HGP plans to go public via blank-check deal valuing firm at $1.2 billion

HGP Intelligent Energy, a Dallas-based nuclear services firm, is going public through a merger with special purpose acquisition company Meshflow Acquisition Corp. in a deal that implies a pro forma equity value of roughly $1.2 billion. The transaction is expected to raise about $345 million in gross proceeds, money HGP plans to pour into commercializing nuclear technology designed to power AI data centers and local power grids. The SPAC, which trades on Nasdaq under the ticker MESH, will combine with HGP under a newly created holding company called Leyte Parent, Inc. HGP’s pre-money equity valuation sits at $800 million, with the $1.2 billion figure contingent on zero redemptions by Meshflow shareholders. What HGP actually does HGP isn’t building reactors from scratch. Its flagship effort, called the CoreHeld initiative, takes a more recycling-minded approach: retrofitting decommissioned naval reactors into commercial power plants capable of producing between 450 and 520 megawatts of electricity. The company operates at what it calls the Integrated Naval Nuclear Energy Campus, where it develops two key pieces of proprietary technology. The first is a variable-speed reactor coolant ...