Tado wants to go public via Spac

The start-up relies on the Spac FJ ESG Acquisition of ex-Klöckner CEO Gisbert Rühl, investor Florian Fritsch and ex-Relayr CEO Josef Brunner.
Thermostat manufacturer Tado wants to go public in Frankfurt. To do so, the start-up wants to join forces with Spac GFJ ESG Acquisition, launched last October by ex-Klöckner CEO Gisbert Rühl, investor Florian Fritsch and ex-Relayr CEO Josef Brunner. A letter of intent has already been signed, and in about three months Tado could already be on the stock market.
When it goes public, the start-up is expected to be valued at around 450 million euros. In the future, Spac's founders want to participate in the operating business. According to the former Leica managing director Oliver Kaltner could be Gründerszene become the new CEO, while Tado founders Christian Deilmann and Johannes Schwarz are to remain on the thermostat manufacturer's board. Rühl and Brunner want to join the supervisory board.
"The entire tado team is very proud to be working with GFJ. We share the same beliefs and passion for environmental technologies. And we are determined to work together to help our customers save money and reduce their environmental footprint. Together we are able to create a more sustainable energy future," says Tado CEO Toon Bouten.
Tado was founded in Munich in 2011. The start-up produces smart thermostats that can be combined with heating and cooling systems regardless of manufacturer. Users can thus save energy because the thermostats detect, for example, whether windows are open. By its own account, Tado has already sold two million thermostats in more than 20 countries.

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