Greenberg Traurig’s advisory role in the $1.2 B SPAC merger signals strong investor confidence in European battery storage
Executive summary: Greenberg Traurig LLP advised Cartesian Growth Corporation II on the signing of a definitive business combination agreement with InoBat AS, a European battery energy storage company, to take InoBat public via a $1.2 billion SPAC merger. The deal provides InoBat with substantial capital to expand its battery production capacity in Europe and reflects continued interest from public‑market investors in the energy‑storage sector through the SPAC route.
Who is involved: Greenberg Traurig (law firm), Cartesian Growth Corporation II (SPAC sponsor), and InoBat AS (battery energy storage firm).
Likely next (inference): The merger will require shareholder approval from Cartesian Growth II, regulatory filings with the SEC and relevant European authorities, and is expected to close in the coming months pending those steps.
Greenberg Traurig LLP served as legal counsel to Cartesian Growth Corporation II in signing a definitive business combination agreement with InoBat AS, a European battery‑energy‑storage company, to take InoBat public via a $1.2 billion SPAC merger. The transaction underscores continued interest from public‑market investors in the energy‑storage sector, especially as Europe seeks to expand domestic battery production for electric vehicles and grid stability. While the deal provides InoBat with substantial funding to scale its gigafactory footprint, it also adds to the growing list of SPAC‑driven listings in the clean‑tech space, attracting regulatory scrutiny over disclosure and valuation practices.
What's next — scenarios
Inference: scenarios and probabilities are Beyond's assessment, not reported fact.
The Clean-Tech Momentum Base Case (55%)
Increased capital flow into European battery manufacturing infrastructure through public market vehicles.
- Successful closing of the Cartesian-InoBat merger
- Positive initial post-merger stock price stability
The Regulatory Crackdown Downside (30%)
Higher compliance costs and delayed listing timelines for upcoming European clean-tech SPACs.
- New ESMA disclosure mandates regarding SPAC valuations
- Extended SEC/European regulator review periods for InoBat's S-4 filings
The Valuation Correction Upside/Volatility Case (15%)
Shift in investor preference from growth-at-all-costs to EBITDA-positive battery plays.
- Significant haircut in InoBat's valuation during redemption period
- Low redemption rates indicating strong institutional long-term commitment
What to watch
- InoBat's official merger completion announcement (Next 60 days)
- Redemption rate percentages following the shareholder vote
- European regulatory guidance updates on SPAC-related clean-tech disclosures (Next 90 days)
- Quarterly CAPEX deployment reports from InoBat gigafactory projects
Timeline
- — Greenberg Traurig Advises Cartesian Growth Corporation II on $1.2B Go-Public Merger with InoBat (PR Newswire)
Analysis — what this means
Sectors affected
- Battery energy storage
- European EV supply chain
- SPAC market
Historical parallels
- 2021 merger of QuantumScape with Kensington Capital Acquisition Corp (SPAC) valued at $3.3 billion
- 2022 SPAC combination of Arrival with CIIG Merger Corp.