Tekcapital's Vesari hires adviser to pursue US listing via SPAC merger

Vesari, a portfolio company of Tekcapital PLC (LSE:TEK), the UK intellectual property investment group, has appointed ARC Group International as its capital markets adviser as it works towards a public listing. The move sent Tekcapital shares up 7% to 3.2p. Vesari plans to list through a merger with a special purpose acquisition company, or SPAC, a listed cash shell that takes a private business public without a conventional flotation. Vesari is developing geothermal power plants built alongside data centres to supply round-the-clock, carbon-free electricity for energy-hungry artificial intelligence computing. Its first target is a 100-megawatt site in the western United States, with generation placed where the power is used rather than carried across the grid. The company holds 12 US patent applications covering its campus design, a portfolio independently valued at $293 million as of 30 June. Vesari intends to bid for lease rights in the Great Basin from the US Bureau of Land Management in the fourth quarter. Clifford Gross, executive chairman of both Tekcapital and Vesari, said the AI build-out was constrained not by chips but by firm power at the point of compute. He cautioned that a deal of this kind remained subject to numerous uncertainties.