Acuity Law Supports Air Water Ventures Ltd On SPAC Merger
Acuity Law provided UK legal support to Air Water Ventures Ltd (AWV), a leading sustainable water solutions company, in connection with its entry into a definitive agreement for a business combination with publicly listed special purpose acquisition company (‘SPAC’), Athena Technology Acquisition Corp. II. This will result in the formation of The Air Water Company, which has been valued at a pre-money equity value of US$300 million and upon closing, is expected to be listed on the New York Stock Exchange.
Headquartered in Abu Dhabi, Air Water Ventures Ltd. is a first mover in direct air-to-water technology, producing quality drinking water at a lower cost and environmental impact than bottled water. The company has developed proprietary technology that delivers consistent high-quality drinking water that meets the needs of various market segments, from household to industrial, with production capacity ranging from two to 50,000 litres per day. Its airflow system is designed to extract the maximum amount of water while using minimum electricity, and its plug-and-play technology can be sited almost anywhere there is power without pipework or traditional water infrastructure.
Led by Alex Guy (Chairman and CEO) and Dave Cupit (Engineering Director), the Company’s leadership team is composed of industry experts with proven track records of building commercial enterprises with decades of experience in the materials, energy, and finance industries.
The Acuity team was led by Steve Berry, alongside Natalie Jones, Tom Saunderson and Joe Smith, who worked closely with AWV’s multi-jurisdictional team of professional advisers on this transaction. This demonstrates the high-calibre support that Acuity Law can provide to clients on complex, high-value and international transactions.
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