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• Investment Vehicle for Public Market Entry: Provided investors with an opportunity to invest in a private company identified and acquired by the SPAC management, facilitating its transition to a publicly traded entity.
• Public Listing Facilitator: Offered a private company an alternative path to becoming publicly traded through a business combination, bypassing the traditional initial public offering (IPO) process.

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Alussa Energy Acquisition II (symbol: ALUB) was a Special Purpose Acquisition Company (SPAC). As a SPAC, its primary purpose was to raise capital through an Initial Public Offering (IPO) and then acquire an existing private company, thereby taking it public. Therefore, ALUB itself did not have major customers selling products or services in the traditional sense.

On December 15, 2023, Alussa Energy Acquisition II completed its business combination with Montage Health. The combined entity now operates as Montage Health Holdings, LLC, and its shares currently trade under the symbol MNTG on Nasdaq. If the question refers to the operating entity that resulted from the ALUB business combination, its major customers are primarily individuals.

Categories of Customers Served by Montage Health Holdings, LLC (resulting from ALUB merger):

• Patients/Individuals: These are the people directly receiving medical care, health services, and wellness programs offered by Montage Health's facilities, including hospitals (such as Community Hospital of the Monterey Peninsula), clinics, and other healthcare providers in the Monterey Bay area.
• Health Insurance Companies and Government Payers: While individuals are the direct recipients of care, these entities act as major customers by providing reimbursement for the services rendered. This category includes private health insurance companies (e.g., Anthem Blue Cross, Aetna, Cigna) and government-sponsored healthcare programs (e.g., Medicare, Medi-Cal) that cover the costs of care for their policyholders or beneficiaries.

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Ole Slorer, Chief Executive Officer and Director

Ole Slorer is a seasoned finance and energy industry executive. He previously served as a Managing Director and Head of Energy and Infrastructure Investment Banking at BTIG. Prior to BTIG, he was a managing director and the global head of energy research at Morgan Stanley from 2001 to 2018.

Benjamin W. Atkins, Chief Financial Officer

Benjamin W. Atkins is an advisor to Alussa Energy, which he founded in 2019, and Actus Logistics. He is also a co-founder and partner of Rugen Street Capital. Previously, he was the Chief Financial Officer of Eurasia Drilling Company Ltd (LSE:EDCL) from 2008 to 2015. He has served as a Director and Chairman of the Compensation Committee of Gulf Marine Services (LON: GMS) and as a Director of Eurasia Drilling Company Limited and SOMA Oil and Gas.

W. Richard Anderson, Chairman and Director

W. Richard Anderson is the CEO of Coastline Exploration Limited, a company with deep water offshore exploration licenses in Somalia.

Daniel Barcelo, Director

Daniel Barcelo serves as a Director for Alussa Energy Acquisition II.

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Key Risks to Alussa Energy Acquisition II (ALUB)

1. Failure to Complete a Business Combination: As a Special Purpose Acquisition Company (SPAC), Alussa Energy Acquisition II's primary risk is its inability to identify and successfully complete a business combination within the predetermined timeframe, typically 24 months from its initial public offering (IPO) closing date. If the company fails to execute a merger or acquisition within this period, the funds held in the trust account would be returned to shareholders, potentially leading to a loss of the initial investment for investors, excluding the sponsor's founder shares.
2. Limited Financial Information and Reliance on Sponsor's Reputation: Investors in SPACs like Alussa Energy Acquisition II face the risk of limited financial information about a target company prior to a definitive agreement. This necessitates a significant reliance on the reputation and track record of the SPAC's sponsors, rather than comprehensive financial data of the acquired entity. Such a reliance can result in acquiring companies at valuations that may not be fully supported by robust financial fundamentals.
3. Conflicts of Interest and Potential for Misconduct: A notable risk involves potential conflicts of interest between the SPAC's sponsors and its public shareholders. Sponsors often possess strong incentives to finalize a de-SPAC transaction, even if it is not the most advantageous outcome for public shareholders, to prevent the forfeiture of their initial investment. Furthermore, there is a possibility of misleading statements or insufficient due diligence during SPAC transactions.

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• Increased competition for desirable acquisition targets: The proliferation of Special Purpose Acquisition Companies (SPACs) in recent years has intensified the competition for attractive private companies seeking to go public. This elevated competition can drive up valuations, making it more challenging for Alussa Energy Acquisition II to identify and secure a high-quality acquisition target at a reasonable price within its mandated timeframe.
• Evolving regulatory scrutiny and investor skepticism regarding SPACs: Following a period of significant growth, the SPAC market has faced increasing regulatory scrutiny from bodies such as the SEC and a general shift towards investor skepticism due to the underperformance of many de-SPACed companies. This environment makes it more challenging for SPACs to successfully complete mergers, secure additional financing (PIPEs), and retain shareholder capital, thus threatening the viability of their acquisition plans.

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Expected Drivers of Future Revenue Growth for Alussa Energy Acquisition II (ALUB)

The future revenue growth for Alussa Energy Acquisition II (ALUB) over the next 2-3 years is primarily contingent upon its evolution from a Special Purpose Acquisition Company (SPAC) into an operating entity through a successful business combination. As a blank check company, ALUB currently generates no operating revenue.

1. Successful Completion of a Business Combination: The most critical driver for ALUB's future revenue growth is the successful identification, acquisition, and integration of an operating business. Alussa Energy Acquisition II was formed with the express purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination. Once a business combination is completed, the revenue generated by the acquired entity will become ALUB's revenue, forming the basis for future growth.
2. Growth within the Energy and Power Infrastructure Sectors: Alussa Energy Acquisition II intends to focus its search for a business combination on high-potential companies within the energy and power infrastructure sectors. The underlying growth of the acquired company within these sectors, driven by market demand, infrastructure development, and technological advancements, will directly translate into revenue growth for the combined entity.
3. Expansion in Businesses Focused on Renewable Energy Transition: The company has stated its intent to particularly target businesses that are empowering or beneficiaries of the continued transition towards renewable energy. As the global shift towards sustainable energy accelerates, revenue growth for an acquired company in this space would be driven by increasing adoption of renewable technologies, new project development, and supportive regulatory environments.
4. Realization of Target Enterprise Value: Alussa Energy Acquisition II seeks to acquire one or more businesses with an aggregate enterprise value of approximately $1.0 billion to $1.5 billion. A successful acquisition within this target range would establish a substantial revenue base, providing a significant platform for the combined company to achieve further scale and growth through its operational activities, market share expansion, and potential synergistic benefits.

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Share Issuance

• Alussa Energy Acquisition Corp. II completed its initial public offering (IPO) in November 2025, raising $287.5 million through the sale of 28.75 million units at $10 per unit, which included the full exercise of the underwriters' over-allotment option.
• Concurrent with the IPO closing, the company completed a private placement of 2.5 million warrants to its sponsor at $1 per warrant, generating an additional $2.5 million in proceeds.
• The gross proceeds from the combined offerings, totaling $287.5 million, were placed into a trust account, intended to fund a future business combination.

Outbound Investments

• As a blank check company (SPAC), Alussa Energy Acquisition II was formed with the purpose of effecting a merger, share exchange, asset acquisition, or similar business combination with one or more businesses.
• The company intends to focus on acquiring businesses in the energy and power infrastructure sectors, particularly those involved in the transition towards renewable energy.
• Alussa Energy Acquisition II aims to acquire one or more businesses with an aggregate enterprise value of approximately $1.0 billion to $1.5 billion.