Plum Acquisition Corp. IV (PLMK) agreed to merge with clean geothermal energy developer Controlled Thermal Resources to form a publicly traded entity with an estimated enterprise value of $4.7 billion, Controlled Thermal Resources said Monday.

The company said the combined organization will operate under the Controlled Thermal Resources name and trade under the new ticker CTRH on Nasdaq upon the closing of the transaction, which is expected in H2.

The deal will support the initial construction phase of Controlled Thermal Resources' Hell's Kitchen Project in California, which includes a 50-megawatt clean power facility alongside infrastructure capable of producing up to 25,000 metric tons of lithium carbonate annually, the company said.

Controlled Thermal Resources said it has already invested $185 million in equipment for the first stage of construction and secured a necessary conditional use permit.