Greenberg Traurig Advises Cartesian Growth Corporation II on $1.2B Go-Public Merger with InoBat

Cartesian Growth Corporation II has entered into a definitive business combination agreement with InoBat AS, a European battery energy storage systems and battery technology company, in a transaction valued at $1.2 billion. The announcement was made on August 3, 2026, and the deal is expected to close in late 2026, subject to customary closing conditions, including shareholder approval. Following the merger, InoBat is anticipated to trade on Nasdaq under the ticker symbol "INBT."

The proposed transaction values InoBat at approximately $1.265 billion on a pre-money, pre-merger basis, which includes earn-out considerations linked to the achievement of specific strategic and financial milestones. Additionally, the deal features a private investment in public equity (PIPE) component, which has garnered commitments of $77.5 million from institutional investors and current shareholders of InoBat. This financial backing underscores the confidence in InoBat's growth potential within the rapidly evolving battery technology sector.

InoBat is strategically positioned to address the increasing power demands driven by the expansion of artificial intelligence infrastructure and hyperscale data centers. The company has successfully contracted or delivered 875 megawatt-hours of utility-scale battery energy storage systems across Europe. Through its BESSMONT platform, InoBat serves a diverse clientele, including industrial and utility customers, thereby enhancing its market presence and operational capabilities.

The battery technology sector is experiencing significant growth as global demand for energy storage solutions intensifies. Factors such as the transition to renewable energy sources, the rise of electric vehicles, and the increasing reliance on data centers are driving investments in battery technologies. InoBat's focus on innovative energy storage solutions positions it well to capitalize on these trends, making it an attractive target for SPAC transactions like the one with Cartesian Growth Corporation II.

As the market for battery technologies continues to expand, this transaction reflects a broader trend of increasing interest from investors in companies that provide sustainable energy solutions. The successful completion of this merger could pave the way for further consolidation in the sector, as companies seek to enhance their technological capabilities and market reach in response to growing energy demands.