability Potential
The diversification of revenue streams and strategic investments in high-growth sectors positions TortoiseEcofin Acquisition Corp. III for potential profitability, with ongoing assessments of market conditions influencing future performance.
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