Catcha Diversifies Into LNG Post RM2.8 Billion Deal With Crown LNG

Catcha Diversifies Into LNG Post RM2.8 Billion Deal With Crown LNG

Catcha Group announced that it has completed its business combination with Crown LNG Holding AS, a leading provider of LNG liquefaction and regasification terminal technologies for harsh weather locations.

The pre-money valuation of Crown is approximately US$600 million (~RM2.8 billion). The group said the combined entity will be renamed Crown LNG Holdings Limited and, commencing on 10 July, 2024, the Class A ordinary shares and warrants of the Company will trade on the Nasdaq under the new ticker symbols “CGBS” and “CGBSW,” respectively.

Founded and helmed by CEO, Patrick Grove, Catcha will now be active in the two critical parts of the LNG value chain namely, liquefaction, where natural gas from producers is supercooled to a liquid for transport by ship as LNG and regasification, where the LNG is turned back into gas and delivered to consumers and businesses as natural gas.

With expertise in both areas, Crown has the potential to enable stable, secure, year-round LNG supplies to growing markets and locations exposed to harsh weather conditions. In doing so, the Company aims to expand the global market for LNG (particularly LNG supplied from the U.S.) and contribute to lower carbon emissions in markets it serves by replacing coal with LNG. Crown’s bottom- fixed, gravity based structure design also is expected to ensure lower cost and a reduced environmental footprint versus a comparable land-based LNG terminal alternative.

Currently, Crown is advancing development of two projects toward final investment decision – Kakinada, on the east coast of India, and Grangemouth, in Scotland.

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