Wedoany.com Report-Dec.28, American Critical Resources (ACR), the developer of the Hell's Kitchen geothermal and lithium project in California, has taken an initial step toward becoming a publicly listed company in the United States.

On December 19, ACR announced it signed a non-binding letter of intent (LOI) with Plum Acquisition Corp. IV (Nasdaq: PLMK), a publicly traded special purpose acquisition company (SPAC). If completed, the proposed business combination would list ACR on a U.S. national securities exchange, subject to negotiation of a definitive agreement, due diligence, board and shareholder approvals, and regulatory review.

ACR was established by Controlled Thermal Resources (CTR) to advance the Hell's Kitchen project, located at the Salton Sea in Imperial County, California. The integrated initiative combines geothermal power generation with direct lithium extraction from geothermal brines, positioning it at the intersection of renewable energy production and critical minerals supply.

The project includes Stage 1 assets of CTR's Hell's Kitchen development, along with three additional lithium production facilities. Across four stages, it aims to deliver a total output of 50 megawatts of renewable electricity and approximately 100,000 metric tons annually of lithium carbonate.

The Hell's Kitchen resource has already secured more than $285 million in private investment. CTR has completed a definitive feasibility study for Stage 1, validated by Baker Hughes. Ongoing research also explores additional critical minerals present in the brines, such as potash, zinc, manganese, rubidium, cesium, and rare earth elements.

Rod Colwell, CEO of Controlled Thermal Resources, said the proposed transaction would help unlock the full potential of the Hell's Kitchen resource after more than a decade of development.

Kanishka Roy, CEO of Plum Acquisition Corp. IV, said the SPAC sees ACR as a company positioned to deliver long-term value by combining renewable energy production with critical minerals development.

Plum IV indicated that the combination is intended to accelerate ACR's development timeline, strengthen its balance sheet, and provide access to public-market capital for advancing projects aligned with U.S. energy security and manufacturing priorities.

If a definitive agreement is reached, the parties plan to file a registration statement and proxy materials with the U.S. Securities and Exchange Commission. The LOI remains non-binding, and no assurances exist that a final transaction will occur.

This proposed listing reflects increasing interest in projects that integrate renewable baseload power with domestic production of battery materials and other critical minerals. The Hell’s Kitchen initiative supports efforts to enhance supply chain resilience for clean energy technologies.