Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Taina Rosa, Olivia Meyer
09.08.26
Pillsbury advised HGP Intelligent Energy, LLC in connection with its definitive business combination agreement with Meshflow Acquisition Corp., a publicly traded special purpose acquisition company. Under the terms of the business combination agreement, HGP and Meshflow will combine under a newly formed Delaware holding company which, upon completion of the transaction, will become the publicly traded parent company of the combined business.
Headquartered in Dallas, Texas, HGP develops load-following technology for nuclear power plants. Its control layer pairs the NthSim digital twin software, which models reactor state and thermal margin in real time, with variable-speed reactor coolant pumps to allow a reactor to change power through coolant flow rather than control rod movement. This enables islanded operation alongside artificial intelligence data centers and other variable loads.
The transaction implies a pro forma enterprise value of approximately $921 million and a pro forma equity value of approximately $1.2 billion, in each case assuming no redemptions.
The transaction is expected to generate approximately $345 million in gross proceeds before potential redemptions. The proceeds will support further development of HGP’s reactor technology and Integrated Naval Nuclear Energy Campus, as well as working capital and transaction expenses.
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The Pillsbury deal team was led by Global Energy Industry practice leader and partner Elina Teplinsky and Capital Markets practice leader and Corporate and Securities partner Davina K. Kaile. The deal team also included Corporate counsel Brandon Eckford, senior associate Erin Choo, and associate Carissa Lee; Executive Compensation & Benefits partner Jessica Lutrin and associate Ryan Kenny; Employment Law partner Rebecca Carr Rizzo; Tax partner Brett Willis; and Energy counsel M.C. Hammond.