Pillsbury Advises Terrestrial Energy on Business Combination with HCM II Acquisition Corp.

Through the transaction, Terrestrial Energy raised more than $292 million in gross proceeds, including a $50 million private investment in public equity (PIPE) from new institutional investors and approximately $242 million from HCM II’s trust account, with minimal shareholder redemptions.

The proceeds will support the commercial deployment of Terrestrial Energy’s Integral Molten Salt Reactor (IMSR), a dual-unit 822 MWth / 390 MWe small modular reactor designed to deliver high-temperature industrial heat and electricity.

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The Pillsbury deal team included Nuclear Energy partners Jeff Merrifield and Elina Teplinsky, and Corporate partner Bob Robbins and special counsel Justin Bintrim.

In 2024, the firm also advised Oklo Inc., an advanced fission technology and nuclear fuel recycling company, in entering into a definitive agreement to merge with special purpose acquisition company AltC Acquisition Corp. The company recently broke ground for its first small-scale reactor in Idaho.

Named the Most Innovative Law Firm in North America in the Energy Transition (Financial Times, 2023 and 2024) and ranked as Band 1 in nuclear energy by both Chambers USA and Chambers Global, Pillsbury possesses the oldest and largest nuclear practice globally, with a track record full of firsts for more than 50 years. Our dedicated nuclear team of fourteen industry-leading practitioners is supported by more than 100 attorneys firmwide across corporate/M&A, tax, projects, real estate and construction, international trade, litigation, and public policy practices. Together, the team advises nuclear technology companies, investors and financiers on all aspects of their corporate, commercial and regulatory activities—supporting the deployment of next-generation nuclear technologies driving the global energy transition.