Kuala Lumpur, Malaysia, 9 July 2024: Catcha Group, the business founded and helmed by Patrick Grove, today announced that Catcha Investment Corp (“Catcha”) has completed its business combination (the “Business Combination”) with Crown LNG Holding AS (“Crown LNG” or “Crown”), a leading provider of LNG liquefaction and regasification terminal technologies for harsh weather locations. The pre-money valuation of Crown is approximately US$600 million (~RM2.8 billion).

The combined entity will be renamed Crown LNG Holdings Limited (the “Company”) and, commencing on 10 July, 2024, the Class A ordinary shares and warrants of the Company will trade on the Nasdaq under the new ticker symbols “CGBS” and “CGBSW,” respectively.

The Catcha Group of Companies, founded and helmed by CEO, Patrick Grove, is one of the leading new economy-focused investment groups in Southeast Asia and Australia. 

The Company is active in the two critical parts of the LNG value chain: 

1. Liquefaction, where natural gas from producers is supercooled to a liquid for transport by ship as LNG

2. Regasification, where the LNG is turned back into gas and delivered to consumers and businesses as natural gas. 

With expertise in both areas, Crown has the potential to enable stable, secure, year-round LNG supplies to growing markets and locations exposed to harsh weather conditions. In doing so, the Company aims to expand the global market for LNG (particularly LNG supplied from the U.S.) and contribute to lower carbon emissions in markets it serves by replacing coal with LNG. Crown’s bottomfixed, gravity-based structure design also is expected to ensure lower cost and a reduced environmental footprint versus a comparable land-based LNG terminal alternative.

Currently, Crown is advancing the development of two projects toward the final investment decision – Kakinada, on the east coast of India, and Grangemouth, in Scotland.

Patrick Grove, CEO of Catcha said, “Crown LNG is a leader in the fast-growing LNG market and as a public company is well-positioned to capitalize on the strong market tailwinds of rising energy security concerns and the increasing use of natural gas as a transition fuel. We look forward to continuing our partnership with Crown, and are confident that the company’s deep industry experience and innovative and proven gravity-based structure technology will enable the company to be a leader in addressing the global demand for LNG.”

Swapan Kataria, CEO of Crown LNG, stated, “We are incredibly proud to complete this transaction and become a U.S. listed public company. This transformative step enables the next phase of growth at Crown, and the capital raised in this transaction will further strengthen our ability to execute on our diversified project pipeline in India, the UK, Vietnam, Canada, and other global markets. We look forward to our continued partnership with the Catcha team and delivering value to all of our stakeholders.”