Greenrock (CLRC)
Market Price (6/11/2026): $0 | Market Cap: $-Sector: Industrials | Industry: Construction & Engineering
Greenrock (CLRC)
Market Price (6/11/2026): $0Market Cap: $-Sector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Key risksCLRC key risks include [1] failure to complete its pending business combination, Show more. |
| Key risksCLRC key risks include [1] failure to complete its pending business combination, Show more. |
Qualitative Assessment
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Updated on 6/1/2026
Greenrock (CLRC) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Ongoing SPAC Business Combination and Regulatory Filings: Greenrock (CLRC) is a Special Purpose Acquisition Company (SPAC) that entered into a definitive agreement to combine with GreenRock for approximately $446 million in share compensation in January 2024. The company announced the filing of a registration statement on Form F-4 for this proposed business combination on June 4, 2026, during fiscal Q2 2026, indicating the merger is in progress but not yet finalized. The stock price of SPACs often remains largely at the level of their trust value during the pre-combination phase until the transaction is fully completed and de-risked.
2. Absence of Independent Operating Performance: As a SPAC, Greenrock (CLRC) does not have significant independent operations or revenue-generating activities prior to the completion of its business combination. The company's financial performance, such as a recent quarterly net income of -$487,305 reported for fiscal Q3 2025, primarily reflects the operational costs and investments of a pre-revenue entity rather than traditional business performance that would typically drive stock volatility.
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Greenrock (CLRC) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Ongoing SPAC Business Combination and Regulatory Filings: Greenrock (CLRC) is a Special Purpose Acquisition Company (SPAC) that entered into a definitive agreement to combine with GreenRock for approximately $446 million in share compensation in January 2024. The company announced the filing of a registration statement on Form F-4 for this proposed business combination on June 4, 2026, during fiscal Q2 2026, indicating the merger is in progress but not yet finalized. The stock price of SPACs often remains largely at the level of their trust value during the pre-combination phase until the transaction is fully completed and de-risked.
2. Absence of Independent Operating Performance: As a SPAC, Greenrock (CLRC) does not have significant independent operations or revenue-generating activities prior to the completion of its business combination. The company's financial performance, such as a recent quarterly net income of -$487,305 reported for fiscal Q3 2025, primarily reflects the operational costs and investments of a pre-revenue entity rather than traditional business performance that would typically drive stock volatility.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
2/28/2026 to 6/10/2026| Return | Correlation | |
|---|---|---|
| CLRC | 0.0% | |
| Market (SPY) | 6.0% | � |
| Sector (XLI) | -4.0% | � |
Fundamental Drivers
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Market Drivers
11/30/2025 to 6/10/2026| Return | Correlation | |
|---|---|---|
| CLRC | 0.0% | |
| Market (SPY) | 6.8% | � |
| Sector (XLI) | 11.1% | � |
Fundamental Drivers
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Market Drivers
5/31/2025 to 6/10/2026| Return | Correlation | |
|---|---|---|
| CLRC | 0.0% | |
| Market (SPY) | 24.5% | � |
| Sector (XLI) | 20.4% | � |
Fundamental Drivers
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Market Drivers
5/31/2023 to 6/10/2026| Return | Correlation | |
|---|---|---|
| CLRC | 0.0% | |
| Market (SPY) | 80.4% | � |
| Sector (XLI) | 83.2% | � |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CLRC Return | - | - | - | - | - | - | - |
| Peers Return | 4% | 19% | 17% | 44% | 49% | 8% | 234% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| CLRC Win Rate | - | - | - | - | - | - | |
| Peers Win Rate | 64% | 56% | 52% | 59% | 58% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CLRC Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -27% | -46% | -36% | -33% | -45% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEE, CEG, FSLR, GEV, FLNC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/10/2026 (YTD)
How Low Can It Go
In The Past
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In The Past
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Greenrock (CLRC)
We are a newly organized blank check company formed as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination. We have not selected any specific initial business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any target. We may pursue an initial business combination target in any industry or sector, but we expect to focus on acquiring a target within the sustainable energy industry in the OECD countries, including climate change, environment, renewable energy and emerging, clean technologies. While we are not limited to investing in a company in a specific geographic region, we expect to focus on Organization for Economic Co-operation and Development (the “OECD”) countries and regions with strong policy and regulatory support for the green energy transition. Management believes that this offers considerable, attractive acquisition opportunities given the current OECD Environmental, Social and Corporate Governance (“ESG”) principles and the opportunity for growth and financial return. Our executive offices are located at 50 Sloane Avenue, London, SW3 3DD, United Kingdom.
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1. "It's like **Blackstone** (a major private equity firm), but specialized in finding just one green energy company to buy and take public."
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- **Business Combination Facilitation:** Greenrock's primary service is to identify, acquire, and merge with one or more private operating businesses, particularly within the sustainable energy industry in OECD countries, to take them public.
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Greenrock (symbol: CLRC) is described as a "newly organized blank check company" formed for the purpose of effecting a business combination (such as a merger, acquisition, or share exchange) with one or more businesses. It has not yet selected any specific initial business combination target.
As a Special Purpose Acquisition Company (SPAC) or blank check company, Greenrock (CLRC) does not have traditional major customers that purchase goods or services. Its primary purpose is to identify and acquire a private operating company, which it would then take public. Therefore, it does not sell products or services to other companies or to individuals.
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Per Regnarsson, Chief Executive Officer
Per Regnarsson serves as the Chief Executive Officer of ClimateRock (CLRC) and is expected to lead the combined entity after its business combination with GreenRock. His past roles include Director of Gluon Capital and Founding Advisory Partner of Impactirr Alliance.
Michael Geary, Interim Chief Financial Officer
Michael Geary was appointed as the Interim Chief Financial Officer of ClimateRock in April 2025. He brings over 35 years of experience in finance across various industries, including a recent role as CFO at GreenRock Corp.
Charles Ratelband V, Executive Chairman
Charles Ratelband V is the Executive Chairman of ClimateRock (CLRC) and is the founder and Managing Director of the sustainable investment firm WindShareFund. He is expected to retain a role as a member of the Executive Board of the combined company.
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The key risks to Greenrock (symbol: CLRC), a blank check company identified as ClimateRock, which is currently in the process of merging with GreenRock Corp, are primarily associated with the completion and outcome of this business combination. Here are the key risks: 1. **Failure to complete the business combination.** ClimateRock (CLRC) has entered into an agreement to merge with GreenRock Corp, an independent energy producer. However, the completion of this transaction is subject to various closing conditions, including regulatory approvals and shareholder consent from both ClimateRock and GreenRock Corp. If these conditions are not met, or if the deal encounters unforeseen obstacles and fails to close, CLRC would either need to identify another acquisition target or proceed with liquidation, leading to uncertainty and potential loss of investment opportunity for its shareholders. 2. **Significant shareholder redemptions.** Public shareholders of ClimateRock (CLRC) have the right to redeem their shares for cash prior to the completion of the business combination. A high rate of redemptions could substantially reduce the amount of cash available in the trust account for the combined entity, potentially making the merger less attractive, hindering its completion, or leaving the post-merger company with insufficient working capital. ClimateRock has previously experienced considerable redemptions, impacting its available trust funds. 3. **Risks related to the performance of GreenRock Corp and the realization of anticipated benefits.** Although CLRC is currently a shell company, its future value and the success of its shareholders are directly tied to the operational performance of GreenRock Corp after the merger. A substantial portion of the merger consideration payable to GreenRock Corp shareholders is contingent on GreenRock Corp achieving specific financial targets, such as adjusted EBITDA for 2024. If GreenRock Corp fails to meet these performance benchmarks, it could negatively impact the financial viability and overall value of the combined company, thereby posing a significant risk to CLRC's shareholders who will become shareholders of the combined entity. There are also inherent business risks associated with GreenRock Corp's operations in the sustainable energy industry and the complexities of integrating the two companies.AI Analysis | Feedback
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The future revenue growth of Greenrock (CLRC), a Special Purpose Acquisition Company (SPAC) currently in the process of a business combination, is expected to be driven by the operational activities and strategic initiatives of the target entity, GreenRock Corp. (the independent energy producer), once the merger is complete. Based on information regarding the proposed business combination, key drivers of future revenue growth for the combined entity over the next 2-3 years include:
- Expansion of Renewable Energy Project Development and Operations: A primary driver will be the continued development, construction, and operationalization of large-scale renewable energy projects, specifically solar photovoltaic and wind power projects. GreenRock has a track record in delivering comprehensive turnkey solutions in this area, including greenfield development and technical design. The proposed acquisition of TEP Renewables Limited is expected to form GreenRock's primary solar development division, while Accretion Energies Limited will contribute operational wind assets, further expanding revenue generation in these sectors.
- Growth in Battery Energy Management and Storage Solutions: GreenRock is focused on integrating renewable power solutions with battery energy management. The expansion and deployment of these battery storage solutions will be a significant contributor to future revenue, as they enhance grid stability and optimize renewable energy utilization.
- Development and Commercialization of Green Hydrogen Production: GreenRock is actively embarking on green hydrogen developments, with a particular focus on the hydrogen transition of industrial users. This strategic focus positions the company to generate revenue from the production and sale of green hydrogen, aligning with global decarbonization efforts and capitalizing on an emerging market for sustainable energy solutions.
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Share Repurchases
- Public shareholders of ClimateRock (CLRC) redeemed approximately 67.3% of shares in an earlier extension, resulting in about $26.8 million remaining in trust.
- As of April 25, 2024, requests were received to redeem a total of 111,915 Class A ordinary shares.
- Shareholders can redeem shares at approximately $13.16 per public share in connection with extension votes.
Share Issuance
- ClimateRock (CLRC) completed its initial public offering (IPO) on May 2, 2022, issuing 7,875,000 units and 3,762,500 private placement warrants, raising gross proceeds of $82,512,500.
- In connection with the proposed business combination, GreenRock's shareholders are expected to receive 32,000,000 newly-issued ordinary shares of the combined holding company.
Inbound Investments
- The initial public offering (IPO) of ClimateRock (CLRC) generated gross proceeds of $82,512,500.
- A concurrent private placement of 3,762,500 warrants was made to the sponsor during the IPO.
- GreenRock (the target company) has secured $20 million in PIPE (Private Investment in Public Equity) and a $25 million equity line, which will be available upon the closing of the business combination.
Outbound Investments
- ClimateRock (CLRC) entered into a definitive agreement to combine with GreenRock, initially involving up to $446 million in share compensation to GreenRock shareholders.
- The terms of the merger agreement were later amended, with the consideration to GreenRock shareholders set at 32,000,000 newly-issued ordinary shares of the combined entity.
Capital Expenditures
- As a blank check company, ClimateRock (CLRC) has not generated revenue and does not have traditional capital expenditures.
- The target company, GreenRock, focuses on developing solar photovoltaic and wind farms and plans strategic expansion into battery energy management and green hydrogen production.
Research & Analysis
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 242.30 |
| Mkt Cap | 85.8 |
| Rev LTM | 27,867 |
| Op Inc LTM | 1,721 |
| FCF LTM | 1,668 |
| FCF 3Y Avg | 56 |
| CFO LTM | 4,555 |
| CFO 3Y Avg | 1,232 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.9% |
| Rev Chg 3Y Avg | 10.4% |
| Rev Chg Q | 16.3% |
| QoQ Delta Rev Chg LTM | 3.4% |
| Op Inc Chg LTM | 25.3% |
| Op Inc Chg 3Y Avg | 122.6% |
| Op Mgn LTM | 16.9% |
| Op Mgn 3Y Avg | 14.3% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 22.9% |
| CFO/Rev 3Y Avg | 13.0% |
| FCF/Rev LTM | 8.5% |
| FCF/Rev 3Y Avg | -2.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 85.8 |
| P/S | 4.9 |
| P/Op Inc | 17.0 |
| P/EBIT | 15.2 |
| P/E | 21.7 |
| P/CFO | 14.4 |
| Total Yield | 5.0% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | -3.5% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -14.3% |
| 3M Rtn | 2.3% |
| 6M Rtn | -4.9% |
| 12M Rtn | 51.4% |
| 3Y Rtn | 29.8% |
| 1M Excs Rtn | -12.3% |
| 3M Excs Rtn | -5.0% |
| 6M Excs Rtn | -8.7% |
| 12M Excs Rtn | 34.6% |
| 3Y Excs Rtn | -43.7% |
Earnings Returns History
Updated 6/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Construction & Engineering Resources |
| Engineering News-Record (ENR) |
| Construction Dive |
| Civil Engineering Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/10/2026