Crown LNG Holdings AS and Catcha Investment Corp. will merge, according to an Aug. 3 press release. The combined company, Crown LNG Holdings Ltd. (PubCo), plans to list its shares on the New York Stock Exchange under the ticker symbol “CGBS.”

Crown, which designs and plans to own and operate offshore LNG terminals, was founded with a vision to provide energy to areas with harsh weather conditions.

“The LNG market is being driven by strong market tailwinds, including rising energy security concerns and the increasing use of natural gas as a transition fuel with a tenth of the emissions of coal fired plants,” said Patrick Grove, CEO of Catcha. “Crown will help to enable LNG access for under-served markets which have been traditionally ignored by existing operators and at the same time benefit everyone in the ecosystem – customers, governments, producers and investors.”

Crown is currently developing its first two anchor projects in Kakinada, India, and Grangemouth, Scotland. In addition, the company has more than 21 additional targets in its purview.

“Our targeted blue-chip potential customer base will reflect the strong and growing global demand for harsh weather LNG infrastructure allowing for year-round operation to enable the global energy transition and ensure energy security by facilitating access to reliable natural gas supplies, as well as hydrogen, ammonia and power,” said Swapan Kataria, CEO of Crown. “The capital raised in this transaction will further strengthen our ability to execute on our diversified project pipeline in India, the U.K., Vietnam, Canada and other global markets.”

Pro forma implied enterprise value of PubCo will be approximately $685 million. The combination transaction is expected to provide $50 million in capital, with proceeds going to fund the Kakinada and Grangemouth projects to final investment decision.