August 3, 2023 [Business Wire]- Crown LNG Holdings AS (“Crown” or the “Company”), a leading provider of offshore liquefied natural gas (“LNG”) liquefaction and regasification terminal infrastructure for harsh weather locations, has entered into a business combination agreement with Catcha Investment Corp (“CHAA” or “Catcha”) (NYSE American: CHAA). The combined company intends to apply to list its shares on the New York Stock Exchange under the ticker symbol “CGBS”.

Crown designs and plans to own and operate all-weather LNG liquefaction and regasification terminals, utilizing both bottom-fixed, gravity based structures (“GBS”) and floating storage and regasification units (“FSRU”)

Global demand for LNG is expected to increase from 351 million tons per annum (mtpa) in 2020 to approximately 570 mtpa by 2030, a 62% increase in a decade, driven by energy security concerns and the use of natural gas as a transition fuel across both developed markets as well as under-served developing markets

Crown is well positioned to take advantage of this significant LNG demand growth given the advantages of offshore LNG import and export facilities over onshore facilities with regard to regulatory demands, environmental impact, security requirements and overall cost

GBS applications extend beyond LNG to hydrogen, ammonia and power, extending Crown’s global addressable market

Since 2016, Crown has been developing its first two anchor projects in Kakinada, India and Grangemouth, Scotland; the Company has over 21 additional targets in its pipeline of under-served harsh-weather markets

Crown’s senior management team has 100+ years of combined industry experience with deep capabilities in oil and gas project management, multinational expansion and energy production

Pro forma implied enterprise value of the combined company will be approximately USD $685 million. The transaction, forecasted to be completed during the fourth quarter of 2023, is expected to provide $50 million of capital, with net proceeds going to fund both the Kakinada and Grangemouth projects to final investment decision (FID)

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