Plum Acquisition Corp. IV Signs LOI With American Critical Resources to Advance U.S. Energy and Critical Minerals Supply

Plum Acquisition Corp. IV (NASDAQ: PLMK) announced it has entered into a non-binding letter of intent with American Critical Resources, a subsidiary of Controlled Thermal Resources Holdings Inc., for a proposed business combination aimed at accelerating the development of a strategically significant U.S.-based geothermal energy and critical minerals platform. The transaction would bring American Critical Resources public on a national securities exchange and support advancement of CTR's Hell's Kitchen project at California's Salton Sea, a globally significant geothermal lithium resource.

The project is designed to deliver renewable baseload power alongside large-scale domestic lithium production, with additional upside from the potential recovery of other critical minerals identified as vital to U.S. energy security, manufacturing, and defense. This development matters because it addresses multiple national priorities simultaneously: enhancing domestic energy independence through renewable geothermal power, securing supply chains for critical minerals essential to modern technologies, and reducing reliance on foreign sources for materials crucial to defense and manufacturing sectors.

The Hell's Kitchen project represents a convergence of energy and resource security interests that have gained increased attention in recent years. Geothermal energy provides consistent, renewable power that can operate continuously, unlike intermittent sources like solar and wind, while the lithium production component taps into growing demand for battery materials needed for electric vehicles and energy storage systems. The potential recovery of additional critical minerals further amplifies the project's strategic importance as the United States seeks to strengthen its position in global supply chains for materials essential to advanced technologies.

For more information about Plum Acquisition Corp. IV, visit https://plumpartners.com/. The announcement represents a significant step in developing domestic capabilities for both renewable energy and critical mineral production, addressing concerns about supply chain vulnerabilities that have become apparent in recent global events. By combining geothermal power generation with mineral extraction, the project offers a model for integrated resource development that could be replicated in other locations with similar geological characteristics.

The proposed business combination through Plum Acquisition Corp. IV would provide American Critical Resources with access to public markets, potentially accelerating development timelines for the Hell's Kitchen project through increased capital availability. This matters because timely development of domestic critical mineral resources has become a national security priority, with lithium and other minerals identified as essential for everything from consumer electronics to military applications. The project's location at the Salton Sea offers particular advantages due to the region's established geothermal resources and existing infrastructure, potentially reducing development costs and environmental impacts compared to greenfield mining operations.