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• Facilitating Business Combinations: Karbon Capital Partners' sole activity and purpose is to identify and effect a merger, acquisition, or similar business combination with one or more private operating businesses, primarily within the broadly defined energy industry.

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Based on the provided company description, Karbon Capital Partners (KBON) is a Special Purpose Acquisition Company (SPAC). Its primary purpose is to effect a business combination with one or more businesses. The company description explicitly states:

• "Our only activities since inception have been organizational activities and those necessary to prepare for this offering."
• "We have generated no operating revenues to date, and we do not expect that we will generate operating revenues until we consummate our initial business combination."

As a blank check company that has not yet completed a business combination and has no operating revenues, Karbon Capital Partners (KBON) does not currently have any major customers or generate revenue from selling products or services. Therefore, it has no major customers to identify at this stage.

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Thomas F. Karam
Chief Executive Officer & Director

Mr. Karam serves as the Independent Board Chair and a Director of EQT Corporation, a hydrocarbon exploration company.

Jeffrey J. Zajkowski
Chief Financial Officer & Director

Mr. Zajkowski previously served as the Head of North American Equity Capital Markets at JP Morgan.

Joseph Anthony Manchin III
Independent Chairman

Mr. Manchin is a former U.S. Senator for West Virginia. He has been nominated to serve as the chairman of Karbon Capital Partners' board of directors.

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Key Business Risks for Karbon Capital Partners (KBON)

1. Inability to Complete an Initial Business Combination: As a newly organized blank check company, Karbon Capital Partners' primary objective is to complete a merger, amalgamation, or similar business combination with one or more businesses. A significant risk is the potential inability to identify and successfully acquire a suitable target company within its specified timeframe, typically 18 to 24 months, though extensions are possible. If a business combination is not consummated, the company must liquidate, returning capital from its trust account to public shareholders, which would result in the sponsor's at-risk capital becoming worthless and public shareholders losing potential investment gains.
2. Dilution of Shareholder Value: Even if a business combination is successfully completed, shareholders face the risk of dilution. SPAC structures often involve founder shares and warrants, which can lead to a decrease in the ownership percentage and value of individual shares held by public investors post-acquisition.
3. Reliance on Specific and Potentially Competitive Industry Sectors: Karbon Capital Partners intends to concentrate its acquisition efforts on target businesses within the broadly defined energy industry, with a focus on power generation, energy infrastructure, and energy technology and security sectors, driven by the expanding needs of Artificial Intelligence (AI)/data centers and Liquefied Natural Gas (LNG). This specialization, combined with potential competition for attractive targets in these "hot" sectors, could make it challenging to identify and secure a suitable acquisition at a favorable valuation. Adverse market conditions, increased competition, or regulatory changes within these specific industries could further complicate the acquisition process and impact the long-term success of the combined entity.

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Karbon Capital Partners (KBON) is a blank check company intending to focus its investments on the broadly defined energy industry, with a particular emphasis on power generation, energy infrastructure, and energy technology and security sectors, driven by the expanding energy needs related to Artificial Intelligence (AI)/data centers and Liquefied Natural Gas (LNG).

The addressable markets for these areas are substantial and growing:

• Power Generation: The global power generation market was valued at USD 1,185.11 billion in 2025 and is projected to grow to USD 2,222.31 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 6.85% during the forecast period. Another estimate values the global market at USD 1.595.40 billion in 2024, reaching USD 2.439.33 billion by 2031 with a CAGR of 6.25% from 2024 to 2031. North America held a significant share of this market, accounting for 47.12% in 2023.
• Energy Infrastructure: The global clean energy infrastructure market, which includes systems for generating, storing, transmitting, and managing energy with minimal environmental impact, was valued at USD 0.7 trillion in 2023. It is estimated to reach USD 1.8 trillion by 2033, growing at a CAGR of 9.2% from 2024 to 2033. Global grid investment is expected to exceed USD 410 billion in 2025, with an estimated annual need of approximately USD 600 billion by 2030 to meet climate and energy goals.
• Energy Technology and Security: The global market for six core clean energy technologies (solar PV, wind turbines, electric cars, batteries, electrolyzers, and heat pumps) is projected to rise from USD 700 billion in 2023 to more than USD 2 trillion by 2035. The global renewable energy technology market size is expected to reach USD 974.6 billion by the end of 2025 and USD 2,014.37 billion by 2033, growing at a CAGR of 9.5% from 2025 to 2033. Additionally, the global digital energy market, which includes smart grids and IoT for energy, is estimated to be USD 610.32 billion in 2025 and is expected to reach USD 1,101.44 billion by 2032, with a CAGR of 8.8% from 2025 to 2032.

Specific to AI/Data Centers:

• Data Center Power Market: The global data center power market size was estimated at USD 22.77 billion in 2025 and is projected to reach USD 71.76 billion by 2033, growing at a CAGR of 15.7% from 2026 to 2033. North America held the largest global revenue share of 38.0% in 2025.
• Data Center Energy Demand: Global data center power demand is expected to increase from 860 terawatt-hours (TWh) in 2025 to 1,587 TWh by 2030. In the United States, data center power demand is forecasted to more than double from almost 35 gigawatts (GW) in 2024 to 78 GW by 2035. Power demand from AI data centers in the U.S. alone could grow more than thirtyfold, reaching 123 GW by 2035, up from 4 GW in 2024.
• Data Center Infrastructure Market: The global data center infrastructure market is projected to surpass USD 1 trillion in annual spending by 2030, driven by the demand for AI. Spending in this market reached USD 290 billion in 2024.
• Data Center Energy Storage Market: The global market for data center energy storage was valued at USD 2 billion in 2024 and is projected to reach USD 4.3 billion by 2034, with a CAGR of 7.7% between 2025 and 2034. The U.S. accounted for approximately 40% of the global market in 2024.

Specific to Liquefied Natural Gas (LNG):

• LNG Market Size: The global LNG market size was valued at USD 130.3 billion in 2024 and is poised to grow to USD 269.28 billion by 2033, at a CAGR of 8.4% during the forecast period (2026–2033). Another report indicates a market size of USD 167.06 billion in 2024, projected to reach USD 227.28 billion by 2032 with a CAGR of 4.09% during 2025-2032. Global LNG production capacity stood at 511 million tonnes per annum (MTPA) in 2025 and is estimated to reach 822.68 MTPA by 2031, growing at an 8.25% CAGR from 2026 to 2031.
• LNG for Power Generation: Power generation accounted for the largest share of the LNG market, holding 47.90% of the revenue in 2024.

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For Karbon Capital Partners (KBON), a newly organized blank check company, the expected drivers of future revenue growth over the next 2-3 years are intrinsically linked to its strategic objective of completing a business combination with one or more operating businesses within the energy industry. As such, the revenue growth will stem from the performance of the acquired entity, guided by KBON's investment thesis:

1. Expanding Energy Needs of AI/Data Centers: Karbon Capital Partners specifically intends to target businesses that capitalize on the rapidly growing energy demands of Artificial Intelligence (AI) and data centers. The expansion of AI workloads is projected to significantly increase data center compute consumption, driving substantial capital expenditure in related infrastructure. This trend creates a strong demand for power generation and energy infrastructure solutions that KBON's acquired company would aim to provide.
2. Growth in Liquefied Natural Gas (LNG) and Related Ecosystems: The company also emphasizes targeting businesses benefiting from the increasing energy requirements associated with Liquefied Natural Gas (LNG) and its broader ecosystem. The LNG sector has seen significant capital commitments and an appetite for financing, indicating strong growth prospects for companies involved in its production, infrastructure, and distribution.
3. Strategic Investments in Power Generation, Energy Infrastructure, and Energy Technology & Security: KBON's focus is on acquiring businesses within these broadly defined energy sectors. These industries are seen as having robust growth characteristics. The acquired entity's revenue growth would be driven by its activities in developing, operating, and enhancing assets in these areas, leveraging the management team's expertise.
4. Execution of Organic and Inorganic Growth Strategies by the Acquired Business: Karbon Capital Partners seeks to acquire companies that can achieve significant value for shareholders through both organic growth (e.g., expanding existing operations, increasing market penetration) and inorganic growth (e.g., strategic acquisitions). These strategies, implemented by the combined entity, would be key to accelerating the target's revenue penetration into its addressable markets over the next few years.

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