White & Case Advises Air Water Ventures Ltd. on Business Combination with Athena Technology Acquisition Corp. II
2 min read
Global law firm White & Case LLP has advised Air Water Ventures Ltd., a leading sustainable water solutions company, on its entry into a definitive agreement for a business combination with Athena Technology Acquisition Corp. II, a publicly listed special purpose acquisition company, which will result in the formation of The Air Water Company. The transaction values the Air Water Company at a pre-money equity value of US$300 million, and upon closing, the combined company is expected to be listed on the New York Stock Exchange.
Headquartered in Abu Dhabi, Air Water Ventures Ltd. is a first mover in direct air-to-water technology, producing quality drinking water at a lower cost and environmental impact than bottled water. The company has developed proprietary technology that delivers consistent high-quality drinking water that meets the needs of various market segments, from household to industrial, with production capacity ranging from two to 50,000 liters per day. Its airflow system is designed to extract the maximum amount of water while using minimum electricity, and its plug-and-play technology can be sited almost anywhere there is power without pipework or traditional water infrastructure.
To date, the Air Water Ventures Ltd. is one of the largest producers of sustainable water in the world and provides water to several hotel groups and government departments across the Middle East. With these relationships, The Air Water Company hopes to eliminate the use of plastic water bottles entirely on a grand scale.
The White & Case team was led by M&A partner James Hu (New York), and included associates Alexander Liebers, Yixin Yan, Joe Tawil and Michael Sciascia (all in New York); Capital Markets partner Jason Rocha, and associates Bryson Manning, Steven Amrein (all in Houston) and Melissa Curvino (New York); US Public Company Advisory partner Maia Gez and counsel Melinda Anderson (both in New York); Employment, Compensation & Benefits partner Henrik Patel and associates Peter Shelburne (both in New York) and Sadi Morandi (Houston); Intellectual Property partner Andres Liivak (New York) and associate Katharine Pearce (Silicon Valley); Data, Privacy and Cybersecurity partner F. Paul Pittman (Washington, DC) and associate Abdul Hafiz (New York); Tax partner David Dreier and associate Adriana Zhan (both in New York); Environment & Climate Change partner Seth Kerschner (New York); Real Estate partner Steven Lutt and associate Christian Berger (both in New York); White Collar partner Maria Beguiristain and associate Arianna Skipper (both in Miami); and International Trade partner Cristina Brayton-Lewis and associate Joanna Anyanwu (both in Washington, DC).
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