One Power, which builds and operates large-scale power systems for industrial applications, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.
One Power had previously planned to go public via a merger with SPAC TortoiseEcofin Acquisition III (TRTL), but terminated the agreement this past July.
One Power is a vertically integrated industrial power company that develops, builds, owns, and operates on-site power solutions for large and emerging industrial customers. The company offers a range of large-scale power solutions to industrial customers including Megawatt Hubs, Wind for Industry, ManagedHV, and Net Zero projects. One Power is a "self-perform" contractor, meaning it performs the majority of its construction activities directly, with substantial in-house capabilities for executing the construction of power infrastructure. It typically enters into long-term and medium-term agreements with customers for its power solutions.
The Findlay, OH-based company was founded in 2009 and booked $6 million in revenue for the 12 months ended September 30, 2024. It plans to list on the NYSE under the symbol ONE. One Power filed confidentially on November 12, 2024. Stifel is the sole bookrunner on the deal. No pricing terms were disclosed.