Heramba, a special-purpose company focused on investing in companies with technologies and capabilities that can accelerate the decarbonization of commercial transportation, agreed to go public via a SPAC merger with Project Energy Reimagined Acquisition, a special purpose acquisition company, in a $450m deal. "The combination of PERAC and Heramba Electric marks a significant milestone in establishing a global leadership position in commercial and public transportation. Following the anticipated completion of the Business Combination, we believe that the combined company will have the backing of high-quality investors to further expand into the US markets," Eric A. Spiegel, PERAC Director.