UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 FORM 10-K

 (Mark One)

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2023

 or

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from to

 Commission file number: 001-41363

 (Exact name of registrant as specified in its charter)

 Cayman Islands

 N/A

 (State or other jurisdiction of
 incorporation or organization)

 (I.R.S. Employer
 Identification No.)

 25 Bedford Square
 London, WC1B 3HH, United Kingdom

 N/A

 (Address of Principal Executive Offices)

 (Zip Code)

 Registrant's telephone number, including area code: +44 730 847 5096

 Securities registered pursuant to Section 12(b)
of the Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 Units, each consisting of one Class A Ordinary Share, one-half of one Redeemable Warrant and one Right

 CLRCU

 The Nasdaq Stock Market LLC

 Class A Ordinary Shares, par value $0.0001 per share

 CLRC

 The Nasdaq Stock Market LLC

 Redeemable Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50

 CLRCW

 The Nasdaq Stock Market LLC

 Rights, each entitling the holder to receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation of an initial business combination

 CLRCR

 The Nasdaq Stock Market LLC

 Securities registered pursuant to Section 12(g)
of the Act: None.

 Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes
No

 Indicate by check mark if the registrant is not
required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes
No

(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes No

has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
 No

is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company,"
and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.

has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.

 If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements.

 Indicated by check mark whether any of those
error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery periods pursuant to §240.10D-1(b).

is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes
 No

 The aggregate market value of the outstanding
shares of the registrant's Class A ordinary shares, other than shares held by persons who may be deemed affiliates of the registrant,
computed by reference to the closing price for the Class A ordinary shares on June 30, 2023, the last business day of the registrant's
most recently completed second fiscal quarter, as reported on the Nasdaq Global Market was $ 27,523,834.

 As of March 18, 2024, there were 4,664,012 Class
A ordinary shares, par value $0.0001 per share, and 1 Class B ordinary share, par value $0.0001 per share, of the registrant issued and
outstanding.

 FORM 10-K FOR THE YEAR ENDED DECEMBER 31,
2023

 Page

 Item 1.

 Business.

 Item 1A.

 Risk Factors.

 Item 1B.

 Unresolved Staff Comments.

 Item 1C.

 Cybersecurity.

 Item 2.

 Properties.

 Item 3.

 Legal Proceedings.

 Item 4.

 Mine Safety Disclosures.

 Item 5.

 Market For Registrant's Common Equity,
 Related Shareholder Matters and Issuer Purchases of Equity Securities.

 Item 6.

 [RESERVED]

 Item 7.

 Management's Discussion and Analysis of
 Financial Condition and Results of Operations.

 Item 7A.

 Quantitative and Qualitative Disclosures About
 Market Risk.

 Item 8.

 Financial Statements and Supplementary Data.

 Item 9.

 Changes in and Disagreements With Accountants
 On Accounting and Financial Disclosure.

 Item 9A.

 Controls and Procedures.

 Item 9B.

 Other Information.

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions That
 Prevent Inspections.

 Item 10.

 Directors Executive Officers and Corporate Governance.

 Item 11.

 Executive Compensation.

 Item 12.

 Security Ownership of Certain Beneficial Owners
 and Management and Related Shareholder Matters.

 Item 13.

 Certain Relationships and Related Transactions
 and Director Independence.

 Item 14.

 Principal Accountant Fees and Services.

 Item 15.

 Exhibit and Financial Statement Schedules.

 Item 16

 Form 10-K Summary

 Signatures

 i

 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 This Report (as defined
below), including, without limitation, statements under "Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations," includes forward-looking statements within the meaning of Section 27A of the Securities Act (as defined
below) and Section 21E of the Exchange Act (as defined below). These forward-looking statements can be identified by the use of forward-looking
terminology, including the words "believes," "estimates," "anticipates," "expects," "intends,"
"plans," "may," "will," "potential," "projects," "predicts,"
"continue," or "should," or, in each case, their negative or other variations or comparable terminology. There
can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to,
any statements relating to our ability to consummate any acquisition or other business combination (as defined below) and any other statements
that are not statements of current or historical facts. These statements are based on management's (as defined below) current expectations,
but actual results may differ materially due to various factors, including, but not limited to:

 our
 ability to complete our initial business combination, including the GreenRock Business Combination (as defined below);

 our
 expectations around the performance of the prospective target business or businesses, such as GreenRock (as defined below);

 our
 success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business
 combination;

 our
 officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or
 in approving our initial business combination, as a result of which they would then receive expense reimbursements;

 the
 potential incentive to consummate an initial business combination with an acquisition target that subsequently declines in value
 or is unprofitable for public investors due to the low initial price for the founder shares (as defined below) paid by our sponsor
 (as defined below);

 our
 potential ability to obtain additional financing to complete our initial business combination;

 the
 ability of our officers and directors to generate additional potential acquisition opportunities;

 our
 pool of prospective target businesses;

 our
 public securities' potential liquidity and trading;

 the
 lack of a market for our securities;

 the
 use of proceeds not held in the trust account (as defined below) or available to us from interest income on the trust account balance;

 the
 trust account not being subject to claims of third parties;

 the
 impact on the amount held in the trust account, our capitalization, principal shareholders and other impacts on our Company (as defined
 below) or management team should we seek to further extend the Combination Period (as defined below) consistent with applicable laws,
 regulations and stock exchange rules;

 the
 impact on our amount held in the trust account, our capitalization and other impacts on our company or management team should we
 seek to extend the deadline for consummating our initial business combination;

 our
 financial performance; or

 the
 other risks and uncertainties discussed in "Item 1A. Risk Factors" below.

 ii

 Additionally, on January
24, 2024, the SEC (as defined below) adopted the 2024 SPAC Rules (as defined below), which will become effective on July 1, 2024, that
will affect SPAC (as defined below) business combination transactions. The 2024 SPAC Rules require, among other matters, (i) additional
disclosures relating to SPAC business combination transactions (ii) additional disclosures relating to dilution and to conflicts
of interest involving sponsors and their affiliates in both SPAC initial public offerings and business combination transactions; (iii)
additional disclosures regarding projections included in SEC filings in connection with proposed business combination transactions
and (iv) the requirement that both the SPAC and its target company be co-registrants for business combination registration statements.
In addition, the SEC's adopting release provided guidance describing circumstances in which a SPAC could become subject to regulation
under the Investment Company Act (as defined below), including its duration, asset composition, business purpose, and the activities
of the SPAC and its management team in furtherance of such goals. The 2024 SPAC Rules may materially affect our ability to negotiate
and complete our initial business combination and may increase the costs and time related thereto.

 The forward-looking statements
contained in this Report are based on our current expectations and beliefs concerning future developments and their potential effects
on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number
of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties
materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these
forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required under applicable securities laws.

 Unless otherwise stated
in this Report, or the context otherwise requires, references to:

 "2022 Annual Report" are to our Annual Report on Form 10-K
for the fiscal year ended December 31, 2022, as filed with the SEC on February 17, 2023, and as amended on Form 10-K/A as filed with the
SEC on March 14, 2024;

 "2023
 EGM" are to our extraordinary general meeting of shareholders held on April 27, 2023;

 "2024
 SPAC Rules" are to the new rules and regulations for SPACs adopted by the SEC on January 24, 2024, which will become effective
 on July 1, 2024

 "Administrative
Services Agreement" are to the administrative services agreement entered into on April 27, 2022 by and between the Company and
our sponsor under which our sponsor agreed to perform certain services for the Company for a monthly fee of $10,000;

 "ASC"
 are to the FASB (as defined below) Accounting Standards Codification;

 "board
 of directors," "board" or "directors" are to our board of directors;

 "business
 combination" are to a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination
 with one or more businesses;

 "Class
 A ordinary shares" are to the Class A ordinary shares of the Company, par value $0.0001 per share;

 "Class
 B ordinary shares" are to the Class B ordinary shares of the Company, par value $0.0001 per share;

 "Combination
 Period" are to the 24-month period from the closing of our initial public offering (as defined below) to May 2, 2024 (or such
 earlier date as determined by the board),as extended upon approval of the Extension Amendment (as defined below) at the 2023 EGM,
 that we have to consummate an initial Business Combination; provided that the Combination Period may be further extended pursuant
 to an amendment to our amended and restated memorandum and articles of association and consistent with applicable laws, regulations
 and stock exchange rules;

 "Companies
 Act" are to the Companies Act (As Revised) of the Cayman Islands as the same may be amended from time to time;

 "Company,"
 "our," "we" or "us" are to ClimateRock, a Cayman Islands exempted company;

 iii

 "Company
 Merger Sub" are to GreenRock Merger Sub Corp., a Cayman Islands exempted company;

 "Continental"
 are to Continental Stock Transfer & Trust Company, trustee of our trust account and warrant agent of our public warrants (as
 defined below);

 "DWAC
 System" are to the Depository Trust Company's Deposit/Withdrawal At Custodian System;

 "EEW"
 are to E.E.W. Eco Energy World PLC, a company formed under the laws of England and Wales;

 "EEW
 Business Combination Agreement" are to the business combination agreement, dated as of October 6, 2022, by and among the Company,
 Pubco, SPAC Merger Sub and EEW, as amended.

 "ESG"
 are to Environmental, Social and Corporate Governance;

 "Eternal"
 are to Eternal B.V., an affiliate of the Company;

 "Exchange
 Act" are to the Securities Exchange Act of 1934, as amended;

 "Excise
 Tax" are to the U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and
 certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023 as provided for
 by the Inflation Reduction Act;

 "Extension
 Amendment" are to the amendment to the amended and restated memorandum and articles of association of the Company for the extension
 of the expiration of the period in which the Company must complete a business combination from November 2, 2023 to May 2, 2024.

 "Extension
 Note" are to the convertible promissory note in the aggregate principal amount of up to $900,000 that the Company issued to
 the sponsor, which will be deposited into the trust account in monthly installments for the benefit of each public share that was
 not redeemed in connection with the Extension Amendment.

 "FASB"
 are to the Financial Accounting Standards Board;

 "Fifth
 Eternal Loan" are to the loan agreement entered into on April 12, 2023 with Eternal in the principal amount of up to $500,000,
 on an unsecured basis and bearing no interest;

 "FINRA"
 are to the Financial Industry Regulatory Authority;

 "First
 Eternal Loan" are to the non-interest bearing, unsecured loan by Eternal to the Company that was fully repaid on June 2, 2022;

 "Fourth
 Eternal Loan" are to the loan agreement entered into on January 29, 2023 with Eternal in the principal amount of up to $50,000,
 on an unsecured basis and bearing no interest;

 "founder
 share conversion" are to the 1,968,749 Class A ordinary shares issued on March 31, 2023 to the sponsor upon the conversion
 of an equal number of Class B ordinary shares held by the sponsor as founder shares;

 "founder
 shares" are to the Class B ordinary shares initially purchased by our sponsor in the private placement (as defined below) and
 the Class A ordinary shares that (i) will be issued upon the automatic conversion of the Class B ordinary shares at the time of our
 initial business combination as described herein (for the avoidance of doubt, such Class A ordinary shares will not be "public
 shares" (as defined below)) and (ii) were issued in connection with the founder share conversion of an equal number of Class
 B ordinary shares;

 "GAAP"
 are to the accounting principles generally accepted in the United States of America;

 "Gluon
 Group" are to Gluon Group, an affiliate of the Company;

 "Gluon
 Letter Agreement" are to the letter agreement entered into on September 21, 2022, as amended on October 5, 2022, by and between
 the Company and Gluon Partners (as defined below), pursuant to which the Company will pay Gluon Partners a fee upon completion of
 one or more successful transactions;

 "Gluon
 Partners" are to Gluon Partners LLP;

 iv

 "GreenRock"
 are to GreenRock Corp, a Cayman Islands exempted company;

 "GreenRock
 Business Combination" are to the proposed business combination with GreenRock;

 "GreenRock
 Merger Agreement" are to the Agreement and Plan of Merger, dated as of December 30, 2023, by and among our Company, GreenRock,
 Pubco (as defined below), SPAC Merger Sub (as defined below), and Company Merger Sub (as defined below).

 "GreenRock
 Registration Statement" are to the registration statement on Form F-4 filed by Pubco in connection with the GreenRock Business
 Combination filed with the SEC on January 26, 2024;

 "IFRS"
 are to the International Financial Reporting Standards, as issued by the International Accounting Standards Board;

 "initial
 public offering" or "IPO" are to the initial public offering that was consummated by the Company on May 2, 2022;

 "initial
 shareholders" are to holders of our founder shares prior to our initial public offering;

 "Investment
 Company Act" are to the Investment Company Act of 1940, as amended;

 "IPO
 Registration Statement" are to the Registration Statement on Form S-1 initially filed with the SEC (as defined below) on March
 14, 2022, as amended, and declared effective on April 27, 2022 (File No. 333- 263542);

 "JOBS
 Act" are to the Jumpstart Our Business Startups Act of 2012;

 "management"
 or our "management team" are to our executive officers and directors;

 "Maxim"
are to Maxim Group LLC, the representative of the underwriters in our initial public offering;

 "Nasdaq"
 are to the Nasdaq Global Market;

 "OECD
 countries" are to Organization for Economic Co-operation and Development countries;

 "ordinary
 shares" are to the Class A ordinary shares and the Class B ordinary shares;

 "PCAOB"
 are to the Public Company Accounting Oversight Board (United States);

 "private
 placement" are to the private placement of warrants that occurred simultaneously with the closing of our initial public offering;

 "private
 placement warrants" are to the warrants issued to our sponsor in the private placement;

 "Promissory
 Note" are to the promissory note under which our sponsor agreed to loan us up to $300,000 to be used for the payment of costs
 related to the initial public offering;

 "Pubco"
 or "Holdings" are to ClimateRock Holdings Limited, a Cayman Islands exempted company;

 v

 "Pubco
 Ordinary Shares" are to the ordinary shares of Pubco, par value $0.0001 per share;

 "public
 shares" are to the Class A ordinary shares sold as part of the units (as defined below) in our initial public offering (whether
 they were purchased in our initial public offering or thereafter in the open market);

 "public
 shareholders" are to the holders of our public shares, including our initial shareholders and management team to the extent
 our initial shareholders and/or members of our management team purchase public shares, provided that each initial shareholder's
 and member of our management team's status as a "public shareholder" will only exist with respect to such public
 shares;

 "public
 warrants" refer to the redeemable warrants sold as part of the units in our initial public offering (whether they were subscribed
 for in our initial public offering or purchased in the open market);

 "Report"
 are to this Annual Report on Form 10-K for the fiscal year ended December 31, 2023;

 "representative
 shares" are to the Class A ordinary shares issued to Maxim and/or its designees upon the consummation of our initial public
 offering;

 "rights"
 or "public rights" are to the rights sold as part of the units in our initial public offering, each entitling the holder
 to receive one-tenth (1/10) of one Class A ordinary share upon the consummation of an initial business combination;

 "Sarbanes-Oxley
 Act" are to the Sarbanes-Oxley Act of 2002;

 "SEC"
 are to the U.S. Securities and Exchange Commission;

 "Second
 Eternal Loan" are to the loan agreement entered into on September 21, 2022 with Eternal in the principal amount of up to $180,000,
 on an unsecured basis and bearing no interest;

 "Securities
 Act" are to the Securities Act of 1933, as amended;

 "Sellers"
 are to the holders of GreenRock securities to be offered considerations by Pubco in the GreenRock Business Combination;

 "Sixth
 Eternal Loan" are to the loan agreement the Company entered into on November 1, 2023 with Eternal in the principal amount of
 up to $335,000 on an unsecured basis and bearing no interest;

 "SPACs"
 are to special purpose acquisition companies;

 "SPAC
 Merger Sub" means ClimateRock Merger Sub Limited, a Cayman Islands exempted company and a wholly-owned subsidiary of Pubco;

 "sponsor"
 are to U.N. SDG Support LLC, a Delaware limited liability company;

 "Third
 Eternal Loan" are to the loan agreement entered into on November 12, 2022 with Eternal in the principal amount of up to $300,000,
 on an unsecured basis and bearing no interest;

 "trust
 account" are to the U.S.-based trust account in which an amount of $79,931,250 from the net proceeds of the sale of the units
 in the initial public offering and the private placement warrants was placed following the closing of the initial public offering;

 "UHY"
 are to UHY LLP, our independent registered public accounting firm;

 "units"
 are to the units sold in our initial public offering, which consist of one Class A Ordinary Share, one-half of one public warrant
 and one right; and

 "working
 capital loans" are to funds that, in order to provide working capital or finance transaction costs in connection with a business
 combination, the initial shareholders or an affiliate of the initial shareholders or certain of the Company's directors and
 officers may, but are not obligated to, loan the Company.

 vi

 ITEM 1. BUSINESS.

 Overview

 We are a blank check company
formed on December 6, 2021 as a Cayman Islands exempted company for the purpose of effecting an initial business combination. We may
pursue an initial business combination target in any industry or sector, but we are focused on acquiring a target within the sustainable
energy industry in the OECD countries, including climate change, environment, renewable energy and emerging, clean technologies, such
as GreenRock. While we are not limited to investing in a company in a specific geographic region, we are focused on 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 ESG principles and the opportunity for growth and financial return.

 The 2024 SPAC Rules may
materially affect our ability to negotiate and complete our initial business combination and may increase the costs and time related
thereto.

 Initial Public Offering

 On May 2, 2022, we consummated
our initial public offering of 7,875,000 units, including 375,000 units that were issued pursuant to the underwriters' partial
exercise of their over-allotment option. Each unit consists of one public share, one-half of one public warrant, and one public right.
Each whole warrant entitles the holder thereof to purchase one Class A ordinary share for $11.50 per whole share. The units were sold
at a price of $10.00 per unit, generating gross proceeds to the Company of $78,750,000.

 Simultaneously with the
closing of the initial public offering, we completed the private sale of an aggregate of 3,762,500 private placement warrants to our
sponsor in the private placement at a purchase price of $1.00 per private placement warrant, generating gross proceeds of $3,762,500.

 A total of $79,931,250 of
the net proceeds from the initial public offering and the sale of the private placement warrants was placed in the trust account maintained
by Continental acting as trustee.

 It is the job of our sponsor
and management team to complete our initial business combination. Our management team is led by Per Regnarsson, our Chief Executive Officer
and a director on our board. Mr. Regnarsson is supported by Charles Ratelband V, the Executive Chairman of our board of directors. We
must complete our initial business combination by May 2, 2024, 24 months from the closing of our initial public offering. If our initial
business combination is not consummated by May 2, 2024, then, unless our board of directors shall otherwise determine, our existence
will terminate, and we will distribute all amounts in the trust account.

 Extension of our Combination Period

 On April 27, 2023, we held
the 2023 EGM and approved, among other things, an amendment to our amended and restated memorandum and articles of association to (i)
extend the date by which we would be required to consummate a business combination from November 2, 2023 to May 2, 2024 (or such earlier
date as determined by the board of directors in its sole discretion) and (ii) to permit our board of directors, in its sole discretion,
to elect to wind up our operations on, or on an earlier date than May 2, 2024 (including prior to May 2, 2023). In connection with the
2023 EGM, shareholders holding 5,297,862 shares of our ordinary shares exercised their right to redeem such shares for a pro rata portion
of the funds in the trust account. As a result, $55,265,334.22 (approximately $10.43 per share) was removed from the trust account to
pay such holders.

 We may, however, seek to
further extend the Combination Period consistent with applicable laws, regulations and stock exchange rules. Such an extension would
require the approval of our public shareholders, who will be provided the opportunity to redeem all or a portion of their public shares.
Such redemptions will likely have a material adverse effect on the amount held in our trust account, our capitalization, principal shareholders
and other impacts on our company or management team, such as our ability to maintain our listing on Nasdaq. Our sponsor may also explore
transactions under which it would sell its interest in our company to another management team.

 Founder Share Conversion

 On March 31, 2023, we issued
an aggregate of 1,968,749 Class A ordinary shares to the sponsor, upon the conversion of an equal number of Class B ordinary shares held
by the sponsor in the founder share conversion. The 1,968,749 Class A ordinary shares issued in connection with the founder share conversion
are subject to the same restrictions as applied to the Class B ordinary shares before the founder share conversion, including, among
others, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial business combination
as described in the IPO Registration Statement. Following the founder share conversion and the redemptions in connection with the approval
of the Extension Amendment, (i) there were (i) 4,664,012 Class A ordinary shares issued and outstanding and one Class B ordinary share
issued and outstanding, and (ii) the sponsor held 42.21% of the outstanding Class A ordinary shares.

 Termination of Proposed Business Combination
with EEW

 On October 6, 2022, we entered
into a Business Combination Agreement (as amended and restated by the A&R EEW Business Combination Agreement, the "EEW Business
Combination Agreement") with ClimateRock Holdings Limited, a Cayman Islands exempted company, ClimateRock Merger Sub Limited, a
Cayman Islands exempted company and a wholly-owned subsidiary of ClimateRock Holdings Limited, and E.E.W. Eco Energy World PLC, a company
formed under the laws of England and Wales (the "EEW").

 On August 3, 2023, we entered
into an Amended and Restated Business Combination Agreement (as amended and restated, the " A&R EEW Business Combination Agreement")
with ClimateRock Holdings Limited, ClimateRock Merger Sub Limited and EEW. The EEW Business Combination Agreement was amended, among
other things, to (i) extend the date that either our Company or EEW can terminate the EEW Business Combination Agreement if the closing
does not occur by September 30, 2023, and (ii) provide for a contingent earn out of USD $150,000,000 in shares based on the achievement
of a 2023 revenue milestone of USD $52,000,000.

 On November 29, 2023, we
notified EEW that we had elected to terminate the EEW Business Combination Agreement effective immediately, pursuant to Section 9.1(b)
and 9.2 thereof, since the conditions to the closing of the initial business combination were not satisfied or waived by the outside
date of September 30, 2023. As a result, the EEW Business Combination Agreement is of no further force and effect, except for certain
specified provisions in the EEW Business Combination Agreement, which shall survive its termination and remain in full force and effect
in accordance with their respective terms.

 GreenRock Business Combination

 On December 30, 2023, we
entered into the GreenRock Merger Agreement with GreenRock, Pubco, Company Merger Sub and SPAC Merger Sub. Capitalized terms not defined
but otherwise used in the following description have the meanings ascribed to them in the GreenRock Merger Agreement.

 Pursuant to the GreenRock
Merger Agreement, subject to the terms and conditions set forth therein, (i) SPAC Merger Sub will merge with and into ClimateRock, with
ClimateRock continuing as the surviving entity and wholly-owned subsidiary of Holdings (the "SPAC Merger"), in connection
with which all of the existing securities of ClimateRock will be exchanged for rights to receive securities of Holdings as follows: (a)
immediately prior to the SPAC Merger Effective Time, every issued and outstanding Unit of ClimateRock will be automatically separated
and the holders thereof will be deemed to hold one (1) Class A Ordinary Share of ClimateRock, par value $0.0001 (each, a "ClimateRock
Class A Ordinary Share"), one-half (1/2) of a ClimateRock Warrant and one ClimateRock Right, (b) each ClimateRock Class A Ordinary
Share outstanding immediately prior to the Effective Time that has not been redeemed and is not a Dissenting Share (as defined below)
shall automatically convert into one ordinary share, par value $0.0001, issued by Holdings (each, a "Holdings Ordinary Share"),
(c) each ClimateRock Class B Ordinary Share, par value $0.0001 (each, a "ClimateRock Class B Ordinary Share", and together
with the ClimateRock Class A Shares, the "ClimateRock Ordinary Shares"), outstanding immediately prior to the SPAC Merger
Effective Time that is not a Dissenting Share (as defined below) shall automatically convert into one Holdings Ordinary Share, (d) each
ClimateRock public warrant and each ClimateRock private warrant shall automatically convert into one warrant to purchase Holdings Ordinary
Shares (each, a "Holdings Warrant") on substantially the same terms and conditions; (e) each ClimateRock Right will be automatically
converted into the number of Holdings Ordinary Shares that would have been received by the holder of such Right if it had been converted
upon the consummation of a business combination in accordance with ClimateRock's organizational documents, and (ii) Company Merger
Sub will merge with and into GreenRock, with GreenRock continuing as the surviving entity and wholly-owned subsidiary of Holdings (the
"Company Merger", and together with the SPAC Merger, the "Mergers"), pursuant to which (x) each GreenRock ordinary
share (the "GreenRock Ordinary Shares") issued and outstanding immediately prior to the Effective Time shall be automatically
cancelled and extinguished and converted into the right to receive the applicable portion of Holdings Ordinary Shares constituting the
Merger Consideration (as defined below) and (y) each issued and outstanding GreenRock convertible security shall be converted into Holdings
convertible securities of like tenor and shall have, and be subject to, substantially the same terms and conditions as set forth in the
applicable organizational document of GreenRock, except that they shall represent the right to acquire Holdings Ordinary Shares in lieu
of GreenRock Ordinary Shares.

 In accordance with the Companies
Act, any ClimateRock Ordinary Share issued and outstanding immediately prior to the Effective Time for which any ClimateRock Shareholder
(such ClimateRock Shareholder, a "Dissenting Shareholder") has validly exercised properly in writing their dissenters'
rights for such ClimateRock Ordinary Shares in accordance with Companies Act, and has otherwise complied in all respects with all of
the provisions of the Companies Act relevant to the exercise and perfection of dissenters' rights (collectively, the "Dissenting
Shares") shall not be converted into the right to receive, and the applicable Dissenting Shareholder shall have no right to receive,
the applicable Holdings Ordinary Shares to which the holder of such Dissenting Shares would otherwise be entitled unless and until such
Dissenting SPAC Shareholder effectively withdraws or loses such dissenters' rights.

 Pursuant to the terms of
the GreenRock Merger Agreement, the consideration to be delivered to the holders of GreenRock Ordinary Shares (the "GreenRock Shareholders")
in connection with the Business Combination (the "Merger Consideration") will be 44,685,000 newly-issued Holdings Ordinary
Shares, of which 16,685,000 will be held in a segregated account (the "Escrowed Shares") pursuant to an escrow agreement
(the "Escrow Agreement") that Holdings, ClimateRock, and GreenRock will enter into at or prior to Closing with an escrow
agent mutually acceptable to ClimateRock and GreenRock (the "Escrow Agent"). The GreenRock Shareholders shall be shown as
registered owners of their respective Escrowed Shares on the books and records of Holdings, and shall be entitled to exercise voting
rights with respect to such Escrowed Shares, and any dividends, distributions and other earnings on the Escrowed Shares while held in
escrow shall be paid directly to the GreenRock Shareholders. The Escrowed Shares will be subject to forfeiture by the GreenRock Shareholders
if GreenRock fails to meet the targets described below:

 1)
 If on the later to occur of
(x) the closing date of the Business Combination and (y) March 31, 2024 (the "First Checkpoint Date"), the year-to-date Adjusted
EBITDA of GreenRock exceeds $24,348,000 (the "EBITDA Minimum") then a portion of the Escrowed Shares shall be released to
the GreenRock Shareholders in an amount equal total number of Escrowed Shares multiplied by a fraction, the numerator of which is amount
by which the Adjusted EBITDA of GreenRock as of the First Checkpoint Date exceeds the EBITDA Minimum, and the denominator of which is
$14,502,000; provided that if the Adjusted EBITDA of GreenRock is less than the EBITDA Minimum on the First Checkpoint Date, all Escrowed
Shares will remain in escrow until the date that GreenRock's audited financial statements for fiscal year 2024 are filed with the
SEC (the "Second Checkpoint Date").

 2)
 If on the Second Checkpoint
Date,

 a)
 GreenRock's Adjusted EBITDA
for the 2024 fiscal year is less than the Adjusted EBITDA calculated at the First Checkpoint Date, then all remaining Escrowed Shares
will be forfeited by the GreenRock Shareholders, surrendered to Holdings for no consideration, and cancelled;

 b)
 GreenRock's Adjusted EBITDA
for the 2024 Fiscal year is greater than the GreenRock Adjusted EBITDA calculated at the First Checkpoint Date, but less than $38,850,000
(the "EBITDA Target"), then a portion of the Escrowed Shares will be released to the GreenRock Shareholders in an amount
equal total number of Escrowed Shares multiplied by a fraction, the numerator of which is amount by which the 2024 Adjusted EBITDA of
GreenRock exceeds the EBITDA Minimum, and the denominator of which is $14,502,000, minus the number of Escrowed Shares released in connection
with the First Checkpoint Date (if any); provided that any remaining unreleased Escrowed Shares will be forfeited by the GreenRock Shareholders,
surrendered to Holdings for no consideration, and cancelled; or

 c)
 GreenRock's Adjusted EBITDA
for the 2024 fiscal year is equal to or greater than the EBITDA Target, then all remaining Escrowed Shares will be released to the GreenRock
Shareholders.

 In each case, GreenRock's
"Adjusted EBITDA" means GreenRock's earnings before interest, taxes, depreciation or amortization, calculated in accordance
with IFRS, plus 70% of the net sale price reflected in any signed letters of intent entered into by GreenRock and a third party in good
faith and on prevailing market terms for the sale of GreenRock's assets.

 Representations and Warranties

contains a number of representations and warranties by each of ClimateRock, Holdings, the Merger Subs and GreenRock as of the date of
the GreenRock Merger Agreement and as of the consummation of the transactions contemplated by the GreenRock Merger Agreement (the "Closing").
Many of the representations and warranties are qualified by materiality or Material Adverse Effect. "Material Adverse Effect"
as used in the GreenRock Merger Agreement means with respect to any specified person or entity, any fact, event, occurrence, change or
effect that has had, or would reasonably be expected to have, individually or in the aggregate, a material adverse effect upon (a) the
business, results of operation or financial condition of such person and its subsidiaries, taken as a whole, or (b) the ability of such
person or any of its subsidiaries to consummate the Transactions, in each case subject to certain customary exceptions. Certain of the
representations are subject to specified exceptions and qualifications contained in the GreenRock Merger Agreement or in information
provided pursuant to certain disclosure schedules to the GreenRock Merger Agreement.

 No Survival

 The representations and
warranties of the parties contained in the GreenRock Merger Agreement terminate as of, and do not survive, the Closing, and there are
no indemnification rights for another party's breach, except that fraud claims survive indefinitely and the covenants and agreements
relevant to the Closing and any agreements or covenants which by their terms contemplate performance after the Closing. The covenants
and agreements of the parties contained in the GreenRock Merger Agreement do not survive the Closing, except those covenants and agreements
to be performed after the Closing, which covenants and agreements will survive until fully performed.

 Covenants of the Parties

 Each party agreed in the
GreenRock Merger Agreement to use its commercially reasonable efforts to affect the Closing. The GreenRock Merger Agreement also contains
certain customary covenants by each of the parties during the period between the signing of the GreenRock Merger Agreement and the earlier
of the Closing or the termination of the GreenRock Merger Agreement in accordance with its terms, as well as certain customary covenants,
such as confidentiality and publicity that will continue after the termination of the Agreement.

and the consummation of the transactions contemplated thereby requires the approval of both ClimateRock's and GreenRock's
respective shareholders. In connection with the Mergers, ClimateRock and Holdings have prepared, with the assistance, cooperation and
reasonable best efforts of GreenRock, and filed with the SEC a registration statement on Form F-4 (as amended, the "Registration
Statement") containing a proxy statement/prospectus registering the Holdings securities to be issued under the GreenRock Merger
Agreement to the holders of ClimateRock and GreenRock securities in the Mergers under the Securities Act of the 1933, as amended (the
"Securities Act"), and soliciting proxies from ClimateRock shareholders for use at the Extraordinary General Meeting to approve
the GreenRock Merger Agreement and the transactions contemplated thereby and related matters (the "ClimateRock Shareholder Approval").
The prospectus/ proxy statement will also be used as an information statement by GreenRock in connection with the consideration and vote
by its shareholders on the Company Merger.

 Each of the Parties also
agreed not to solicit or enter into any alternative competing transactions during the period from the date of the GreenRock Merger Agreement
and continuing until the earlier of the termination of the GreenRock Merger Agreement or the Closing.

 The Parties also agreed
to take all necessary action so that the board of directors of Holdings following the Closing will consist of seven individuals, a majority
of whom shall be independent directors in accordance with Nasdaq requirements. The post-Closing board of Holdings will be a classified
board with three classes of directors, with (I) one class of directors, the Class I Directors, initially serving a one (1) year term,
(II) a second class of directors, the Class II Directors, initially serving a two (2) year term, and (III) a third class of directors,
the Class III Directors, serving a three (3) year term with one Class III Director is to be designated by ClimateRock. Following the
initial term of each class, each such class will serve for a three (3) year term.

 Conditions to Closing

contains conditions to Closing, including the following mutual conditions of the parties (unless waived): (i) approval of the shareholders
of ClimateRock and the shareholders of GreenRock; (ii) consent, approval, waiver, authorization or permit of, or notice to or declaration
or filing with any governmental authorities or any third party; (iii) expiration of the applicable waiting period under any antitrust
laws; (iv) no law or order preventing or prohibiting the Mergers or the other transactions contemplated by the GreenRock Merger Agreement;
(v) no pending litigation to enjoin or restrict the consummation of the Closing; (vi) the registration statement of which the proxy statement/prospectus
forms a part having been declared effective by the SEC; (vii) the Holdings Ordinary Shares having been have been approved for listing
on Nasdaq, (viii) ClimateRock and GreenRock having entered into a registration rights agreement in a mutually agreed upon form, and (ix)
ClimateRock and GreenRock the parties having entered into an escrow agreement in a mutually agreed upon form, and (x) the redemption
of the ClimateRock Class A Ordinary Shares having been completed in accordance with the terms of ClimateRock's organizational documents.

 In addition, unless waived
by GreenRock, the obligations of GreenRock to consummate the Business Combination are subject to the satisfaction of the following additional
Closing conditions, in addition to the delivery by ClimateRock of customary certificates and other Closing deliverables: (i) the representations
and warranties of the ClimateRock Parties being true and correct as of the date of the GreenRock Merger Agreement and the Closing, except
to the extent made as of a particular date (subject to certain materiality qualifiers); (ii) the ClimateRock Parties having performed
in all material respects all of their respective obligations and complied in all material respects with their respective covenants and
agreements under the GreenRock Merger Agreement required to be performed or complied with by them on or prior to the date of the Closing;
(iii) the absence of any Material Adverse Effect with respect to ClimateRock since the date of the GreenRock Merger Agreement; (iv) the
loans made to ClimateRock by U.N. SDG Support LLC ("Sponsor") or any affiliate of Sponsor of Sponsor shall have been repaid
in full, (v) all outstanding transaction expenses shall have been paid, (vi) GreenRock having received lock-up agreements, in a mutually
agreed upon form, signed by Sponsor and each of the holders of ClimateRock's private warrants, (vii) ClimateRock having at least
$15,000,000 in available cash on the Closing Date, and (viii) Holdings shall have amended and restated its Memorandum and Articles of
Association in a form to be mutually agreed upon by the ClimateRock and GreenRock.

 Unless waived by ClimateRock,
the obligations of the ClimateRock Parties to consummate the Transaction are subject to the satisfaction of the following additional
Closing conditions, in addition to the delivery by GreenRock of customary certificates and other Closing deliverables: (i) the representations
and warranties of GreenRock being true and correct as of the date of the GreenRock Merger Agreement and the Closing, except to the extent
made as of a particular date (subject to certain materiality qualifiers); (ii) GreenRock having performed in all material respects its
obligations and complied in all material respects with its covenants and agreements under the GreenRock Merger Agreement required to
be performed or complied with or by it on or prior to the date of the Closing; (iii) the absence of any Material Adverse Effect with
respect to the GreenRock since the date of the GreenRock Merger Agreement; (iv) ClimateRock having received executed employment agreements,
on mutually agreed upon forms, with each of the Chief Executive Officer, Chief Financial Officer and General Counsel of GreenRock, (v)
ClimateRock having received lock-up agreements, in a mutually agreed upon form, relating to the Holdings Ordinary Shares signed by the
GreenRock Shareholders, and (vi) ClimateRock having received a fairness opinion for the Transactions from an investment bank of its choosing.

 Termination

may be terminated at any time prior to the Closing by either ClimateRock or GreenRock if the Closing does not occur by March 31, 2024,
or such other date as may be extended pursuant to the GreenRock Merger Agreement.

 The Merger Agreement may
also be terminated under certain other customary and limited circumstances at any time prior the Closing, including, among other reasons:
(i) by mutual written consent of ClimateRock and GreenRock; (ii) by written notice by either ClimateRock or GreenRock if a governmental
authority of competent jurisdiction shall have issued an order or taken any other action permanently restraining, enjoining or otherwise
prohibiting the Transactions, and such order or other action has become final and non-appealable; (iii) by written notice by GreenRock
for ClimateRock's uncured breach of the GreenRock Merger Agreement, resulting in the failure of a representation, warranty, or
covenant contained in the GreenRock Merger Agreement (subject to Material Adverse Effect); (iv) by written notice by ClimateRock for
the uncured breach of the GreenRock Merger Agreement by GreenRock, resulting in the failure of a representation, warranty, or covenant
contained in the GreenRock Merger Agreement (subject to Material Adverse Effect); (v) by ClimateRock, if there shall have been a Material
Adverse Effect on GreenRock and its subsidiaries following the date of GreenRock Merger Agreement which is uncured and continuing; and
(vi) by either ClimateRock or GreenRock if ClimateRock holds its shareholder meeting to approve the GreenRock Merger Agreement and the
Transactions, and such approval is not obtained.

 If the GreenRock Merger
Agreement is terminated, all further obligations of the parties under the GreenRock Merger Agreement (except for certain obligations
related to public announcements, confidentiality, effect of termination, fees and expenses, trust fund waiver, and customary miscellaneous
provisions) will terminate, no party to the GreenRock Merger Agreement will have any further liability to any other party thereto except
for liability for fraud or for willful breach of the GreenRock Merger Agreement prior to termination.

 Trust Account Waiver

 GreenRock agreed that it
will not have any right, title, interest or claim of any kind in or to any monies in ClimateRock's trust account held for its public
shareholders, and has agreed not to, and waived any right to, make any claim against the trust account (including any distributions therefrom).

 A copy of the GreenRock
Merger Agreement is filed as Exhibit 2.3 to this Report and is incorporated herein by reference, and the foregoing description of the
GreenRock Merger Agreement and the GreenRock Business Combination are qualified in its entirety by reference thereto.

 Voting and Support Agreements

 Simultaneously with the
execution and delivery of the GreenRock Merger Agreement, ClimateRock and GreenRock have entered into Voting and Support Agreements (collectively,
the "Voting Agreements") with certain shareholders of GreenRock required to approve the Transactions. Under the Voting Agreements,
each GreenRock shareholder party thereto agreed to vote all of such shareholder's GreenRock ordinary shares in favor of the GreenRock
Merger Agreement and the related transactions. The GreenRock members also agree to take certain other actions in support of the GreenRock
Merger Agreement and related transactions and refrain from taking actions that would adversely affect such GreenRock member's ability
to perform its obligations under the Voting Agreement. The Voting Agreements prevent transfers of the GreenRock interests held by such
GreenRock members party thereto between the date of the Voting Agreement and the date of Closing, except for certain permitted transfers
where the recipient also agrees to comply with the Voting Agreement.

 A copy of the form of
Voting Agreement is filed as Exhibit 10.32 to this Report and is incorporated herein by reference, and the foregoing description of the
form of Voting Agreement is qualified in its entirety by reference thereto.

 Sponsor Support Agreement

 Simultaneously with the
execution and delivery of the GreenRock Merger Agreement, ClimateRock and GreenRock have entered into a Sponsor Support Agreement (the
"Sponsor Support Agreement") with the Sponsor. Under the Sponsor Support Agreement, the Sponsor agreed to vote all of its
ClimateRock Ordinary Shares in favor of the GreenRock Merger Agreement and the related transactions. The Sponsor also agree to take certain
other actions in support of the GreenRock Merger Agreement and related transactions and refrain from taking actions that would adversely
affect its ability to perform its obligations under the Sponsor Support Agreement. The Sponsor Support Voting Agreements prevent transfers
of the GreenRock interests held by such GreenRock members party thereto between the date of the Voting Agreement and the date of Closing,
except for certain permitted transfers where the recipient also agrees to comply with the Voting Agreement.

 A copy of the form of
Sponsor Support Agreement is filed as Exhibit 10.32 to this Report and is incorporated herein by reference, and the foregoing description
of the form of Voting Agreement is qualified in its entirety by reference thereto.

 Special Committee

and the Related Agreements were negotiated on behalf of ClimateRock by a special committee of disinterested directors.

 Other than as specifically
discussed, this Report does not assume the closing of the GreenRock Business Combination.

 Our Team

 We intend to capitalize
on the seasoned operating experience of our management team, led by Per Regnarsson, our Chief Executive Officer and a director, who has
over 15 years of investment and management experience and successful track record across several sustainable energy sectors. Mr. Regnarsson
has strong working relationships with the clean energy investment community in North America, the United Kingdom, Scandinavia and the
rest of Europe, including growth capital, infrastructure finance, family offices, major industrial groups and pension funds.

 Mr. Regnarsson's experience
extends to the entire value chain and asset life cycles of global renewable energy, including integrated ESG solutions that embrace the
circular economy and have real impact. His executive roles include strategic advisory, executive boards, investment decisions and overall
project developments. Prior to his involvement in the sustainable energy sectors, Mr. Regnarsson was an investment banker and provided
corporate finance and capital markets advisory services to public and private companies in the energy, transportation and engineering
sectors.

 Mr. Regnarsson is supported
by Mr. Charles Ratelband V, who is the founder of WindShareFund, a Netherlands-based private equity firm, and has been serving as the
Managing Director since WindShareFund's creation ten years ago. WindShareFund's core goal is to make investing in a better
environment simple and attractive for a large audience, contributing to the transition to sustainable, green energy. WindShareFund has
launched and successfully closed several debt financing vehicles that invest in wind turbines in Germany.

 Past performance by the
members of our management team in their other endeavors or the other entities with which they are or have been affiliated is not a guarantee
of future success. We cannot assure our shareholders that any business combination we consummate will be successful. Our shareholders
should not rely on the historical record of our management team's performance, or the performance of any other entities with which
our management team is or has been affiliated, as indicative of our future performance or how an investment in our Company will perform
or the returns our Company will, or is likely to, generate going forward.

 Business and Investment Strategies

 While we may pursue an initial
business combination in any industry or geographic region, our investment strategy focuses our efforts in the sustainable energy industry
in the OECD countries, specifically within climate change, environment, renewable energy and emerging, clean technologies.

 After the 26th United Nations
Climate Change conference, commonly known as COP26, there has been renewed pressure for both governments and corporations to accelerate
their transition to renewable sources in order to meet de-carbonization targets. Reducing carbon emissions, whether through cleaner energy,
alternative modes of production, operation, or other means, is paramount for both political and corporate leaders in shaping and achieving
their environmental aspirations. Most environmental scenarios assume that to limit global temperatures to less than a 1.5 C increase
in global temperatures in the period 2030-2050 from pre-industrial levels, renewable energy will need to account for least a 60% share
of the total global primary energy supply and under the International Energy Agency ("IEA")'s pathway to net zero target,
90% of global electricity generation in 2050 will need to come from renewable sources, with solar photovoltaic and wind together accounting
for nearly 70%. To accomplish this, total annual global investment in clean power and enabling system infrastructure needs to rise from
US$380 billion in 2020 to $1.6 trillion by 2030. Given the substantial sums of capital necessary to drive this shift to renewable energy
sources, we believe that the public capital markets, supported by project finance lenders, will continue to provide the most efficient
pathway for these financing needs.

 The key focus of our Company
is to invest in a responsible and sustainable manner. All investments and investment vehicles are based on this principle. We also adhere
to the principles described in the United Nations Principles for Responsible Investment ("PRI") and the principles of ESG.
By investing accordingly, we want to actively contribute to the Sustainable Development Goals set by the United Nations in 2015, primarily
Goal 7 (affordable and clean energy), Goal 11 (sustainable cities and communities), Goal 12 (responsible consumption and production)
and Goal 13 (climate action). We focus our efforts to invest in accordance with the following key commercial criteria:

 Attractive market opportunity.
 We believe that there is a clear need for companies that share our corporate values and industry perspective to become part of our
publicly listed clean energy platform to allow for accelerated follow-on growth opportunities. Recent global attention to sustainability,
economic progress, human capital, along with its social, political and financial environment suggests that the clean energy market will
remain a core and growing asset class and provide significant investment opportunities over the next several years. Early leadership
in Europe and significant growth opportunities in the Asia-Pacific region will in our opinion spur not only significant demand for green
power sources but also greater efficiencies driven by next generation wind, solar, hydro-electric, battery and hydrogen technologies,
to name a few.

 Objective to invest in
green energy and technology companies. We are focused on companies that have sustainable competitive advantages and/or operate green
power assets with a mix of contracted and merchant revenue profiles, a need for capital to fund growth activities and/or to scale up
power generation capacity, and offer an attractive risk-adjusted return for our shareholders. We also prefer companies which, if combined
with us, may have a greater environmental and social impact, considering all stakeholders, if not already in place, and those which work
to establish and follow best-in-class sustainability standards, which we believe will create long-term shareholder value.

 Experienced management
team. Our management team has significant prior experience in capital markets and investment in renewable energy and clean technology.
Per Regnarsson and Charles Ratelband V have decades of experience combined when it comes to investment in sustainable energy and clean
technology, and a substantial number of connections across the European Union and North America. Messrs. Regnarsson and Ratelband V are
supported by Mr. Abhishek Bawa, our Chief Financial Officer. Additional team members include the following independent non-executive
directors: (i) Randolph Sesson, Jr., a seasoned investment banker with over 35 years' experience in leading and growing international
firms heavily engaged in capital raising and mergers and acquisitions transactions; (ii) Niels Brix, a seasoned lawyer who has more than
15 years' experience in the global wind industry and served as a board member of Procon Wind Energy A/S, a Denmark based service
company for offshore wind sector; (iii) Caroline Harding, an experienced family office director and chief financial officer; and (iv)
Sean Kidney, a regular speaker on climate change and finance.

 Substantial Deal Flow.
 We have been sourcing initial business combination opportunities through existing connections and management team's network,
our management team and board's broad network of owners, investors, executives and advisors of businesses in the sustainable energy
industry.

 Business Combination Criteria

 Our business combination
criteria is not limited to a particular industry sector. However, with the experience of our management team, we are focused on acquiring
an initial business combination target in the sustainable energy industry in the OECD countries, specifically within climate change,
environment, renewable energy and emerging, clean technologies. Our management team identifies targets, such as GreenRock, that are valuable
opportunities and/or in need of strategic growth capital, will benefit from becoming publicly listed, may require refined business approaches
to unlock additional value, or may need to repurchase debt, pursue strategic acquisitions or secure working capital.

 Aligned with our business
and investment strategies, we have identified the following criteria that we believe are important and that use in evaluating initial
business combinations. While we utilize these criteria in evaluating initial business combinations, including the GreenRock Business
Combination, no individual criterion entirely determines our decision to pursue a particular opportunity. Further, any particular initial
business combination that we ultimately pursue may not meet one or more of these criteria. In assessing prospective targets, we may consider
various criteria, including whether such prospects:

 are engaged in activities that are consistent with our corporate
values and industry perspective, and will benefit from a partnership with our Company, our management team's operating and technical
expertise, capital markets experience and extensive network of industry relationships;

 have a differentiated technology mix, processes, product
offerings or services that drive toward an electrified future or support the transition to a more sustainable economy;

 are fundamentally sound businesses that have a sustainable
business model with the ability to successfully navigate the ebbs and flows of an economic downturn and changes in the industry landscape
and regulatory environment;

 have a defensible market position and demonstrate differentiated
competitive advantages with high barriers to entry against new competitors;

 have recurring, predictable revenues and a history of, or
the near-term potential to, generate stable and sustainable free cash flow;

 exhibit unrecognized value, desirable returns on capital,
and a need for capital to achieve the company's growth strategy;

 are able to structure or ring fence around exposure to legacy
assets to the extent desirable to enhance shareholder returns or to reduce volatility of such returns;

 have the potential for strong and continued growth both organically
and through add-on acquisitions and offer an attractive risk-adjusted return for our shareholders;

 are at an inflection point and would benefit from a catalyst
such as incremental capital, innovation through new operational practices, and application of innovative, product creation, or additional
management expertise;

 have publicly or privately-traded peer companies that operate
in a similar industry sector or have similar operating metrics which may help establish that the valuation of our initial business combination
is attractive relative to such public or private peers;

 have a positive environmental and social impact, considering
all stakeholders, and work to establish and follow best-in-class sustainability standards, which we believe will create long-term shareholder
value; and

 are positioned to be publicly traded and can benefit from
having access to broader and more efficient capital markets to drive improved financial performance and achieve key business strategies.

 These criteria are not intended
to be exhaustive. Any evaluation relating to the merits of a particular initial business combination may be based, to the extent relevant,
on these general guidelines as well as other considerations, factors, and criteria that our management may deem relevant. In the event
that we decide to enter into our initial business combination with a target business that meets some, but not all of the above criteria
and guidelines, we will disclose that the target business does not meet the above criteria in our shareholder communications related
to our initial business combination, which, as discussed in this Report, would be in the form of proxy solicitation materials or tender
offer documents that we would file with the SEC, such as the GreenRock Registration Statement.

 Competitive Strengths

 We believe the sourcing,
valuation, diligence, and execution capabilities of our management team provides us with a significant pipeline of opportunities from
which to evaluate and select an initial business combination that will benefit from our expertise.

 Strong Management Team. We leverage the extensive
experience of our management team, all of whom have been involved at various levels in acquisitions, financings, and advisory transactions,
and have significant experience investing in a variety of economic cycles and jurisdictions, with a track record of identifying high-quality
assets with opportunities for optimization. We believe our management team's ability to originate, effectively diligence, and creatively
and thoughtfully structure transactions generate attractive risk-adjusted returns for investors. We believe we benefit from our management
team's successful track record in corporate finance, including Mr. Regnarsson's and Mr. Ratelband V's respective experience
serving as general partners, corporate executives or board members for both public and private companies.

 Broad Sourcing Channels and Leading Industry Relationships.
 We believe the capabilities and relationships associated with our management team provide us with a differentiated pipeline of attractive
initial business combination opportunities that could be difficult for other market participants to replicate.

 Underwriting, Execution, and Structuring Capabilities.
 Our management team applies to our targets a rigorous analytical review and diligence process that its individual members apply or
have applied in their current or past professional experiences. The sensitivity of financial and operational drivers to external factors
is a key component of evaluating investment opportunities and pricing risk. We believe our investment discipline allows us to identify
opportunities where our management team can create shareholder value, which may include operational or capital structure improvements,
as well as the introduction of new technologies and/or products to drive growth.

 Public Company Operating Expertise. As a result of
serving as executive officers and directors of and financial and operating advisors to publicly traded companies, our management team
has substantial experience in navigating the challenges of operating as a public company. We anticipate that one or more members of our
management team or board would remain on the board of the Company post initial business combination. Per Regnarsson, our Chief Executive
Officer and a director, and Charles Ratelband, our Executive Chairman, are expected to serve as directors of Pubco following the consummating
of the GreenRock Business Combination.

 Renewable Infrastructure Operating Expertise. Our
management team brings with it extensive experience in owning and operating assets across a range of renewable energy sectors and technologies
including (but not limited to) onshore and offshore wind, solar photovoltaics, biofuels, battery storage projects and hydrogen. Such
practical grounding across the sectors gives management a considerable advantage in evaluating and executing on acquisition opportunities
and extracting full operating and financial value from a variety of potential projects.

 Initial Business Combination

 Nasdaq rules require that
we must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets held
in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the trust account)
at the time of our signing a definitive agreement in connection with our initial business combination. Our board of directors will make
the determination as to the fair market value of our initial business combination. If our board of directors is not able to independently
determine the fair market value of our initial business combination, we will obtain an opinion from an independent investment banking
firm that is a member of FINRA or an independent accounting firm with respect to the satisfaction of such criteria. While we consider
it unlikely that our board of directors will not be able to make an independent determination of the fair market value of our initial
business combination, it may be unable to do so if it is less familiar or experienced with the business of a particular target or if
there is a significant amount of uncertainty as to the value of a target's assets or prospects.

 We have until May 2, 2024,
as approved at the 2023 EGM on April 27, 2023, to consummate an initial business combination. However, if we anticipate that we may not
be able to consummate our initial business combination by such time, we may extend the period of time to consummate a business combination.
Our shareholders will be entitled to vote or redeem their shares in connection with any such extension. Our shareholders will also be
entitled to vote and redeem their shares in connection with a general meeting held to approve an initial business combination or in a
tender offer undertaken in connection with such an initial business combination. Pursuant to the terms of our amended and restated memorandum
and the trust agreement entered into between us and Continental, in order for the time available for us to consummate our initial business
combination to be extended, our sponsor or its affiliates or designees, upon five days advance notice prior to the applicable deadline,
would have been required to deposit into the trust account $787,500 ($0.10 per unit, up to an aggregate of $1,575,000) on or prior to
the date of the applicable deadline, for each of the two three-month extensions from May 2, 2023 to November 2, 2023 (the "Paid
Extensions").

 In connection with the 2023
EGM, our amended and restated memorandum and articles of association was amended to remove this requirement. Instead, the sponsor has
agreed to contribute to us as a loan of $75,000 for each calendar month (commencing on May 2, 2023 and ending on the 1st day of each
subsequent month), or portion thereof, that is needed by us to complete an initial business combination from May 2, 2023 until May 2,
2024 (or such earlier date as determined by the board of directors in its sole discretion). Any such loans are non-interest bearing and
payable upon the consummation of our initial business combination. If we complete our initial business combination, we will, at the option
of our sponsor, repay such loaned amounts out of the proceeds of the trust account released to us or convert a portion or all of the
total loan amount into warrants at a price of $1.00 per warrant, which warrants will be identical to the private placement warrants.
If we do not complete a business combination, we will repay such loans only from funds held outside of the trust account. Our sponsor
and its affiliates or designees are not obligated to fund the trust account to extend the time for us to complete our initial business
combination. If we are unable to consummate an initial business combination within such time period, we will redeem 100% of our issued
and outstanding public shares for a pro rata portion of the funds held in the trust account, equal to the aggregate amount then on deposit
in the trust account including interest earned on the funds held in the trust account and not previously released to us to pay our taxes
(less up to $50,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, subject to applicable
law and as further described herein, and then seek to liquidate and dissolve. We expect the pro rata redemption price to be approximately
$11.06 per Class A ordinary share, without taking into account any interest earned on such funds. However, we cannot assure our shareholders
that we will in fact be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of
our public shareholders. We anticipate structuring our initial business combination either (i) in such a way so that the post-transaction
company in which our public shareholders own shares will own or acquire 100% of the equity interests or assets of the target business
or businesses, or (ii) in such a way so that the post-transaction company owns or acquires less than 100% of such interests or assets
of the target business in order to meet certain objectives of the target management team or shareholders, or for other reasons. However,
we will only complete an initial business combination if the post-transaction company owns or acquires 50% or more of the outstanding
voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register
as an investment company under the Investment Company Act. Even if the post-transaction company owns or acquires 50% or more of the voting
securities of the target, our shareholders prior to the initial business combination may collectively own a minority interest in the
post-transaction company, depending on valuations ascribed to the target and us in the initial business combination. For example, we
could pursue a transaction in which we issue a substantial number of new shares in exchange for all of the outstanding share capital,
shares or other equity interests of a target. In this case, we would acquire a 100% controlling interest in the target. However, as a
result of the issuance of a substantial number of new shares, our shareholders immediately prior to our initial business combination
could own less than a majority of our outstanding shares subsequent to our initial business combination. If less than 100% of the equity
interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business
or businesses that is owned or acquired is what will be taken into account for purposes of Nasdaq's 80% of net assets test. If
the initial business combination involves more than one target business, the 80% of net assets test will be based on the aggregate value
of all of the transactions and we will treat the target businesses together as the initial business combination for purposes of a tender
offer or for seeking shareholder approval, as applicable. Based on the valuation analysis of our management and board of directors, we
have determined that the fair market value of GreenRock was substantially in excess of 80% of the funds in the trust account and that
the 80% test was therefore satisfied.

 Our Business Combination Process

 In evaluating prospective
business combinations, such as the GreenRock Business Combination, we conduct a thorough due diligence review process that encompasses,
among other things, a review of historical and projected financial and operating data, meetings with management and their advisors (if
applicable), on-site inspection of facilities and assets, discussion with customers and suppliers, legal reviews and other reviews as
we deem appropriate.

 We are not prohibited from
pursuing an initial business combination with a company that is affiliated with our sponsor, officers or directors. In the event we seek
to complete our initial business combination with a company that is affiliated with our sponsor, officers or directors, we, or a committee
of independent directors, will obtain an opinion from an independent investment banking firm that is a member of FINRA or an independent
accounting firm that our initial business combination is fair to our company from a financial point of view.

 Certain of our officers and
directors indirectly own founder shares and/or private placement warrants. Because of this ownership, our sponsor and our officers and
directors may have a conflict of interest in determining whether a particular target business is an appropriate business with which to
effectuate our initial business combination. Further, each of our officers and directors may have a conflict of interest with respect
to evaluating a particular business combination if the retention or resignation of any such officers and directors were to be included
by a target business as a condition to any agreement with respect to our initial business combination.

 Each of our officers and
directors presently has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities pursuant
to which such officer or director is or will be required to present a business combination opportunity. Accordingly, if any of our officers
or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current fiduciary
or contractual obligations to present the opportunity to such entity, he or she will honor his or her fiduciary or contractual obligations
to present such opportunity to such entity. We believe, however, that the fiduciary duties or contractual obligations of our officers
or directors will not materially affect our ability to complete our initial business combination. Our amended and restated memorandum
and articles of association provide that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or
an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly
in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being
offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or
officer, on the one hand, and us, on the other.

 Our sponsor, officers and
directors may participate in the formation of, or become an officer or director of, any other blank check company prior to completion
of our initial business combination. As a result, our sponsor, officers or directors could have conflicts of interest in determining whether
to present business combination opportunities to us or to any other blank check company with which they may become involved. In particular,
Caroline Harding currently serves as the Chief Financial Officer and a director of Aurora Acquisition Corp., which announced on May 11,
2021 that they entered into a definitive merger agreement with Better HoldCo, Inc., a digital homeownership platform in the U.S. Ms. Harding
may simultaneously pursue opportunities for Aurora Acquisition Corp. (to the extent its business combination with Better HoldCo, Inc.
is not consummated) and us.

 Our Management Team

 Members of our management
team are not obligated to devote any specific number of hours to our matters but they devote as much of their time as they deem necessary
to our affairs until we have completed our initial business combination. The amount of time that any member of our management team devotes
in any time period varies based on the current stage of the business combination process.

 We believe our management
team's operating and transaction experience and relationships with companies will provide us with a substantial number of potential
business combination targets. Over the course of their careers, the members of our management team have developed a broad network of contacts
and corporate relationships in various industries. This network has grown through the activities of our management team sourcing, acquiring
and financing businesses, our management team's relationships with sellers, financing sources and target management teams and the
experience of our management team in executing transactions under varying economic and financial market conditions.

 Status as a Public Company

 We believe our structure
makes us an attractive business combination partner to target businesses. As a public company, we offer a target business an alternative
to the traditional initial public offering through a merger or other business combination with us. Following an initial business combination,
we believe the target business would have greater access to capital and additional means of creating management incentives that are better
aligned with shareholders' interests than it would as a private company. A target business can further benefit by augmenting its
profile among potential new customers and vendors and aid in attracting talented employees. In a business combination transaction with
us, the owners of the target business may, for example, exchange their share capital, shares or other equity interests in the target business
for our ordinary shares (or shares of a new holding company) or for a combination of our ordinary and cash, allowing us to tailor the
consideration to the specific needs of the sellers. See "GreenRock Business Combination" above regarding the consideration
to be paid in the GreenRock Business Combination.

 Although there are various
costs and obligations associated with being a public company, we believe target businesses, such as GreenRock, will find this method a
more expeditious and cost effective method to becoming a public company than the typical initial public offering. The typical initial
public offering process takes a significantly longer period of time than the typical business combination transaction process, and there
are significant expenses in the initial public offering process, including underwriting discounts and commissions, marketing and road
show efforts that may not be present to the same extent in connection with an initial business combination with us.

 Furthermore, once a proposed
initial business combination is completed, such as the GreenRock Business Combination, the target business will have effectively become
public, whereas an initial public offering is always subject to the underwriters' ability to complete the offering, as well as general
market conditions, which could delay or prevent the offering from occurring or could have negative valuation consequences. Following an
initial business combination, we believe the target business would then have greater access to capital and an additional means of providing
management incentives consistent with shareholders' interests and the ability to use its shares as currency for acquisitions. Being
a public company can offer further benefits by augmenting a company's profile among potential new customers and vendors and aid
in attracting talented employees.

 While we believe that our
structure and our management team's backgrounds make us an attractive business partner, some potential target businesses may view
our status as a blank check company, such as our lack of an operating history and our ability to seek shareholder approval of any proposed
initial business combination, negatively.

 We are an "emerging
growth company," as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. As such, we are eligible to take
advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging
growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation
requirements of Section 404 of the Sarbanes-Oxley Act reduced disclosure obligations regarding executive compensation in our periodic
reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and
shareholder approval of any golden parachute payments not previously approved. If some investors find our securities less attractive as
a result, there may be a less active trading market for our securities and the prices of our securities may be more volatile.

 In addition, Section 107
of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section
7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can
delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend to take
advantage of the benefits of this extended transition period.

 We will remain an emerging
growth company until the earlier of (1) (a) December 31, 2027 (b) the last day of the fiscal year in which we have total annual gross
revenue of at least $1.235 billion, or (c) the last day of the fiscal year in which we are deemed to be a large accelerated filer, which
means the market value of our ordinary shares that are held by non-affiliates exceeds $700 million as of the prior June 30th, and (2)
the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

 Additionally, we are a "smaller
reporting company" as defined in Rule 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced
disclosure obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller
reporting company until the last day of the fiscal year in which (1) the market value of our ordinary shares held by non-affiliates exceeds
$250 million as of the end of the prior June 30th, or (2) our annual revenues exceeded $100 million during such completed fiscal year
and the market value of our ordinary shares held by non-affiliates exceeds $700 million as of the prior June 30th.

 With funds available for
an initial business combination in the amount of $28,508,214 (as of December 31, 2023 and assuming no redemptions) available to us before
fees and expenses associated with our initial business combination, we offer a target business a variety of options such as creating a
liquidity event for its owners, providing capital for the potential growth and expansion of its operations or strengthening its balance
sheet by reducing its debt or leverage ratio. Because we are able to complete our initial business combination using our cash, debt or
equity securities, or a combination of the foregoing, we have the flexibility to use the most efficient combination that will allow us
to tailor the consideration to be paid to the target business to fit its needs and desires. However, we have not taken any steps to secure
third party financing and there can be no assurance it will be available to us.

 Effecting Our Initial Business Combination

 We are not presently engaged
in any operations and will not engage in any operations until we consummate our initial business combination. We intend to effectuate
our initial business combination using cash from the proceeds of our initial public offering and the private placement of the private
placement warrants, the proceeds of the sale of our shares in connection with our initial business combination (including pursuant to
forward purchase agreements or backstop agreements we may enter into following the consummation of our initial public offering or otherwise),
shares issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, or a combination of the foregoing.
We may seek to complete our initial business combination with a company or business that may be financially unstable or in its early stages
of development or growth, which would subject us to the numerous risks inherent in such companies and businesses.

 If our initial business combination
is paid for using equity or debt securities, or not all of the funds released from the trust account are used for payment of the consideration
in connection with our initial business combination or used for redemptions of our ordinary shares, we may apply the balance of the cash
released to us from the trust account for general corporate purposes, including for maintenance or expansion of operations of the post-transaction
company, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund the
purchase of other companies or for working capital.

 We may seek to raise additional
funds through a private offering of debt or equity securities in connection with the completion of our initial business combination, and
we may effectuate our initial business combination using the proceeds of such offering rather than using the amounts held in the trust
account. In addition, we intend to target businesses larger than we could acquire with the net proceeds of our initial public offering
and the sale of the private placement warrants, and may as a result be required to seek additional financing to complete such proposed
initial business combination. Subject to compliance with applicable securities laws, we would expect to complete such financing only simultaneously
with the completion of our initial business combination. In the case of an initial business combination funded with assets other than
the trust account assets, our proxy materials or tender offer documents disclosing the initial business combination would disclose the
terms of the financing and, only if required by law, we would seek shareholder approval of such financing. There are no prohibitions on
our ability to raise funds privately, or through loans in connection with our initial business combination. At this time, we are not a
party to any arrangement or understanding with any third party with respect to raising any additional funds through the sale of securities
or otherwise.

 See "GreenRock Business
Combination" above for more information regarding the agreements related to the GreenRock Business Combination.

 Sources of Target Businesses

 We anticipate that target
business candidates will be brought to our attention from various unaffiliated sources, including investment bankers and investment professionals.
Target businesses may be brought to our attention by such unaffiliated sources as a result of being solicited by us by calls or mailings.
These sources may also introduce us to target businesses in which they think we may be interested on an unsolicited basis, since many
of these sources will have read this Report and know what types of businesses we are targeting. Our officers and directors, as well as
our sponsor and their affiliates, may also bring to our attention target business candidates that they become aware of through their business
contacts as a result of formal or informal inquiries or discussions they may have, as well as attending trade shows or conventions. In
addition, we expect to receive a number of proprietary deal flow opportunities that would not otherwise necessarily be available to us
as a result of the business relationships of our officers and directors and our sponsor and their affiliates. While we do not presently
anticipate engaging the services of professional firms or other individuals that specialize in business acquisitions on any formal basis,
we may engage these firms or other individuals in the future, in which event we may pay a finder's fee, consulting fee, advisory
fee or other compensation to be determined in an arm's length negotiation based on the terms of the transaction. We will engage
a finder only to the extent our management determines that the use of a finder may bring opportunities to us that may not otherwise be
available to us or if finders approach us on an unsolicited basis with a potential transaction that our management determines is in our
best interest to pursue. Payment of finder's fees is customarily tied to completion of a transaction, in which case any such fee
will be paid out of the funds held in the trust account. In no event, however, will our sponsor or any of our existing officers or directors,
or any entity with which our sponsor or officers are affiliated, be paid any finder's fee, reimbursement, consulting fee, monies
in respect of any payment of a loan or other compensation by the company prior to, or in connection with any services rendered for any
services they render in order to effectuate, the completion of our initial business combination (regardless of the type of transaction
that it is). None of our sponsor, executive officers or directors, or any of their respective affiliates, will be allowed to receive any
compensation, finder's fees or consulting fees from a prospective business combination target in connection with a contemplated
initial business combination. We have agreed to pay an affiliate of our sponsor a total of $10,000 per month for office space, utilities
and secretarial and administrative support and to reimburse our sponsor for any out-of-pocket expenses related to identifying, investigating
and completing an initial business combination. Additionally, the Company entered into the Gluon Letter Agreement with Gluon Partners
for consulting services provided to the Company in connection with the identification, evaluation, and analysis of potential business
combination transaction targets and related financing transactions. Per Regnarsson, the Chief Executive Officer and a director of the
Company, is the Managing Partner of Gluon Partners. Some of our officers and directors may enter into employment or consulting agreements
with the post-transaction company following our initial business combination. The presence or absence of any such fees or arrangements
will not be used as a criterion in our selection process of an initial business combination candidate.

 We are not prohibited from
pursuing an initial business combination with an initial business combination target that is affiliated with our sponsor, officers or
directors or making the initial business combination through a joint venture or other form of shared ownership with our sponsor, officers
or directors. While GreenRock is not an affiliated with our sponsor, officers or directors, in the event we do not consummate the GreenRock
Business Combination and seek to complete our initial business combination with an initial business combination target that is affiliated
with our sponsor, officers or directors, we, or a committee of independent directors, would obtain an opinion from an independent investment
banking firm which is a member of FINRA or an independent accounting firm that such an initial business combination is fair to our company
from a financial point of view. We are not required to obtain such an opinion in any other context.

 If any of our officers or
directors becomes aware of an initial business combination opportunity that falls within the line of business of any entity to which he
or she has pre-existing fiduciary or contractual obligations, he or she may be required to present such business combination opportunity
to such entity prior to presenting such business combination opportunity to us. Our officers and directors currently have certain relevant
fiduciary duties or contractual obligations that may take priority over their duties to us.

 Selection of a Target Business and Structuring
of a Business Combination

 Nasdaq rules require that
we must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets held
in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the trust account) at
the time of our signing a definitive agreement in connection with our initial business combination. The fair market value of our initial
business combination will be determined by our board of directors based upon one or more standards generally accepted by the financial
community, such as discounted cash flow valuation, a valuation based on trading multiples of comparable public businesses or a valuation
based on the financial metrics of M&A transactions of comparable businesses. If our board of directors is not able to independently
determine the fair market value of our initial business combination, we will obtain an opinion from an independent investment banking
firm that is a member of FINRA or an independent accounting firm with respect to the satisfaction of such criteria. While we consider
it unlikely that our board of directors will not be able to make an independent determination of the fair market value of our initial
business combination, it may be unable to do so if it is less familiar or experienced with the business of a particular target or if there
is a significant amount of uncertainty as to the value of a target's assets or prospects. We do not intend to purchase multiple
businesses in unrelated industries in conjunction with our initial business combination. Subject to this requirement, our management will
have virtually unrestricted flexibility in identifying and selecting one or more prospective target businesses, although we will not be
permitted to effectuate our initial business combination with another blank check company or a similar company with nominal operations.

 In any case, we will only
complete an initial business combination in which we own or acquire 50% or more of the outstanding voting securities of the target or
otherwise acquire a controlling interest in the target sufficient for it not to be required to register as an investment company under
the Investment Company Act. If we own or acquire less than 100% of the equity interests or assets of a target business or businesses,
the portion of such business or businesses that are owned or acquired by the post-transaction company is what will be taken into account
for purposes of Nasdaq's 80% of net assets test. There is no basis for our investors to evaluate the possible merits or risks of
any target business with which we may ultimately complete our initial business combination.

 To the extent we effect our
initial business combination with a company or business that may be financially unstable or in its early stages of development or growth
we may be affected by numerous risks inherent in such company or business. Although our management will endeavor to evaluate the risks
inherent in a particular target business, we cannot assure our shareholders that we will properly ascertain or assess all significant
risk factors.

 In evaluating a prospective
business target, such as GreenRock, we conduct a thorough due diligence review, which encompasses, among other things, meetings with incumbent
management and employees, document reviews, interviews of customers and suppliers, inspection of facilities, as well as a review of financial
and other information that will be made available to us.

 Any costs incurred with respect
to the identification and evaluation of a prospective target business with which our initial business combination is not ultimately completed
will result in our incurring losses and will reduce the funds we can use to complete another business combination.

 Lack of Business Diversification

 For an indefinite period
of time after the completion of our initial business combination, the prospects for our success may depend entirely on the future performance
of a single business. Unlike other entities that have the resources to complete business combinations with multiple entities in one or
several industries, it is probable that we will not have the resources to diversify our operations and mitigate the risks of being in
a single line of business. In addition, we intend to focus our search for an initial business combination in a single industry. By completing
our initial business combination with only a single entity, our lack of diversification may:

 subject us to numerous economic, competitive and regulatory developments, any or all of which may have
a substantial adverse impact upon the particular industry in which we may operate subsequent to a business combination, and

 result in our dependency upon the performance of a single operating business or the development or market
acceptance of a single or limited number of products, processes or services.

 If we determine to simultaneously
acquire several businesses and such businesses are owned by different sellers, we will need for each of such sellers to agree that our
purchase of its business is contingent on the simultaneous closings of the other acquisitions, which may make it more difficult for us,
and delay our ability, to complete the business combination. With multiple acquisitions, we could also face additional risks, including
additional burdens and costs with respect to possible multiple negotiations and due diligence investigations (if there are multiple sellers)
and the additional risks associated with the subsequent assimilation of the operations and services or products of the acquired companies
in a single operating business.

 Limited Ability to Evaluate the Target Business'
Management

 Although we scrutinize the
management of a prospective target business, including the management of GreenRock, when evaluating the desirability of effecting a business
combination, and we plan to do so if the GreenRock Business Combination is not consummated and we seek other business combination opportunities,
we cannot assure our shareholders that our assessment of the target business' management will prove to be correct. In addition,
we cannot assure our shareholders that the future management will have the necessary skills, qualifications or abilities to manage a public
company. While Per Regnarsson, our Chief Executive Officer and a director, and Charles Ratelband, our Executive Chairman, are expected
to serve as directors of Pubco following the consummating of the GreenRock Business Combination, the future role of our officers and directors,
if any, in the target business following a business combination otherwise cannot presently be stated with any certainty. While it is possible
that some of our key personnel will remain associated in senior management or advisory positions with us following a business combination,
it is unlikely that they will devote their full-time efforts to our affairs subsequent to a business combination. Moreover, they would
only be able to remain with the company after the consummation of a business combination if they are able to negotiate employment or consulting
agreements in connection with the business combination. Such negotiations would take place simultaneously with the negotiation of the
business combination and could provide for them to receive compensation in the form of cash payments and/or our securities for services
they would render to the company after the consummation of the business combination. While the personal and financial interests of our
key personnel may influence their motivation in identifying and selecting a target business, their ability to remain with the company
after the consummation of a business combination will not be the determining factor in our decision as to whether or not we will proceed
with any potential business combination. Additionally, we cannot assure our shareholders that our officers and directors will have significant
experience or knowledge relating to the operations of the particular target business.

 Following a business combination,
we may seek to recruit additional managers to supplement the incumbent management of the target business. We cannot assure our shareholders
that we will have the ability to recruit additional managers, or that any such additional managers we do recruit will have the requisite
skills, knowledge or experience necessary to enhance the incumbent management.

 Shareholders May Not Have the Ability to Approve
an Initial Business Combination

 In connection with any proposed
business combination, we will either (1) seek shareholder approval of our initial business combination at a general meeting called for
such purpose at which shareholders may seek to convert their shares, regardless of whether they vote for or against the proposed business
combination or don't vote at all, into their pro rata share of the aggregate amount then on deposit in the trust account (net of
taxes payable) (as is the case with the GreenRock Business Combination), or (2) provide our shareholders with the opportunity to sell
their shares to us by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount equal to their pro rata
share of the aggregate amount then on deposit in the trust account (net of taxes payable), in each case subject to the limitations described
herein. The decision as to whether we will seek shareholder approval of a proposed business combination or will allow shareholders to
sell their shares to us in a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such
as the timing of the transaction and whether the terms of the transaction would otherwise require us to seek shareholder approval. If
we determine to engage in a tender offer, such tender offer will be structured so that each shareholder may tender all of his, her or
its shares rather than some pro rata portion of his, her or its share. In that case, we will file tender offer documents with the SEC
which will contain substantially the same financial and other information about the initial business combination as is required under
the SEC's proxy rules. Regardless of whether we seek shareholder approval or engage in a tender offer, we will consummate our initial
business combination only if we have net tangible assets of at least $5,000,001 immediately after the consummation and, if we seek shareholder
approval, only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a
majority of the shareholders who attend and vote at a general meeting of the company.

 We chose our net tangible
asset threshold of $5,000,001 to ensure that we would avoid being subject to Rule 419 promulgated under the Securities Act. However, if
we seek to consummate an initial business combination with a target business that imposes any type of working capital closing condition
or requires us to have a minimum amount of funds available from the trust account upon consummation of such initial business combination,
we may need to have more than $5,000,001 in net tangible assets immediately after the consummation and this may force us to seek third
party financing which may not be available on terms acceptable to us or at all. As a result, we may not be able to consummate such initial
business combination and we may not be able to locate another suitable target within the applicable time period, if at all. Public shareholders
may therefore have to wait 24 months from the closing of our initial public offering in order to be able to receive a pro rata share of
the trust account.

 Our sponsor, initial shareholders,
officers and directors have agreed (1) to vote any ordinary shares owned by them in favor of any proposed business combination, (2) not
to convert any ordinary shares in connection with a shareholder vote to approve a proposed initial business combination and (3) not sell
any ordinary shares in any tender in connection with a proposed initial business combination.

 None of our officers, directors,
sponsor, initial shareholders or their affiliates has indicated any intention to purchase units or ordinary shares from persons in the
open market or in private transactions. However, if we hold a general meeting to approve a proposed business combination and a significant
number of shareholders vote, or indicate an intention to vote, against such proposed business combination or that they wish to redeem
their shares, our officers, directors, sponsor, initial shareholders or their affiliates could make such purchases in the open market
or in private transactions in order to influence the vote and reduce the number of redemptions. Notwithstanding the foregoing, our officers,
directors, Sponsor, initial shareholders and their affiliates will not make purchases of ordinary shares if the purchases would violate
Section 9(a)(2) or Rule 10b-5 of the Exchange Act, which are rules designed to stop potential manipulation of a company's shares.

 We may also elect to seek
to extend the deadline by which we must consummate our initial business combination. Such an extension requires the approval of our public
shareholders to amend our amended and restated memorandum and articles of association, who will be provided the opportunity to at that
time to redeem all or a portion their shares (which would likely have a material adverse effect on the amount held in our trust account
and other adverse effects on our Company, such as our ability to maintain our listing on Nasdaq).

 See "GreenRock Business
Combination" above for more information regarding the requisite approvals needed in the GreenRock Business Combination.

 Permitted Purchases of Our Securities

 If we seek shareholder approval
of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to
the tender offer rules, our sponsor, initial shareholders, directors, officers, advisors or their affiliates may purchase shares or public
warrants in privately negotiated transactions or in the open market either prior to or following the completion of our initial business
combination. There is no limit on the number of shares our initial shareholders, directors, officers, advisors or their affiliates may
purchase in such transactions, subject to compliance with applicable law and Nasdaq rules. However, they have no current commitments,
plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. If they
engage in such transactions, they will not make any such purchases when they are in possession of any material nonpublic information not
disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act.

 In the event that our sponsor,
initial shareholders, directors, officers, advisors or their affiliates purchase shares in privately negotiated transactions from public
shareholders who have already elected to exercise their redemption rights, such selling shareholders would be required to revoke their
prior elections to redeem their shares. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject
to the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the Exchange
Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers
will comply with such rules. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent
such purchasers are subject to such reporting requirements. None of the funds held in the trust account will be used to purchase shares
or public warrants in such transactions prior to completion of our initial business combination.

 The purpose of any such purchases
of shares could be to vote such shares in favor of the initial business combination and thereby increase the likelihood of obtaining shareholder
approval of the initial business combination or to satisfy a closing condition in an agreement with a target that requires us to have
a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such requirement
would otherwise not be met. The purpose of any such purchases of public warrants could be to reduce the number of public warrants outstanding
or to vote such warrants on any matters submitted to the warrant holders for approval in connection with our initial business combination.
Any such purchases of our securities may result in the completion of our initial business combination that may not otherwise have been
possible. In addition, if such purchases are made, the public "float" of our ordinary shares or warrants may be reduced and
the number of beneficial holders of our securities may be reduced, which may make it difficult to maintain or obtain the quotation, listing
or trading of our securities on a national securities exchange.

 Our sponsor, officers, directors
and/or their affiliates anticipate that they may identify the shareholders with whom our sponsor, officers, directors or their affiliates
may pursue privately negotiated purchases by either the shareholders contacting us directly or by our receipt of redemption requests submitted
by shareholders following our mailing of proxy materials in connection with our initial business combination. To the extent that our sponsor,
officers, directors, advisors or their affiliates enter into a private purchase, they would identify and contact only potential selling
shareholders who have expressed their election to redeem their shares for a pro rata share of the trust account or vote against our initial
business combination, whether or not such shareholder has already submitted a proxy with respect to our initial business combination.
Our sponsor, officers, directors, advisors or their affiliates will only purchase shares if such purchases comply with Regulation M under
the Exchange Act and the other federal securities laws.

 Any purchases by our sponsor,
officers, directors and/or their affiliates who are affiliated purchasers under Rule 10b-18 under the Exchange Act will only be made to
the extent such purchases are able to be made in compliance with Rule 10b-18, which is a safe harbor from liability for manipulation under
Section 9(a)(2) and Rule 10b-5 of the Exchange Act. Rule 10b-18 has certain technical requirements that must be complied with in order
for the safe harbor to be available to the purchaser. Our sponsor, officers, directors and/or their affiliates will not make purchases
of ordinary shares if the purchases would violate Section 9(a)(2) or Rule 10b-5 of the Exchange Act. Any such purchases will be reported
pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchases are subject to such reporting requirements.

 Redemption Rights for Public Shareholders upon
Completion of our Initial Business Combination

 We will provide our public
shareholders with the opportunity to redeem all or a portion of their ordinary shares upon the completion of our initial business combination
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior
to the consummation of the initial business combination including interest earned on the funds held in the trust account and not previously
released to us to pay our franchise and income taxes, divided by the number of then outstanding public shares, subject to the limitations
described herein. The amount in the trust account is approximately $11.06 per public share. The per-share amount we will distribute to
investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters.
Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption
rights with respect to any founder shares and any public shares held by them in connection with the completion of our initial business
combination. We will also provide this opportunity to our public shareholders should we seek approval to further amend our amended and
restated memorandum and articles of association to extend the deadline by which we are required to consummate our initial business combination.

 Manner of Conducting Redemptions

 We will provide our public
shareholders with the opportunity to redeem all or a portion of their ordinary shares upon the completion of our initial business combination,
such as the GreenRock Business Combination, either (i) in connection with a general meeting called to approve the initial business combination
or (ii) by means of a tender offer. The decision as to whether we will seek shareholder approval of a proposed initial business combination
or conduct a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of
the transaction and whether the terms of the transaction would require us to seek shareholder approval under the law or stock exchange
listing requirement.

 Under Nasdaq rules, asset
acquisitions and share purchases would not typically require shareholder approval while direct mergers with our company where we do not
survive and any transactions where we issue more than 20% of our outstanding ordinary share or seek to amend our amended and restated
memorandum of association and articles would require shareholder approval. If we structure an initial business combination with a target
company in a manner that requires shareholder approval, we will not have discretion as to whether to seek a shareholder vote to approve
the proposed initial business combination. We may conduct redemptions without a shareholder vote pursuant to the tender offer rules of
the SEC unless shareholder approval is required by law or stock exchange listing requirements or we choose to seek shareholder approval
for business or other legal reasons. So long as we obtain and maintain a listing for our securities on Nasdaq, we will be required to
comply with such rules.

 If a shareholder vote is
not required and we do not decide to hold a shareholder vote for business or other legal reasons, we will, pursuant to our amended and
restated memorandum and articles of association:

 conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate
issuer tender offers, and

 file tender offer documents with the SEC prior to completing our initial business combination which contain
substantially the same financial and other information about the initial business combination and the redemption rights as is required
under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.

 Upon the public announcement
of our initial business combination, we or our sponsor will terminate any plan established in accordance with Rule 10b5-1 to purchase
our ordinary shares in the open market if we elect to redeem our public shares through a tender offer, to comply with Rule 14e-5 under
the Exchange Act.

 In the event we conduct redemptions
pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a)
under the Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer
period. In addition, the tender offer will be conditioned on public shareholders not tendering more than a specified number of public
shares which are not purchased by our sponsor, which number will be based on the requirement that we may not redeem public shares in an
amount that would cause our net tangible assets to be less than $5,000,001 either immediately prior to or immediately after the consummation
of our initial business combination and after payment of underwriters' fees and commissions (so that we are not subject to the SEC's
"penny stock" rules) or any greater net tangible asset or cash requirement which may be contained in the agreement relating
to our initial business combination. If public shareholders tender more shares than we have offered to purchase, we will withdraw the
tender offer and not complete the initial business combination.

 If, however, shareholder
approval of the transaction is required by law or stock exchange listing requirement, or we decide to obtain shareholder approval for
business or other legal reasons, we will, pursuant to our amended and restated memorandum and articles of association:

 conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange
Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules, and

 file proxy materials with the SEC.

 In the event that we seek
shareholder approval of our initial business combination, we will distribute proxy materials and, in connection therewith, provide our
public shareholders with the redemption rights described above upon completion of the initial business combination.

 If we seek shareholder approval,
we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which
requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. A quorum for
a general meeting is the holders of a majority of the shares being individuals present in person or by proxy or if a corporation or other
non-natural person by its duly authorized representative or proxy. Our initial shareholders will count toward this quorum and pursuant
to the letter agreement, our sponsor, officers and directors have agreed to vote their founder shares and any public shares purchased
during or after our initial public offering (including in open market and privately negotiated transactions) in favor of our initial business
combination. For purposes of seeking approval of the majority of our outstanding ordinary shares voted, abstentions and broker non-votes
will have no effect on the approval of our initial business combination once a quorum is obtained. As a result, in addition to our initial
shareholders' founder shares and the representative shares, we would need only 403,595, or approximately 5.1%, of the 7,875,000
public shares to be voted in favor of an initial business combination (assuming that only the minimum number of issued and outstanding
shares representing a quorum is present in person or by proxy at a meeting) in order to have our initial business combination approved.
We intend to give approximately 30 days (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if
required, at which a vote shall be taken to approve our initial business combination. These quorum and voting thresholds, and the voting
agreements of our initial shareholders, may make it more likely that we will consummate our initial business combination. Each public
shareholder may elect to redeem its public shares irrespective of whether they vote for or against the proposed transaction.

 Our amended and restated
memorandum and articles of association provides that in no event will we redeem our public shares in an amount that would cause our net
tangible assets to be less than $5,000,001 either immediately prior to or immediately after the consummation of our initial business combination
and after payment of underwriters' fees and commissions (so that we are not subject to the SEC's "penny stock"
rules) or any greater net tangible asset or cash requirement which may be contained in the agreement relating to our initial business
combination. For example, the proposed initial business combination may require: (i) cash consideration to be paid to the target or its
owners, (ii) cash to be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash
to satisfy other conditions in accordance with the terms of the proposed initial business combination. In the event the aggregate cash
consideration we would be required to pay for all ordinary shares that are validly submitted for redemption plus any amount required to
satisfy cash conditions pursuant to the terms of the proposed initial business combination exceed the aggregate amount of cash available
to us, we will not complete the initial business combination or redeem any shares, and all ordinary shares submitted for redemption will
be returned to the holders thereof. We may, however, raise funds through the issuance of equity-linked securities or through loans, advances
or other indebtedness in connection with our initial business combinations, including pursuant to forward purchase agreements or backstop
arrangement we may enter into following consummation of our initial public offering, in order to, among other reasons, satisfy such net
tangible assets or minimum cash requirements.

 We may, however, elect to
seek to extend the deadline by which we must consummate our initial business combination. Such an extension requires the approval of our
public shareholders to amend our amended and restated memorandum and articles of association, who will be provided the opportunity to
at that time to redeem all or a portion their shares (which would likely have a material adverse effect on the amount held in our trust
account and other adverse effects on our Company, such as our ability to maintain our listing on Nasdaq). Our sponsor may also explore
transactions under which it would sell its interest in our company to another management team.

 Limitation on Redemption upon Completion of
our Initial Business Combination if we Seek Shareholder Approval

 Notwithstanding the foregoing,
if we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business
combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public
shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as
a "group" (as defined under Section 13 of the Exchange Act), will be restricted from seeking redemption rights with respect
to more than an aggregate of 15% of the shares sold in our initial public offering, which we refer to as the "Excess Shares."
Such restriction shall also be applicable to our affiliates. We believe this restriction will discourage shareholders from accumulating
large blocks of shares, and subsequent attempts by such holders to use their ability to exercise their redemption rights against a proposed
initial business combination as a means to force us or our management to purchase their shares at a significant premium to the then-current
market price or on other undesirable terms. Absent this provision, a public shareholder holding more than an aggregate of 15% of the shares
sold in our initial public offering could threaten to exercise its redemption rights if such holder's shares are not purchased by
us or our management at a premium to the then-current market price or on other undesirable terms. By limiting our shareholders'
ability to redeem no more than 15% of the shares sold in our initial public offering without our prior consent, we believe we will limit
the ability of a small group of shareholders to unreasonably attempt to block our ability to complete our initial business combination,
particularly in connection with an initial business combination with a target that requires as a closing condition that we have a minimum
net worth or a certain amount of cash. However, we would not be restricting our shareholders' ability to vote all of their shares
(including Excess Shares) for or against our initial business combination.

 See "Recent Developments
- GreenRock Business Combination" above for more information regarding the redemption process for the GreenRock Business Combination.

 Tendering Share Certificates in Connection
with a Tender Offer or Redemption Rights

 We may require our public
shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name,"
to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents or proxy materials
mailed to such holders, or up to two business days prior to the vote on the proposal to approve the initial business combination in the
event we distribute proxy materials, or to deliver their shares to the transfer agent electronically using the DWAC System, at the holder's
option. The tender offer or proxy materials, as applicable, that we will furnish to holders of our public shares in connection with our
initial business combination will indicate whether we are requiring public shareholders to satisfy such delivery requirements. Accordingly,
a public shareholder would have from the time we send out our tender offer materials until the close of the tender offer period, or up
to two days prior to the vote on the initial business combination if we distribute proxy materials, as applicable, to tender its shares
if it wishes to seek to exercise its redemption rights. Given the relatively short exercise period, it is advisable for shareholders to
use electronic delivery of their public shares.

 There is a nominal cost associated
with the above-referenced tendering process and the act of certificating the shares or delivering them through the DWAC System. The transfer
agent will typically charge the tendering broker $100.00 and it would be up to the broker whether or not to pass this cost on to the redeeming
holder. However, this fee would be incurred regardless of whether or not we require holders seeking to exercise redemption rights to tender
their shares. The need to deliver shares is a requirement of exercising redemption rights regardless of the timing of when such delivery
must be effectuated.

 The foregoing is different
from the procedures used by many blank check companies. In order to perfect redemption rights in connection with their business combinations,
many blank check companies would distribute proxy materials for the shareholders' vote on an initial business combination, and a
holder could simply vote against a proposed initial business combination and check a box on the proxy card indicating such holder was
seeking to exercise his or her redemption rights. After the initial business combination was approved, the company would contact such
shareholder to arrange for him or her to deliver his or her certificate to verify ownership. As a result, the shareholder then had an
"option window" after the completion of the initial business combination during which he or she could monitor the price of
the company's shares in the market. If the price rose above the redemption price, he or she could sell his or her shares in the
open market before actually delivering his or her shares to the company for cancellation. As a result, the redemption rights, to which
shareholders were aware they needed to commit before the general meeting, would become "option" rights surviving past the
completion of the initial business combination until the redeeming holder delivered its certificate. The requirement for physical or electronic
delivery prior to the meeting ensures that a redeeming holder's election to redeem is irrevocable once the initial business combination
is approved.

 Any request to redeem such
shares, once made, may be withdrawn at any time up to the date set forth in the tender offer materials or the date of the general meeting
set forth in our proxy materials, as applicable. Furthermore, if a holder of a public share delivered its certificate in connection with
an election of redemption rights and subsequently decides prior to the applicable date not to elect to exercise such rights, such holder
may simply request that the transfer agent return the certificate (physically or electronically). It is anticipated that the funds to
be distributed to holders of our public shares electing to redeem their shares will be distributed promptly after the completion of our
initial business combination.

 If our initial business combination
is not approved or completed for any reason, then our public shareholders who elected to exercise their redemption rights would not be
entitled to redeem their shares for the applicable pro rata share of the trust account. In such case, we will promptly return any certificates
delivered by public holders who elected to redeem their shares.

 If the GreenRock Business
Combination is not completed, we may continue to try to complete an initial business combination with a different target until May 2,
2024.

 Time to Complete Business Combination

 We will have up to 24 months
from the closing of our initial public offering, or until May 2, 2024, to consummate an initial business combination. However, if we anticipate
that we may not be able to consummate our initial business combination by such time, we may extend the period of time to consummate a
business combination. Our shareholders will be entitled to vote or redeem their shares in connection with any such extension. Our shareholders
will also be entitled to vote and redeem their shares in connection with a general meeting held to approve an initial business combination
or in a tender offer undertaken in connection with an initial business combination if we propose such a business combination. Pursuant
to the terms of our memorandum and articles of association and the trust agreement entered into between us and Continental, in order for
the time available for us to consummate our initial business combination to be extended, our sponsor or its affiliates or designees, upon
five days advance notice prior to the applicable deadline, would have been required to deposit into the trust account $787,500 ($0.10
per unit, up to an aggregate of $1,575,000) on or prior to the date of the applicable deadline, for the Paid Extensions. In connection
with the 2023 EGM, our amended and restated memorandum and articles of association was amended to remove this requirement. Instead, the
sponsor has agreed to contribute to us as a loan of $75,000 for each calendar month (commencing on May 2, 2023 and ending on the 1st day
of each subsequent month), or portion thereof, that is needed by us to complete an initial business combination from May 2, 2023 until
May 2, 2024 (or such earlier date as determined by the board of directors in its sole discretion). Any such loans are non-interest bearing
and payable upon the consummation of our initial business combination. If we complete our initial business combination, we will, at the
option of our sponsor, repay such loaned amounts out of the proceeds of the trust account released to us or convert a portion or all of
the total loan amount into warrants at a price of $1.00 per warrant, which warrants will be identical to the private placement warrants.
If we do not complete a business combination, we will repay such loans only from funds held outside of the trust account. Our sponsor
and its affiliates or designees are not obligated to fund the trust account to extend the time for us to complete our initial business
combination. If we are unable to consummate an initial business combination within such time period, we will redeem 100% of our issued
and outstanding public shares for a pro rata portion of the funds held in the trust account, equal to the aggregate amount then on deposit
in the trust account including interest earned on the funds held in the trust account and not previously released to us to pay our taxes
(less up to $50,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, subject to applicable
law and as further described herein, and then seek to liquidate and dissolve. We expect the pro rata redemption price to be approximately
$11.06 per Class A ordinary share, without taking into account any interest earned on such funds. However, we cannot assure our shareholders
that we will in fact be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of
our public shareholders.

 Liquidation if No Business Combination

 If we have not completed
the GreenRock Business Combination or another initial business combination by May 2, 2024, we will (i) cease all operations except for
the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the
outstanding public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including any interest not previously released to us but net of taxes payable, divided by the number of then outstanding public shares,
which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further
liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our
obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

 There will be no redemption
rights or liquidating distributions with respect to our warrants, which will expire worthless if we fail to complete our initial business
combination within 24 months from the closing of our initial public offering, or May 2, 2024.

 Our sponsor, officers and
directors have entered into a letter agreement with us, pursuant to which they have waived their rights to liquidating distributions from
the trust account with respect to any founder shares held by them if we fail to complete our initial business combination by May 2, 2024.
However, if our sponsor, officers or directors acquire public shares, they will be entitled to liquidating distributions from the trust
account with respect to such public shares if we fail to complete our initial business combination within the allotted time.

 Our sponsor, officers and
directors have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended and restated memorandum
and articles of association (i) to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not complete
our initial business combination within 24 months from the closing of our initial public offering, or by May 2, 2024 or (ii) with respect
to any other provision relating to shareholders' rights or pre-initial business combination activity, unless we provide our public
shareholders with the opportunity to redeem their ordinary shares upon approval of any such amendment at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account
and not previously released to us to pay our income taxes divided by the number of then outstanding public shares. However, we may not
redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001 either immediately prior to
or immediately after the consummation of our initial business combination and after payment of underwriters' fees and commissions
(so that we are not subject to the SEC's "penny stock" rules). If this optional redemption right is exercised with respect
to an excessive number of public shares such that we cannot satisfy the net tangible asset requirement (described above), we would not
proceed with the amendment or the related redemption of our public shares at such time.

 We expect that all costs
and expenses associated with implementing our plan of dissolution, as well as payments to any creditors, will be funded from amounts outside
the trust account, although we cannot assure our shareholders that there will be sufficient funds for such purpose. We will depend on
sufficient interest being earned on the proceeds held in the trust account to pay any franchise and income tax obligations we may owe.
However, if those funds are not sufficient to cover the costs and expenses associated with implementing our plan of dissolution, to the
extent that there is any interest accrued in the trust account not required to pay franchise and income taxes on interest income earned
on the trust account balance, we may request the trustee to release to us an additional amount of up to $50,000 of such accrued interest
to pay those costs and expenses.

 If we were to expend all
of the net proceeds of our initial public offering and the sale of the private placement warrants, other than the proceeds deposited in
the trust account, and without taking into account interest, if any, earned on the trust account, the per-share redemption amount received
by shareholders upon our dissolution would be approximately $11.06. The proceeds deposited in the trust account could, however, become
subject to the claims of our creditors which would have higher priority than the claims of our public shareholders. We cannot assure our
shareholders that the actual per-share redemption amount received by shareholders will not be substantially less than $11.06.

 Although we seek to have
all vendors, service providers, prospective target businesses or other entities with which we do business execute agreements with us waiving
any right, title, interest or claim of any kind in or to any monies held in the trust account for the benefit of our public shareholders,
there is no guarantee that they will execute such agreements or even if they execute such agreements that they would be prevented from
bringing claims against the trust account including but not limited to fraudulent inducement, breach of fiduciary responsibility or other
similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain an advantage with respect
to a claim against our assets, including the funds held in the trust account. If any third party refuses to execute an agreement waiving
such claims to the monies held in the trust account, our management will perform an analysis of the alternatives available to it and will
only enter into an agreement with a third party that has not executed a waiver if management believes that such third party's engagement
would be significantly more beneficial to us than any alternative. Examples of possible instances where we may engage a third party that
refuses to execute a waiver include the engagement of a third party consultant whose particular expertise or skills are believed by management
to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where management is unable
to find a service provider willing to execute a waiver. UHY, our independent registered public accounting firm, and the underwriters of
the offering, will not execute agreements with us waiving such claims to the monies held in the trust account.

 In addition, there is no
guarantee that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations,
contracts or agreements with us and will not seek recourse against the trust account for any reason. In order to protect the amounts held
in the trust account, our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services
rendered or products sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality
or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.15
per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust
account, if less than $10.15 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability
will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies
held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under our indemnity of the underwriters
of our initial public offering against certain liabilities, including liabilities under the Securities Act. However, we have not asked
our sponsor to reserve for such indemnification obligations, nor have we independently verified whether our sponsor has sufficient funds
to satisfy its indemnity obligations and believe that our sponsor's only assets are securities of our company. Therefore, we cannot
assure our shareholders that our sponsor would be able to satisfy those obligations. As a result, if any such claims were successfully
made against the trust account, the funds available for our initial business combination and redemptions could be reduced to less than
$10.15 per public share. In such event, we may not be able to complete our initial business combination, and our shareholders would receive
such lesser amount per share in connection with any redemption of their public shares. None of our officers or directors will indemnify
us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

 In the event that the proceeds
in the trust account are reduced below (i) $10.15 per public share or (ii) such lesser amount per public share held in the trust account
as of the date of the liquidation of the trust account, due to reductions in value of the trust assets, in each case net of the amount
of interest which may be withdrawn to pay taxes, and our sponsor asserts that it is unable to satisfy its indemnification obligations
or that it has no indemnification obligations related to a particular claim, our independent directors would determine whether to take
legal action against our sponsor to enforce its indemnification obligations. While we currently expect that our independent directors
would take legal action on our behalf against our sponsor to enforce its indemnification obligations to us, it is possible that our independent
directors in exercising their business judgment may choose not to do so if, for example, the cost of such legal action is deemed by the
independent directors to be too high relative to the amount recoverable or if the independent directors determine that a favorable outcome
is not likely. We have not asked our sponsor to reserve for such indemnification obligations and we cannot assure our shareholders that
our sponsor would be able to satisfy those obligations. Accordingly, we cannot assure our shareholders that due to claims of creditors
the actual value of the per-share redemption price will not be less than $10.15 per public share.

 We seek to reduce the possibility
that our sponsor will have to indemnify the trust account due to claims of creditors by endeavoring to have all vendors, service providers,
prospective target businesses or other entities with which we do business execute agreements with us waiving any right, title, interest
or claim of any kind in or to monies held in the trust account. Our sponsor will also not be liable as to any claims under our indemnity
of the underwriters of our initial public offering against certain liabilities, including liabilities under the Securities Act. We will
have access to up to approximately $800,000 from the proceeds of our initial public offering with which to pay any such potential claims
(including costs and expenses incurred in connection with our liquidation, currently estimated to be no more than approximately $50,000).
In the event that we liquidate and it is subsequently determined that the reserve for claims and liabilities is insufficient, shareholders
who received funds from our trust account could be liable for claims made by creditors.

 If we file a bankruptcy or
winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed, the proceeds held in
the trust account could be subject to applicable bankruptcy or insolvency law, and may be included in our bankruptcy or insolvency estate
and subject to the claims of third parties with priority over the claims of our shareholders. To the extent any bankruptcy or insolvency
claims deplete the trust account, we cannot assure our shareholders we will be able to return $10.15 per share to our public shareholders.
Additionally, if we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that
is not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor and/or bankruptcy or insolvency
laws as either a "preferential transfer" or a "fraudulent conveyance." As a result, a bankruptcy or insolvency
court could seek to recover some or all amounts received by our shareholders. Furthermore, our board of directors may be viewed as having
breached its fiduciary duty to our creditors and/or may have acted in bad faith, thereby exposing itself and our company to claims of
punitive damages, by paying public shareholders from the trust account prior to addressing the claims of creditors. We cannot assure our
shareholders that claims will not be brought against us for these reasons.

 Our public shareholders are
entitled to receive funds from the trust account only upon the earlier to occur of: (i) the completion of our initial business combination,
(ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend any provisions of our amended
and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to redeem 101.5% of our public
shares if we do not complete our initial business combination within 24 months from the closing of our initial public offering, or by
May 2, 2024 or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity,
and (iii) the redemption of all of our public shares if we are unable to complete our business combination within 24 months from the closing
of our initial public offering, or by May 2, 2024, subject to applicable law. In no other circumstances will a shareholder have any right
or interest of any kind to or in the trust account. In the event we seek shareholder approval in connection with our initial business
combination, a shareholder's voting in connection with the initial business combination alone will not result in a shareholder's
redeeming its shares to us for an applicable pro rata share of the trust account. Such shareholder must have also exercised its redemption
rights as described above. These provisions of our amended and restated memorandum and articles of association, like all provisions of
our amended and restated memorandum and articles of association, may be amended with a shareholder vote.

 Amended and Restated Memorandum and Articles
of Association

 Our amended and restated
memorandum and articles of association contains certain requirements and restrictions relating to our initial public offering that will
apply to us until the consummation of our initial business combination. If we seek to amend any provisions of our amended and restated
memorandum and articles of association relating to shareholders' rights or pre-business combination activity, we will provide dissenting
public shareholders with the opportunity to redeem their public shares in connection with any such vote. Our sponsor, officers and directors
have agreed to waive any redemption rights with respect to their founder shares and public shares in connection with the completion of
our initial business combination. Specifically, our amended and restated memorandum and articles of association provides, among other
things, that:

 we shall either (1) seek shareholder approval of our initial business combination at a general meeting
called for such purpose at which shareholders may seek to redeem their shares, regardless of whether they vote for or against the proposed
business combination or don't vote at all, into their pro rata share of the aggregate amount then on deposit in the trust account
(net of taxes payable), or (2) provide our shareholders with the opportunity to sell their shares to us by means of a tender offer (and
thereby avoid the need for a shareholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in
the trust account (net of taxes payable), in each case subject to the limitations described herein;

 we will consummate our initial business combination only if we have net tangible assets of at least $5,000,001
immediately after such consummation and, if we seek shareholder approval, only if we obtain the approval of an ordinary resolution under
Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of
the company;

 if our initial business combination is not consummated within 24 months from the closing of our initial
public offering, or by May 2, 2024, then we will redeem all of the outstanding public shares and thereafter liquidate and dissolve our
company;

 upon the consummation of our initial public offering $79,931,250 was placed into the trust account;

 we may not consummate any other business combination, merger, share exchange, asset acquisition, share
purchase, reorganization or similar transaction prior to our initial business combination; and

 prior to our initial business combination, we may not issue additional ordinary shares that would entitle
the holders thereof to (i) receive funds from the trust account or (ii) vote on any initial business combination.

 These provisions cannot be
amended without the approval of holders of at least two-thirds of our ordinary shares that are entitled to vote in person or by proxy.
In the event we seek shareholder approval in connection with our initial business combination, our amended and restated memorandum and
articles of association provides that we may consummate our initial business combination only if we obtain the approval of an ordinary
resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general
meeting of the company.

 Competition

 The following may not be
viewed favorably by certain target businesses:

 our obligation to seek shareholder approval of a business combination or engage in a tender offer may
delay the completion of a transaction;

 our obligation to convert or repurchase ordinary shares held by our public shareholders may reduce the
resources available to us for a business combination; and

 our outstanding warrants, and the potential future dilution they represent.

 Any of these factors may
place us at a competitive disadvantage in successfully negotiating a business combination. Our management believes, however, that our
status as a public entity and potential access to the United States public equity markets may give us a competitive advantage over privately-held
entities having a similar business objective as ours in acquiring a target business with significant growth potential on favorable terms.

 If we succeed in effecting
a business combination, there will be, in all likelihood, intense competition from competitors of the target business. We cannot assure
our shareholders that, subsequent to a business combination, we will have the resources or ability to compete effectively.

 Facilities

 We currently maintain our
principal executive offices at 25 Bedford Square, London, WC1B 3HH, United Kingdom. The cost for this space is included in the up to $10,000
per-month aggregate fee to be paid to an affiliate of our sponsor for general and administrative services pursuant to the Administrative
Services Agreement between us and our sponsor. We believe, based on rents and fees for similar services in the Cayman Islands that the
fee charged by our sponsor is at least as favorable as we could have obtained from an unaffiliated person. We consider our current office
space, combined with the other office space otherwise available to our executive officers, adequate for our current operations.

 Employees

 We currently have two officers.
These individuals are not obligated to devote any specific number of hours to our matters but they devote as much of their time as they
deem necessary to our affairs until we have completed our initial business combination. The amount of time they devote in any time period
varies based on the stage of the initial business combination process we are in. We do not intend to have any full-time employees prior
to the completion of our initial business combination.

 Periodic Reporting and Audited Financial Statements

 We have registered our units,
public shares, public rights and public warrants under the Exchange Act and have reporting obligations, including the requirement that
we file annual, quarterly and current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual reports,
such as this Report, will contain financial statements audited and reported on by our independent registered public accountants.

 We will provide shareholders
with audited financial statements of the prospective target business as part of the tender offer materials or proxy solicitation materials
sent to shareholders to assist them in assessing the target business. In all likelihood, these financial statements will need to be prepared
in accordance with, or reconciled to, GAAP or IFRS, depending on the circumstances, and the historical financial statements may be required
to be audited in accordance with the standards of the PCAOB. These financial statement requirements may limit the pool of potential targets
we may conduct an initial business combination with because some targets may be unable to provide such statements in time for us to disclose
such statements in accordance with federal proxy rules and complete our initial business combination within the prescribed time frame.
We cannot assure our shareholders that any particular target business identified by us as a potential business combination candidate will
have financial statements prepared in accordance with GAAP or that the potential target business will be able to prepare its financial
statements in accordance with the requirements outlined above. To the extent that these requirements cannot be met, we may not be able
to acquire the proposed target business. While this may limit the pool of potential business combination candidates, we do not believe
that this limitation will be material.

 Only in the event we are
deemed to be a large accelerated filer or an accelerated filer, and no longer qualify as an emerging growth company, will we be required
to have our internal control procedures audited. A target company may not be in compliance with the provisions of the Sarbanes-Oxley Act
regarding adequacy of their internal controls. The development of the internal controls of any such entity to achieve compliance with
the Sarbanes-Oxley Act may increase the time and costs necessary to complete any such business combination. On April 26, 2022, we filed
a Registration Statement on Form 8-A with the SEC to voluntarily register our securities under Section 12 of the Exchange Act. As a result,
we are subject to the rules and regulations promulgated under the Exchange Act. We have no current intention of filing a Form 15 to suspend
our reporting or other obligations under the Exchange Act prior or subsequent to the consummation of our initial business combination.

 We will remain an emerging
growth company until the earlier of (1) (a) December 31, 2027, (b) the last day of the fiscal year in which we have total annual gross
revenue of at least $1.235 billion, or (c) the last day of the fiscal year in which we are deemed to be a large accelerated filer, which
means the market value of our ordinary shares that are held by non-affiliates exceeds $700 million as of the prior June 30th, and (2)
the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period.

 ITEM 1A. RISK FACTORS.

 As a smaller reporting company
under Rule 12b-2 of the Exchange Act, we are not required to include risk factors in this Report. However, the following is a partial
list of material risks, uncertainties and other factors that could have a material effect on the Company and its operations:

 we are a blank check company and an early state company with no revenue or basis to evaluate our ability to select a suitable business target;

 we may not be able to select an appropriate target business or businesses and complete our initial business combination, including the GreenRock Business Combination, in the prescribed time frame;

 our expectations around the performance of a prospective target business or businesses, such as GreenRock, may not be realized;

 we may not be successful in retaining or recruiting required officers, key employees or directors following our initial business combination, including the GreenRock Business Combination;

 our officers and directors may have difficulties allocating their time between the Company and other businesses and may potentially have conflicts of interest with our business or in approving our initial business combination;

 we may not be able to obtain additional financing to complete our initial business combination or reduce the number of shareholders requesting redemption

 we may issue our shares to investors in connection with our initial business combination at a price that is less than the prevailing market price of our shares at that time;

 our shareholders may not be given the opportunity to choose the initial business target or to vote on the initial business combination;

 trust account funds may not be protected against third party claims or bankruptcy;

 an active market for our public securities may not develop and our shareholders will have limited liquidity and trading;

 the availability to us of funds from interest income on the trust account balance may be insufficient to operate our business prior to the business combination;

 our financial performance following a business combination with an entity may be negatively affected by their lack an established record of revenue, cash flows and experienced management;

 there may be more competition to find an attractive target for an initial business combination, which could increase the costs associated with completing our initial business combination;

 changes in the market for directors and officers liability insurance could make it more difficult and more expensive for us to negotiate and complete an initial business combination;

 if we do not consummate the GreenRock Business Combination, we may attempt to simultaneously complete business combinations with multiple prospective targets, which may hinder our ability to complete our initial business combination and give rise to increased costs and risks that could negatively impact our operations and profitability;

 we may engage one or more of our underwriters or one of their respective affiliates to provide additional services to us after the initial public offering, which may include acting as a financial advisor in connection with an initial business combination or as placement agent in connection with a related financing transaction. Our underwriters are entitled to receive deferred underwriting commissions that will be released from the trust account only upon a completion of an initial business combination. These financial incentives may cause them to have potential conflicts of interest in rendering any such additional services to us after the initial public offering, including, for example, in connection with the sourcing and consummation of an initial business combination;

 we may attempt to complete our initial business combination with a private company about which little information is available, which may result in a business combination with a company that is not as profitable as we suspected, if at all;

 since our initial shareholders will lose their entire investment in us if our initial business combination is not completed (other than with respect to any public shares they may acquire during or after the initial public offering), and because our sponsor, officers and directors may profit substantially even under circumstances in which our public shareholders would experience losses in connection with their investment, a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination;

 the value of the founder shares following completion of our initial business combination is likely to be substantially higher than the nominal price paid for them, even if the trading price of our ordinary shares at such time is substantially less than $11.06 per share;

 resources could be wasted in researching acquisitions that are not completed, which could materially adversely affect subsequent attempts to locate and acquire or merge with another business. If we have not completed our initial business combination within the Combination Period, our public shareholders may receive only approximately $11.06 per share, or less than such amount in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless;

 we may not be able to complete an initial business combination with certain potential target companies if a proposed transaction with the target company may be subject to review or approval by regulatory authorities pursuant to certain U.S. or foreign laws or regulations, including the Committee on Foreign Investment in the United States;

 recent increases in inflation and interest rates in the United States and elsewhere could make it more difficult for us to consummate an initial business combination;

 market conditions, economic uncertainty or downturns could adversely affect our business, financial condition, operating results and our ability to consummate a business combination;

 if our initial business combination involves a company organized under the laws of a state of the United States, it is possible the Excise Tax will be imposed on us in connection with redemptions of our ordinary shares after or in connection with such initial business combination;

 adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions, could adversely affect our business, financial condition or results of operations, or our prospects;

 military or other conflicts in Ukraine, the Middle East or elsewhere may lead to increased volume and price volatility for publicly traded securities, or affect the operations or financial condition of the potential target companies, which could make it more difficult for us to consummate an initial business combination;

 there is substantial doubt about our ability to continue as a "going concern";

 there is a minor but non-zero risk of adverse regulatory changes in the geographies of operation which would inhibit the development of solar energy projects in those regions; and

 technological breakthroughs that deem solar energy substantially less profitable could be highly detrimental to business post combination.

 We may seek to further extend the Combination
Period, which could have a material adverse effect on the amount held in our trust account and other adverse effects on our Company.

 We may seek to further extend
the Combination Period. Such an extension would require the approval of our public shareholders, who will be provided the opportunity
to redeem all or a portion their public shares. Such redemptions will likely have a material adverse effect on the amount held in our
trust account, our capitalization, principal shareholders and other impacts on our Company or management team, such as our ability to
maintain our listing on Nasdaq.

 Cyber incidents or attacks directed at us
or third parties could result in information theft, data corruption, operational disruption and/or financial loss.

 We depend on digital technologies,
including information systems, infrastructure and cloud applications and services, including those of third parties with whom we may deal.
Sophisticated and deliberate attacks on, or security breaches in, our systems or infrastructure, or the systems or infrastructure of third
parties or the cloud, could lead to corruption or misappropriation of our assets, proprietary information and sensitive or confidential
data. As an early-stage company without significant investments in data security protection, we may not be sufficiently protected against
such occurrences. We also lack sufficient resources to adequately protect against, or to investigate and remediate any vulnerability to,
cyber incidents. Any of these occurrences, or a combination of them, could have material adverse consequences on our business and lead
to financial loss.

 Changes in laws or regulations, or a failure
to comply with any laws and regulations, may adversely affect our business, including our ability to negotiate and complete our initial
business combination, and results of operations.

 We are subject to laws and
regulations enacted by national, regional and local governments. In particular, we are required to comply with certain SEC and other legal
requirements and numerous complex tax laws. Compliance with, and monitoring of, applicable laws and regulations may be difficult, time
consuming and costly. Those laws and regulations and their interpretation and application may also change from time to time and those
changes could have a material adverse effect on our business, investments and results of operations. In addition, a failure to comply
with applicable laws or regulations, as interpreted and applied, could have a material adverse effect on our business, including our ability
to negotiate and complete our initial business combination, and results of operations.

 On January 24, 2024, the
SEC adopted the 2024 SPAC Rules requiring, among other matters, (i) additional disclosures relating to SPAC business combination transactions
(ii) additional disclosures relating to dilution and to conflicts of interest involving sponsors and their affiliates in both SPAC initial
public offerings and business combination transactions; (iii) additional disclosures regarding projections included in SEC filings in
connection with proposed business combination transactions and (iv) the requirement that both the SPAC and its target company be
co-registrants for business combination registration statements.

 In addition, the SEC's
adopting release provided guidance describing circumstances in which a SPAC could become subject to regulation under the Investment Company
Act, including its duration, asset composition, business purpose, and the activities of the SPAC and its management team in furtherance
of such goals.

 Compliance with the 2024
SPAC Rules and related guidance may (i) increase the costs of and the time needed to negotiate and complete an initial business combination
and (ii) constrain the circumstances under which we could affect our ability to complete an initial business combination.

 If we are deemed to be an investment company
under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted,
which may make it difficult for us to complete our initial business combination.

 The SEC's adopting
release with respect to the 2024 SPAC Rules provided guidance relating to the potential status of SPACs as investment companies subject
to regulation under the Investment Company Act and the regulations thereunder. Whether a SPAC is an investment company is dependent on
specific facts and circumstances and we can give no assurance that a claim will not be made that we have been operating as an unregistered
investment company.

 If
we are deemed to be an investment company under the Investment Company Act, our activities may be restricted, including (i) restrictions
on the nature of our investments; and (ii) restrictions on the issuance of securities, each of which may make it difficult for us to complete
our initial business combination.

 In addition, we may have
imposed upon us burdensome requirements, including: (i) registration as an investment company; (ii) adoption of a specific form of corporate
structure; and (iii) reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations.

 In
order not to be regulated as an investment company under the Investment Company Act, unless we can qualify for an exclusion, we must ensure
that we are engaged primarily in a business other than investing, reinvesting or trading in securities and that our activities do not
include investing, reinvesting, owning, holding or trading "investment securities" constituting more than 40% of our total
assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. We are mindful of the SEC's investment
company definition and guidance and intend to complete an initial business combination with
an operating business, and not with an investment company, or to acquire minority interests in other businesses exceeding the permitted
threshold.

 We
do not believe that our business activities will subject us to the Investment Company Act. To this end, the proceeds held in the trust
account are invested only in U.S. government treasury obligations with a maturity of 180 days or less or in money market funds meeting
certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations;
the holding of these assets in this form is intended to be temporary and for the sole purpose of facilitating the intended business combination.
To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases
the longer that we hold investments in the trust account, we may, at any time, instruct Continental, as trustee of the trust
account, to liquidate the investments held in the trust account and instead
to hold the funds in the trust account in cash or in an interest bearing demand deposit account at a bank.

 Pursuant
to the trust agreement entered into between us and Continental, Continental
is not permitted to invest in securities or assets other than as described above. By restricting the investment of the proceeds to these
instruments, and by having a business plan targeted at acquiring and growing businesses for the long term (rather than on buying and selling
businesses in the manner of a merchant bank or private equity fund), we intended to avoid being deemed an "investment company"
within the meaning of the Investment Company Act. Our initial public offering was not intended for persons who were seeking a return on
investments in government securities or investment securities. The trust account is intended solely as a temporary depository for funds
pending the earliest to occur of: (i) the completion of our initial Business Combination; (ii) the redemption of any public shares properly
submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (x) in a manner
that would affect the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business
combination within the Combination Period; or (y) with respect to any other provision relating to the rights of holders of shares of our
Class A ordinary shares or pre-initial business combination activity; or (iii) absent an initial business combination within the Combination
Period, our return of the funds held in the trust account to our public shareholders as part of our redemption of the public shares.

 We are aware of litigation
claiming that certain SPACs should be considered investment companies. Although we believe that these claims are without merit, we cannot
guarantee that we will not be deemed to be an investment company and thus subject to the Investment Company Act. If we were deemed to
be subject to the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for which
we have not allotted funds and may hinder our ability to complete an initial business combination or may result in our liquidation. If
we are unable to complete our initial business combination, our public shareholders may receive only approximately $11.06 per public share
upon the liquidation of our trust account and our warrants and rights will expire worthless.

 We have identified material weaknesses in
our internal control over financial reporting. If we are unable to develop and maintain an effective system of internal control over financial
reporting, we may not be able to accurately report our financial results, which may adversely affect investor confidence in us and materially
and adversely affect our business and operating results.

 In connection with the preparation
of our financial statements as of and for the period ended December 31, 2023, our management, in consultation with its advisors, identified
two classification errors made in certain of our previously issued financial statements, arising from the manner in which we classified
its cash and cash equivalents held in the trust account and the deferred underwriting commission in connection with the Company's
initial public offering. We previously classified its cash and cash equivalents held in the trust account as current assets and the deferred
underwriting commission as current liabilities, respectively. Our management determined, after consultation with its advisors, that the
funds held in the trust account are restricted as to withdrawal and except with respect to interest earned on the funds held in the trust
account that may be released to us to pay our income tax obligations, will not be released from the trust account until the earlier of
(a) the completion of our initial business combination, and (b) until needed to fund shareholder redemptions, rather than current operations
of us. Therefore, our management concluded that our cash and cash equivalents held in the trust account should be classified as long-term
assets for accounting purposes, rather than as current assets, and the corresponding deferred underwriter commission, which are contingent
upon the completion of a business combination, should be classified as long-term liabilities, rather than current liabilities.

 As a result of material weaknesses in our internal control over financial
reporting which resulted in the classification errors described above, our management has concluded that our disclosure controls and procedures
were not effective as of December 31, 2023. We have taken a number of measures designed to remediate such material weaknesses, however,
if we are unable to remediate our material weaknesses in a timely manner or we identify additional material weaknesses, we may be unable
to provide required financial information in a timely and reliable manner and we may incorrectly report financial information. Likewise,
if our financial statements are not filed on a timely basis, we could be subject to sanctions or investigations by the stock exchange
on which our securities are listed, the SEC or other regulatory authorities. The existence of material weaknesses in internal control
over financial reporting could adversely affect our reputation or investor perceptions of us, which could have a negative effect on the
trading price of our shares. We can give no assurance that the measures we have taken and plan to take in the future will remediate the
material weakness identified or that any additional material weaknesses or restatements of financial results will not arise in the future
due to a failure to implement and maintain adequate internal control over financial reporting or circumvention of these controls. Even
if we are successful in strengthening our controls and procedures, in the future those controls and procedures may not be adequate to
prevent or identify irregularities or errors or to facilitate the fair presentation of our financial statements.

 For additional risks relating
to our operations, other than as set forth above, see the section titled "Risk Factors" contained in (i) our IPO Registration
Statement (ii) 2022 Annual Report, (iii) Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, 2023, June 30, 2023,
March 31, 2023, September 30, 2022, and June 30, 2022, as filed with the SEC on November 14, 2023 and amended on March 14, 2024, August
14, 2023 and amended on March 14, 2024, May 8, 2023 and amended on March 14, 2024, November 9, 2022 and amended on December 21, 2022 and
March 14, 2024, and August 11, 2022 and amended on March 14, 2024, respectively, and (iv) Definitive Proxy Statement on Schedule 14A,
as filed with the SEC on April 11, 2023. Any of these factors could result in a significant or material adverse effect on our results
of operations or financial condition. Additional risks could arise that may also affect our business or ability to consummate an initial
business combination. We may disclose changes to such risk factors or disclose additional risk factors from time to time in our future
filings with the SEC.

 For risks relating to GreenRock
and the GreenRock Business Combination, please see the GreenRock Registration Statement on Form F-4 filed with the SEC by Pubco on January
26, 2024.

 ITEM 1B. UNRESOLVED STAFF COMMENTS.

 Not applicable.

 ITEM 1C. CYBERSECURITY.

 As a blank check company,
we do not have any operations and our sole business activity has been to search for and consummate a business combination. However, because
we have investments in our trust account and bank deposits and we depend on the digital technologies of third parties, we and third parties
may be subject to attacks on or security breaches in our or their systems. Because of our reliance on the technologies of third parties,
we also depend upon the personnel and the processes of third parties to protect against cybersecurity threats, and we have no personnel
or processes of our own for this purpose. In the event of a cybersecurity incident impacting us, the management team will report to the
board of directors and provide updates on the management team's incident response plan for addressing and mitigating any risks associated
with such an incident. As an early-stage company without significant investments in data security protection, we may not be sufficiently
protected against such occurrences. We also lack sufficient resources to adequately protect against, or to investigate and remediate any
vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have material adverse
consequences on our business and lead to financial loss. We have not encountered any cybersecurity incidents since our initial
public offering.

 ITEM 2. PROPERTIES.

 Our executive offices are
located at 25 Bedford Square, London, WC1B 3HH, United Kingdom, and our telephone number is +44 730 847 5096. The cost for our use of
this space is included in the $10,000 per month fee we pay to Gluon Group for office space and administrative and support services pursuant
to the Administrative Services Agreement. We consider our current office space adequate for our current operations.

 ITEM 3. LEGAL PROCEEDINGS.

 To the knowledge of our management
team, there is no material litigation currently pending or contemplated against us, any of our officers or directors in their capacity
as such or against any of our property.

 ITEM 4. MINE SAFETY DISCLOSURES.

 Not applicable.

 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

 (a)
 Market Information

 Our units, public shares,
public warrants and public rights are each traded on Nasdaq under the symbols "CLRCU", "CLRC", "CLRCW",
and "CLRCR", respectively. Our units commenced public trading on May 2, 2022, and our public shares, public warrants, and
public rights commenced separate public trading on June 2, 2022.

 (b)
 Holders

 On March 18, 2024, there
was one holder of record of our units, two holders of record of our Class A ordinary shares, one holder of record of our warrants and
one holder of record of our rights.

 (c)
 Dividends

 We have not paid any cash
dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our initial business combination.
The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general
financial condition subsequent to completion of our initial business combination. The payment of any cash dividends subsequent to our
initial business combination will be within the discretion of our board of directors at such time. In addition, our board of directors
is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future. Further, if we incur any
indebtedness in connection with our initial business combination, our ability to declare dividends may be limited by restrictive covenants
we may agree to in connection therewith.

 (d)
 Securities Authorized for
Issuance Under Equity Compensation Plans

 None.

 (e)
 Recent Sales of Unregistered
Securities

 On March 31, 2023, we issued
an aggregate of 1,968,749 Class A ordinary shares to the sponsor, upon the conversion of an equal number of Class B ordinary shares held
by the sponsor in the founder share conversion. The 1,968,749 Class A ordinary shares issued in connection with the founder share conversion
are subject to the same restrictions as applied to the Class B ordinary shares before the founder share conversion, including, among others,
certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial business combination as described
in the IPO Registration Statement; consequently, the Class A ordinary shares issued in connection with the founder share conversion are
not registered under the Securities Act and remain unregistered until registration is demanded by the sponsor pursuant to a letter agreement
we entered into with our Sponsor, officers and directors. Following the founder share conversion and the redemptions in connection with
the approval of the Extension Amendment, (i) there were (i) 4,664,012 Class A ordinary shares issued and outstanding and one Class B ordinary
share issued and outstanding, and (ii) the sponsor held 42.21% of the outstanding Class A ordinary shares.

 (f)
 Use of Proceeds from the
Initial Public Offering

 For a description of the
use of proceeds generated in our initial public offering and private placement, see Part II, Item 2 of our Quarterly Report on Form 10-Q
for the quarter ended March 21, 2022, as filed with the SEC on June 10, 2022. There has been no material change in the planned use of
proceeds from our initial public offering and private placement as described in the IPO Registration Statement.

 (g)
 Purchases of Equity Securities
by the Issuer and Affiliated Purchasers

 None.

 ITEM 6. [RESERVED]

 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.

 Cautionary Note Regarding Forward-Looking Statements

 All statements other than
statements of historical fact included in this Report including, without limitation, statements in this section regarding our financial
position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. When used
in this Report, words such as "anticipate," "believe," "estimate," "expect," "intend"
and similar expressions, as they relate to us or our management, identify forward-looking statements. Such forward-looking statements
are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management. Actual
results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in our
filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are
qualified in their entirety by this paragraph.

 The following discussion
and analysis of our financial condition and results of operations should be read in conjunction with the financial statements and the
notes thereto contained elsewhere in this Report.

 Overview

 The Company is a Cayman Islands
exempted company incorporated as a blank check company on December 6, 2021. The Company was formed for the purpose of effecting an initial
business combination.

 Although the Company is not
limited to a particular industry or geographic region for purposes of consummating an initial business combination, the Company focuses
on opportunities in environmental protection, renewable energy, fighting climate change, and any other related industries. We will target
companies with established operating models that have strong management teams, realigned capital structures, positive cash flows prospects,
and a clear and well-defined pathway for growing profitably over the long-term. The Company is an early stage and emerging growth company
and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

 As of December 31, 2023,
the Company had not yet commenced any operations. All activity through December 31, 2023 relates to the Company's formation and
our initial public offering, which is described below, and post-offering activities in search for a target to consummate an initial business
combination. The Company will not generate any operating revenues until after the completion of its initial business combination, at the
earliest. The Company will generate nonoperating income in the form of interest income from the proceeds derived from the initial public
offering. The Company has selected December 31 as its fiscal year end.

 The
IPO Registration Statement was declared effective o n April 27, 2022. On May 2, 2022, the Company
consummated our initial public offering of 7,875,000 units at $10.00 per unit, including 375,000 units that were issued pursuant to the
underwriters' partial exercise of their over-allotment option, generating gross proceeds of $78,750,000.

 The Company commenced operations
after obtaining adequate financial resources through (i) the initial public offering of 7,875,000 units at $10.00 per unit (which includes
375,000 units in connection with the underwriter's partial exercise of the over-allotment option) and (ii) the sale of 3,762,500
private placement warrants with an exercise price of $11.50 per warrant at a price of $1.00 per private placement warrant to our sponsor.

 The units were listed on
Nasdaq. The Company's management has broad discretion with respect to the specific application of the net proceeds of the initial
public offering and sale of the private placement warrants, although substantially all of the net proceeds are intended to be applied
generally toward consummating an initial business combination. Nasdaq rules provide that the initial business combination must be with
one or more target businesses that together have a fair market value equal to at least 80% of the net assets held in the trust account
(as defined below) (net of amounts disbursed to management for working capital purposes). The Company will only complete an initial business
combination if the post-business combination company owns or acquires 50% or more of the outstanding voting securities of the target or
otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under
the Investment Company Act. There is no assurance that the Company will be able to successfully effect an initial business combination.

 Upon the closing of the initial
public offering, $10.15 per unit sold in the initial public offering was placed in the trust account and invested in U.S. government securities,
within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less, or in any open-ended
investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as
determined by the Company, until the earlier of: (i) the consummation of an initial business combination or (ii) the distribution of the
funds in the trust account to the Company's shareholders, as described below.

 Our initial Shareholders
have agreed (a) to vote their founder shares and any public shares purchased during or after the initial public offering in favor of an
initial business combination, (b) not to propose an amendment to the Company's amended and restated memorandum and articles of association
with respect to the Company's pre-business combination activities prior to the consummation of an initial business combination unless
the Company provides dissenting public shareholders with the opportunity to redeem their public shares in conjunction with any such amendment;
(c) not to redeem any shares (including the founder shares) into the right to receive cash from the trust account in connection with a
shareholder vote to approve an initial business combination (or to sell any shares in a tender offer in connection with an initial business
combination if the Company does not seek shareholder approval in connection therewith) or a vote to amend the provisions of the amended
and restated memorandum and articles of association relating to shareholders' rights of pre-business combination activity and (d)
that the founder shares and the private placement warrants (including underlying securities) shall not participate in any liquidating
distributions upon winding up if an initial business combination is not consummated. However, the initial shareholders will be entitled
to liquidating distributions from the trust account with respect to any public shares purchased during or after the initial public offering
if the Company fails to complete its initial business combination.

 Extension of our Combination Period

 On April 27, 2023, we held
the 2023 EGM and approved, among other things, an amendment to the our amended and restated memorandum and articles of association to
(i) extend the date by which the we would be required to consummate a business combination from November 2, 2023 to May 2, 2024 (or such
earlier date as determined by our board of directors in its sole discretion) and (ii) to permit our board of directors, in its sole discretion,
to elect to wind up our operations on, or on an earlier date than May 2, 2024 (including prior to May 2, 2023).

 We may, however, seek to
further extend the Combination Period consistent with applicable laws, regulations and stock exchange rules. Such an extension would require
the approval of our public shareholders, who will be provided the opportunity to redeem all or a portion of their public shares. Such
redemptions will likely have a material adverse effect on the amount held in our trust account, our capitalization, principal shareholders
and other impacts on our company or management team, such as our ability to maintain our listing on Nasdaq. Our sponsor may also explore
transactions under which it would sell its interest in our company to another management team.

 Founder Share Conversion

 On March 31, 2023, we issued
an aggregate of 1,968,749 Class A ordinary shares to the sponsor, upon the conversion of an equal number of Class B ordinary shares held
by the sponsor in the founder share conversion. The 1,968,749 Class A ordinary shares issued in connection with the founder share conversion
are subject to the same restrictions as applied to the Class B ordinary shares before the founder share conversion, including, among others,
certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial business combination as described
in the IPO Registration Statement. Following the founder share conversion and the redemptions in connection with approval of the Extension
Amendment, (i) there were (i) 4,664,012 Class A ordinary shares issued and outstanding and one Class B ordinary share issued and outstanding,
and (ii) the sponsor held 42.21% of the outstanding Class A ordinary shares.

 Termination of the EEW
Business Combination

 On October 6, 2022, we entered
into the EEW Business Combination Agreement, which was amended on August 3, 2023, to, among other things, (i) extend the date that either
our Company or EEW could terminate the EEW Business Combination Agreement if the closing did not occur by September 30, 2023, and (ii)
provide for a contingent earn out of USD $150,000,000 in shares based on the achievement of a 2023 revenue milestone of USD $52,000,000.

 On November 29, 2023, we
notified EEW that we had elected to terminate the EEW Business Combination Agreement among effective immediately, pursuant to Section
9.1(b) and 9.2 thereof, since the conditions to the closing of the initial business combination were not satisfied or waived by the outside
date of September 30, 2023. As a result, the EEW Business Combination Agreement is of no further force and effect, except for certain
specified provisions in the Business Combination Agreement, which shall survive the termination and remain in full force and effect in
accordance with their respective terms.

 GreenRock Business Combination

 On December 30, 2023, we
entered into the GreenRock Merger Agreement with GreenRock, Pubco, Company Merger Sub and SPAC Merger Sub. Pursuant to the GreenRock Merger
Agreement, subject to the terms and conditions set forth therein, (i) SPAC Merger Sub will merge with and into our Company, with our Company
continuing as the surviving entity and wholly-owned subsidiary of Pubco, in connection with which all of our existing securities will
be exchanged for rights to receive securities of Pubco as set forth in the GreenRock Merger Agreement, and (ii) Company Merger Sub will
merge with and into GreenRock, with GreenRock continuing as the surviving entity and wholly-owned subsidiary of Pubco.

 For a full description of
the GreenRock Merger Agreement and the proposed GreenRock Business Combination, please see "Item 1. Business".

 Results of Operations

 Our entire activity since
inception up to December 31, 2023 is related to our formation and our initial public offering, and we will not be generating any operating
revenues until the closing and completion of our initial business combination, at the earliest. We will generate nonoperating income in
the form of interest income from the proceeds derived from the initial public offering. We also expect to incur increased expenses as
a result of becoming a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence
expenses in search for a target to consummate an initial business combination.

 For the year ended
December 31, 2023, the Company reported net income of $483,430, comprised of $2,134,446 of dividend income earned in the trust
account and $190 of interest income offset by formation and operating costs of $1,528,302.

 For the year ended
December 31, 2022, the Company reported a net loss of $675,874, comprised of $1,107,852 of dividend income earned in the trust account offset by foreign exchange loss of $15,579 and formation and operating costs of $1,666,924.

 Factors That May Adversely Affect our Results of Operations

 Our results of operations
and our ability to complete an initial business combination may be adversely affected by various factors that could cause economic uncertainty
and volatility in the financial markets, many of which are beyond our control. Our business could be impacted by, among other things,
downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in interest rates, supply
chain disruptions, declines in consumer confidence and spending, public health considerations, and geopolitical instability, such as
the military conflicts in Ukraine and the Middle East. We cannot at this time predict the likelihood of one or more of the above events,
their duration or magnitude or the extent to which they may negatively impact our business and our ability to complete an initial business
combination.

 Liquidity, Capital Reserves and Going Concern

 On May 2, 2022, we consummated
our initial public offering of 7,875,000 units, including 375,000 units that were issued pursuant to the underwriters' partial exercise
of their over-allotment option. Simultaneously, the Company sold 3,762,500 private placement warrants, including 112,500 private placement
warrants that were issued pursuant to the underwriters' partial exercise of the over-allotment option. From the proceeds of the
initial public offering and private placement warrants, the Company retained approximately $1,100,000 for working capital needs after
transfer of proceeds to the trust account and payment of expenses related to the initial public offering and directors and officers insurance.

 In order to finance transaction
costs in connection with an initial business combination, our Sponsor or an affiliate of our Sponsor, or certain of our officers and directors
may, but are not obligated to, loan us working capital loans.

 On September 21, 2022, we
entered into a loan agreement with Eternal in the principal amount of up to $180,000, on an unsecured basis and bearing no interest. The
Second Eternal Loan is available to be drawn down from September 21, 2022 to March 31, 2023 and its maturity date is March 31, 2024. As
of December 31, 2023, the outstanding balance of the Second Eternal Loan was $170,603 and no interest was accrued.

 Additionally, on November
12, 2022, we entered into a loan agreement with Eternal in the principal amount of up to $300,000, on an unsecured basis and bearing no
interest. The Third Eternal Loan is available to be drawn down from November 12, 2022 to March 31, 2024, and its maturity date is March
31, 2024. As of December 31, 2023, the outstanding balance of the Third Eternal Loan was $300,000 and no interest was accrued.

 On January 29, 2023, we entered
into a loan agreement with Eternal in the principal amount of up to $50,000, on an unsecured basis and bearing no interest. The Fourth
Eternal Loan is available to be drawn down from January 29, 2023 to March 31, 2023 and its maturity date is March 31, 2025. As of December 31,
2023, the outstanding balance of the Fourth Eternal Loan was $50,000 and no interest was accrued.

 On April 12, 2023, the Company
entered into a loan agreement with Eternal for a loan facility in the principal amount of up to $500,000, on an unsecured basis and bearing
no interest. The Fifth Eternal Loan is available to be drawn down in four installments: $150,000 on April 12, 2023, $125,000 on May 3,
2023, $125,000 on June 3, 2023, and $100,000 on July 3, 2023. The maturity date of the loan is the earlier of May 1, 2024 or the date
of the consummation of the initial business combination of the Company. As of December 31, 2023, the Company borrowed an additional
$153,619 beyond the initial terms of the loan and the outstanding balance of the Fifth Eternal Loan was $653,619 and no interest was accrued.

Company entered into a loan agreement with Eternal in the principal amount of up to $335,000 on an unsecured basis and bearing no interest.
The Sixth Eternal Loan was available to be drawn down from November 1, 2023 and its maturity date is the earlier of August 1, 2024 or
the date of the initial business combination of the Company. As of December 31, 2023, the Company borrowed an additional $22,302
beyond the initial terms of the loan and the outstanding balance of the Sixth Eternal Loan was $357,302 and no interest was accrued.

Company and Eternal agreed to the Eternal Loan Amendment requiring that in the event that Company does not repay each of the Second Eternal
Loan, Third Eternal Loan, Fourth Eternal Loan, and Fifth Eternal Loan within 30 days of the consummation of the initial business combination
of the Company, the Company will pay an interest of five percent (5%) per month to Eternal until the date of repayment of each loan.

 On May 2, 2023, the Company
issued the Extension Note in the aggregate principal amount of $900,000 to the Sponsor, which will be deposited into the Trust Account
in monthly installments in lieu of Paid Extensions for the benefit of each Public Share that was not redeemed in connection with the Extension
Amendment. The Sponsor agreed to pay $75,000 per month until the completion of an initial business combination, commencing on May 2, 2023
and continuing through May 2, 2024 (or such earlier date as determined by the Company's board of directors in its sole discretion).
The Extension Note bears no interest during the drawdown period of the note and is repayable in full upon the earlier of (a) the date
of the consummation of the initial business combination, and (b) the date of the Company's liquidation. Per the Extension Note Amendment,
if the Company does not repay the Extension Note within five days of the maturity date, five percent (5%) interest per month will accrue
on the unpaid principal balance until the Extension Note is fully repaid. At any time prior to the payment in full of the principal balance
of the convertible promissory note, the sponsor may elect to convert all or any portion of the unpaid principal balance into that number
of warrants (the "Conversion Warrants") at a conversion price of $1.00 per warrant. The Conversion Warrants shall be identical
to the private placement warrants issued by the Company at the initial public offering. The Company has determined that the fair value
of the Extension Note is par value. As of December 31, 2023, the outstanding balance of the Extension Note was $600,000 and no interest
was accrued.

 We do not believe we will
need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the
costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial business combination are less than
the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business combination.
Moreover, we may need to obtain additional financing either to complete our initial business combination or because we become obligated
to redeem a significant number of our public shares upon completion of our initial business combination, in which case we may issue additional
securities or incur debt in connection with such business combination.

 Off-Balance Sheet Arrangements

 We have no obligations, assets
or liabilities, which would be considered off-balance sheet arrangements as of December 31, 2023.

 Contractual Obligations

 Registration Rights

 Pursuant to a registration
rights agreement entered into on April 27, 2022, the holders of the founder shares and the private placement warrants (and their underlying
securities) are entitled to registration rights. The Company will bear the expenses incurred in connection with the filing of any registration
statements pursuant to such registration rights.

 Underwriting Agreement

 Pursuant to the underwriting
agreement, the underwriters received a cash underwriting discount of $1,181,250 following the consummation of the initial public offering.
The underwriters are also entitled to a deferred commission of $2,362,500, which will be payable solely in the event that the Company
completes an initial business combination. In addition, the underwriters also received 118,125 units in the initial public offering, with
such units restricted from sale until the closing of the initial business combination and with no redemption rights from the trust account.

 Additionally, the Company
granted the underwriters for a period beginning on the closing of the initial public offering and ending on the earlier of the 12 month
anniversary of the closing of an initial business combination or April 27, 2025, a right of first refusal to act as (i) exclusive financial
advisor in connection with all of the Company's proposed business combinations for a fee of up to 6.0% of the proceeds of the initial
public offering (subject to the Company's right to allocate up to 50% of such fee to another financial institution or extinguish
such amount in Company's sole discretion), and (ii) sole investment banker, sole book-runner and/or sole placement agent, at underwriters'
sole discretion, for each and every future public and private equity and debt initial public offering, including all equity linked financings,
during such period for the Company or any successor to it or any of its subsidiaries, on terms agreed to by both the Company and underwriters
in good faith.

 Transaction Expenses

 On May 31, 2022, the Company
entered into an agreement (the "EGS Agreement") with Ellenoff, Grossman & Schole LLP to act as U.S. securities council
to the Company in connection with pending acquisition targets for the Company to acquire consistent with its initial public offering and
assist in U.S. securities work related to the initial business combination. The fee structure for this agreement permits bills to be paid
in installments and/or deferred to closing, with any balance owed at the closing of the initial business combination to be subject to
a certain premium. As of December 31, 2023 and 2022, the total outstanding billed amount for services provided by EGS is $892,784
and $634,055 of which $446,392 and $317,027 (50% of the outstanding balance), respectively is considered outstanding per the terms of
the EGS Agreement and is included in accrued liabilities on the Consolidated Balance Sheet. As the initial business combination cannot
be deemed probable as of December 31, 2023 and 2022, respectively and payment of the deferred portion of the outstanding balance
is contingent upon a successful initial business combination, no amount was accrued for the deferred portion of the outstanding amount
or the premium.

 On August 17, 2022, we entered
into an agreement (the "Maxim Letter Agreement") with Maxim to pay a fee (the "Maxim Success Fee") upon completion
of one or more successful transactions. On October 3, 2022, the Company amended its agreement with Maxim (the "Maxim Amendment").
The Maxim Amendment states that we will pay to Maxim, upon closing of such successful transaction(s), a fee based upon the amount of cash
the Company has in the trust account immediately prior to consummation of the transaction and/or contributed to the transaction. If the
amount of such cash is less than $50,000,000, Maxim's fee will be equal to $200,000 in cash and an additional $150,000 of common
stock of the post-transaction Company (the "New Common Stock"). If the amount of such cash is equal to or greater than $40
million, the Maxim Success Fee will be $500,000 cash. If the amount of such cash is equal to or greater than $75 million, the Maxim Success
Fee will be $500,000 cash and an additional $500,000 payable in either cash or New Common Stock, at the option of the Company. The New
Common Stock will be issued to Maxim Partners LLC, will be valued at the same price per share/exchange ratio as in the definitive transaction
documentation, and it will have unlimited piggyback registration rights. The Maxim Success Fee will be paid upon the consummation of the
transaction.

 On July 11, 2022, we entered
into a letter agreement with ALANTRA Corporate Finance, S.A.U. ("ALANTRA") and U.N. SDG Support Holdings LLC ("Sponsor
Entity"), under which we engaged ALANTRA to act as our financial advisor for the design, negotiation, and execution of potential
business combinations between the Company and one or more energy transition companies. On October 3, 2022, we amended such letter agreement
(as amended, the "ALANTRA Letter Agreement").

 Under the ALANTRA Letter
Agreement, we agreed to pay ALANTRA a retainer of $15,000 at the signing of the ALANTRA Letter Agreement plus a retainer fee of $20,000
per month that is due and payable on the last day of each month for a maximum period of five months. Should the aggregated value of the
transaction be above $400,000,000, the retainer fee will increase up to $40,000 per month with the same maximum five-month period for
the payment of any retainer fee.

 If a transaction that is
introduced by ALANTRA or by another institution to which no fees are due by the Company (e.g. an institution acting on behalf of a target)
is completed the following remuneration will be due to ALANTRA as a remuneration for its services ("ALANTRA Success Fee").

 $1,600,000 payable by the Company; and

 $1,600,000 payable by or on behalf of the Sponsor Entity

 If a transaction is completed
in North America, Asia, or Africa that is not introduced by ALANTRA and such transaction requires an introductory, advisory, or similar
fee due by us, we shall pay ALANTRA an ALANTRA Success Fee in the form of:

 For the first $300,000,000 of aggregated value of the transaction,
0.85% of each transaction purchase price; and

 For the aggregated value of the transaction above the first
$300,000,000, 0.4% of each transaction purchase price

 Notwithstanding the above,
it is agreed that the ALANTRA Success Fee will be subject to a minimum of EUR 1,000,000.

 Each ALANTRA Success Fee
shall be payable upon consummation of the applicable transaction (i.e. when the transaction is closed, following fulfillment, if applicable,
of conditions precedent) regardless of (i) the calendar for the payment of the price, (ii) how the purchase price is funded, (iii) and
any deferred payment subsequent to consummation of the transaction, or (iv) any adjustment to the price of the transaction subsequent
to consummation.

 Administrative Service Fee

 We entered into the Administrative
Services Agreement on April 27, 2022 under which our sponsor agreed to perform certain services for us for a monthly fee of $10,000. On
May 2, 2022, our sponsor entered into an assignment agreement with Gluon Group, an affiliate of our Company, to provide the services detailed
in the Administrative Service Agreement. An officer of our Company owns 505 shares of Gluon Group and serves as managing partner. As of
December 31, 2023, $39,187 has been paid to Gluon Group for such services and an additional $184,941 has been accrued.

 Advisory Services

 On September 21, 2022, we
entered into the Gluon Letter Agreement with Gluon Partners to pay the Gluon Success Fee upon completion of one or more successful transactions.
We will pay Gluon Partners a Gluon Success Fee of $500,000 upon completion of one or more transactions with an aggregate purchase price
of less than $400,000,000; and, an additional $500,000 upon completion of one or more transactions with an aggregate purchase price of
more than $400,000,000. This means the total remuneration for transactions with a purchase price more than $400,000,001 would be $1,000,000.
A transaction's purchase price will correspond to the price paid to the sellers of the applicable target, including cash, debt,
and equity funded payments. Each Gluon. Success Fee will be payable upon consummation of the applicable transaction, regardless of (i)
the calendar for the payment of the purchase price, (ii) how the purchase price is funded, (iii) any deferred payment subsequent to consummation
of the transaction, or (iv) any adjustments to the price of the transaction subsequent to consummation. Following payment of a Gluon Success
Fee, any accrued fees payable to the Gluon Group by the Company will be waived.

 On October 5, 2022, we and
Gluon Partners agreed to lower the Gluon Success Fee to a total payment of $250,000 upon successful consummation of a transaction independent
of aggregate transaction price.

 In
addition, the Gluon Letter Agreement was amended to entitle Gluon Partners, with respect to any financing undertaken by us introduced
by Gluon Partners during the term of the Gluon Letter Agreement, to the following fees: (i) for a financing involving an issuance of our
senior, subordinated and/or mezzanine debt securities, a cash fee payable at any closing equal to two percent (2.0%) of the gross proceeds
received by us at such closing; (ii) for a financing involving equity, equity-linked or convertible securities, a cash fee payable at
each closing equal to five percent (5.0%) of the gross proceeds received by us at such closing.

 In addition to the Gluon
Success Fee, we agreed to pay Gluon Group for any reasonable and documented out-of-pocket expenses incurred in connection with providing
the services for the transactions.

 Per Regnarsson, the Chief
Executive Officer and a director of our Company, is the Managing Partner of Gluon Partners. Each member of our board of directors has
been informed of Mr. Regnarsson's material interest in the Gluon Letter Agreement, and upon the approval and recommendation of our
audit committee, our board of directors has determined that the Gluon Letter Agreement is fair and in our best interests and has voted
to approve the Gluon Letter Agreement.

 Critical Accounting Estimates

 The preparation of financial
statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income
and expenses during the periods reported. Actual results could materially differ from those estimates. Our significant accounting policies
are discussed in Note 2, "Summary of Significant Accounting Policies", of the Audited Consolidated Financial Statements contained
in Part II, Item 8 of this Report.

 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 We are a smaller reporting
company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.

 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

 Reference is made to pages
F-2 through F-21 comprising a portion of this Report, which are incorporated herein by reference.

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE.

 None.

 ITEM 9A. CONTROLS AND PROCEDURES.

 Evaluation of Disclosure Controls and Procedures

 Disclosure controls and procedures
are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to
be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief
Executive Officer and Chief Financial Officer (together, the "Certifying Officers"), or persons performing similar functions,
to allow timely decisions regarding required disclosure.

 Under the supervision and
with the participation of our management, including the Certifying Officers, we carried out an evaluation of the effectiveness of the
design and operation of our disclosure controls and procedures as defined by Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based
upon their evaluation, our Certifying Officers concluded that our disclosure controls and procedures were not effective as of the end
of the fiscal year ended December 31, 2023.

 Material Weaknesses

 As disclosed in our Form
10-K/A for the year ended December 31, 2022, we previously identified a material weakness in our internal control related to properly
recording and accruing expenses. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial
statements will not be prevented or detected on a timely basis.

 In addition, management identified
deficiencies in internal control over financial reporting relating to the classification of cash and cash equivalents held in the trust
account and deferred underwriting commissions payable as current assets and current liabilities instead of non-current assets and non-current
liabilities, respectively, and concluded that the failure to properly classify such items constituted material weaknesses as defined in
the SEC regulations. As such, management determined that the Company's disclosure controls and procedures (as defined in Rules 13a-15
(e) and 15d-15 (e) under the Exchange Act) were not effective as of December 31, 2023. Further, management determined that the Company's
previously issued audited balance sheet as of May 2, 2022 filed on form 8-K on May 6, 2022, unaudited condensed financial statements as
of June 30, 2022 and September 30, 2022, audited financial statements as of December 31, 2022 and the associated report of the Company's
independent registered public accounting firm included in the Company's Annual Report on Form 10-K for the fiscal year ended December
31, 2022, as well as the Company's subsequent issued unaudited condensed financial statements for the quarters ended March 31, 2023,
June 30, 2023, and September 30, 2023 included in the Company's Quarterly Reports on Form 10-Q contained accounting errors relating
to compliance with U.S. GAAP as a result of these deficiencies. Due to these accounting errors, management determined that the financial
statements of each such period could not be relied upon and filed a Form 10-Q/A for each such quarterly period and a Form 10-K/A for the
fiscal year ended December 31, 2022 with the SEC on March 14, 2024.

 We have taken a number of
measures to remediate such material weaknesses; however, if we are unable to remediate our material weaknesses in a timely manner or we
identify additional material weaknesses, we may be unable to provide required financial information in a timely and reliable manner and
we may incorrectly report financial information. Likewise, if our financial statements are not filed on a timely basis, we could be subject
to sanctions or investigations by the stock exchange on which our securities are listed, the SEC or other regulatory authorities. The
existence of material weaknesses in internal control over financial reporting could adversely affect our reputation or investor perceptions
of us, which could have a negative effect on the trading price of our shares. We can give no assurance that the measures we have taken
and plan to take in the future will remediate the material weaknesses identified or that any additional material weaknesses or restatements
of financial results will not arise in the future due to a failure to implement and maintain adequate internal control over financial
reporting or circumvention of these controls. Even if we are successful in strengthening our controls and procedures, in the future those
controls and procedures may not be adequate to prevent or identify irregularities or errors or to facilitate the fair presentation of
our financial statements.

 Partial Remediation of Material Weakness

 Management has completed
the testing of design and operating effectiveness of the new and enhanced controls related to the previously reported material weakness
related to properly recording and accruing expenses. The Company remediated the material weaknesses through activities including more
clearly defined Management oversight and implemented key controls, including defining appropriate levels of precision for cut-off testing.

 Management believes that
these actions have been fully implemented and have operated effectively for a sufficient period of time. As a result, we have concluded
that our remediation efforts were successful and that the previously identified material weakness was remediated as of December 31, 2023.

 We
do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and
procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the
disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there
are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure
controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all
our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain
assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated
goals under all potential future conditions.

 Management's Annual Report on Internal Controls Over Financial
Reporting

 As required by SEC rules
and regulations implementing Section 404 of the Sarbanes-Oxley Act, our management is responsible for establishing and maintaining adequate
internal control over financial reporting. Our internal control over financial reporting is designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of our financial statements for external reporting purposes in accordance with
GAAP. Our internal control over financial reporting includes those policies and procedures that:

 (1)
 pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of our Company,

 (2)
 provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that our receipts
and expenditures are being made only in accordance with authorizations of our Management and directors, and

 (3)
 provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect
on the financial statements.

 Because of its inherent limitations,
internal control over financial reporting may not prevent or detect errors or misstatements in our financial statements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree or compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of
our internal control over financial reporting as of December 31, 2023. In making these assessments, management used the criteria set forth
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated Framework (2013).
Based on our assessments and those criteria, Management determined that we did not maintain effective internal control over financial
reporting as of December 31, 2023 due to the material weaknesses relating to the classification of cash and cash equivalents held in the
trust account and deferred underwriting commissions payable as current assets and current liabilities instead of non-current assets and
non-current liabilities, respectively.

 Management has implemented
remediation steps to improve our internal control over financial reporting. Specifically, we expanded and improved our review process
for complex securities and related accounting standards. We plan to further improve this process by enhancing access to accounting literature,
identification of third-party professionals with whom to consult regarding complex accounting applications and consideration of additional
staff with the requisite experience and training to supplement existing accounting professionals.

 This Report does not include
an attestation report of our internal controls from our independent registered public accounting firm due to our status as an emerging
growth company under the JOBS Act.

 Changes in Internal Control Over Financial Reporting

 Other than as discussed above,
there have been no changes to our internal control over financial reporting during the fiscal year ended December 31, 2023 that materially
affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 ITEM 9B. OTHER INFORMATION.

 Trading Arrangements

 During the quarterly period
ended December 31, 2023, none of our directors or officers (as defined in Rule 16a-1(f) promulgated under the Exchange Act) adopted or
 terminated any "Rule 10b5-1 trading arrangement" or any "non-Rule 10b5-1 trading arrangement," as each term is
defined in Item 408 of Regulation S-K.

 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS
THAT PREVENT INSPECTIONS.

 Not applicable.

 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND
CORPORATE GOVERNANCE.

 As of the date of this Report,
our directors and officers are as follows:

 Name

 Age

 Position

 Per Regnarsson

 Director and Chief Executive Officer

 Charles Ratelband V

 Director and Executive Chairman

 Abhishek Bawa

 Chief Financial Officer

 Niels Brix

 Randolph Sesson, Jr.

 Caroline Harding

 Sean Kidney

 The experience of our directors
and officers is as follows:

 Per Regnarsson
has served as our Chief Executive Officer and a director since December 2021. He will also serve as a member of the board of directors
of Pubco following the completion of the GreenRock Business Combination. Mr. Regnarsson currently serves as the Director of Gluon Capital
Ltd. and various subsidiary companies of the Gluon Group, a London, England headquartered company that forms, seeds and invests in sustainable
energy and mobility businesses globally. He also served as the Chairman of EV Hub Ltd., an electric vehicle infrastructure company, the
Director of Marine2o Ltd., a developer of green hydrogen production and the Founding Advisory Partner of Impactirr Alliance Ltd., an Indian
renewable energy firm since October 2019. Prior to that, he served as the Associate Partner of K2 Management, a renewable energy financial
advisory company, from October 2018 to February 2020. From May 2018 to January 2019, Mr. Regnarsson served as the Partner of Opus Corporate
Finance LLP, a private equity firm. He also served as the Associate Partner of Assay Advisory Ltd., a London based financial consulting
firm. Mr. Regnarsson served as the Executive Board Member and Chief Investment Officer of the Palmetto Group, a private equity firm active
in the clean energy industry, from August 2014 to March 2016. From March 2011 to March 2018, he founded CWC Biofuels A/S, a Danish energy
firm and served as its Acting CEO and Director with responsibility for financing. Mr. Regnarsson co-founded Clean World Capital, a private
equity firm, in July 2008 and served as its Managing Partner until July 2014 and in connection with this, he co-founded Better Energy
A/S, a solar photovoltaic firm and served as its shareholder and Executive Chairman from September 2012 to March 2015. Previously, from
1990 to 2014, Mr. Regnarsson worked at various investment banking and boutique corporate finance institutions including Danske Bank, Chase
Manhattan Bank, Moody's, JP Morgan, Merrill Lynch and Clean World Capital. Mr. Regnarsson holds an MSc Sloan Fellowship from London
Business School. Mr. Regnarsson is well-qualified to serve on our board of directors because of his experience in the financial service
industry.

 Charles Ratelband V
is our founder and has served as a director and the Executive Chairman of our board of directors since December 2021. He will also serve
as a member of the board of directors of Pubco following the completion of the GreenRock Business Combination. Mr. Ratelband V founded
WindShareFund and has served as its Managing Director since its inception in 2011. WindShareFund is a Netherlands-based investment company
with a core goal of investing in a better environment and contributing to the transition to sustainable, green energy. Mr. Ratelband V
founded RREG, a Dutch investment advisory firm, in September 2007, and has served as its Managing Director since then. Mr. Ratelband V
also founded and has served as the Managing Director of Climate Center Mari ndaal since January 2020. Mr. Ratelband V holds a Bachelor's
degree in Business Administration from the HBO University in the Netherlands. Mr. Ratelband V is well-qualified to serve on our board
of directors due to his extensive financial and advisory experience.

 Abhishek Bawa
has served as our Chief Financial Officer since March 2022. He has 10 years of experience in developing, financing and owning renewable
energy assets in Europe, North America, Asia and Africa with demonstrated success in deal structuring, transaction management, financial
modelling, business valuation and project finance. He has also served as a Partner at the Gluon Group since 2021. Prior to that, Mr. Bawa
served as the Head of Business Development of Solarpack, a Spanish solar developer, from May 2019 to March 2021. Previously, from February
2012 to February 2019, he served as the Vice President of IL&FS Financial Services Ltd. and actively participated in considerable
financing for infrastructure projects in Europe, the United Arab Emirates, China and India. Mr. Bawa was an Associate of the Transaction
Advisory Group at Ernst and Young from October 2008 to October 2009, providing commercial and financial consultancy to the Indian renewable
energy and power sector before serving as the Chief of Staff to the Chief Executive Officer at GMR International, a firm specializing
in transportation and urban infrastructure financing from November 2009 to June 2011. He received a Master's degree in Business
Administration from Said Business School, University of Oxford and earned a certification in Project and Infrastructure Finance at the
London Business School.

 Randolph Sesson, Jr.
 has served as one of our independent directors since December 2021. He has more than 35 years of experience in leading the industry
financial advisory teams at top-tier international investment banking firms. Since 2016, he has served as the Managing Partner of Blackbird
Capital Partners Limited, a boutique financial advisory firm based in London, England that helps public and private companies and governments
to raise debt and equity capital, undertake financial and operating restructurings and execute mergers and acquisitions, primarily in
the infrastructure, transportation and oil and gas sectors. Prior to that, he served as the Senior Managing Director in London, Head of
European Transportation and Transportation Infrastructure and Consultant of Evercore, a global investment banking advisory firm, from
2012 to 2016. Mr. Sesson, Jr. also served as a Managing Director and Head of Transportation of Morgan Stanley in London from 2006 to 2012.
He worked at Goldman Sachs for 17 years, with his final position being Managing Director and Head of European Transportation at its London
offices from 2000 to 2006, and as an Associate and Vice President of Transport and Global Finance at its New York and Hong Kong offices
from 1989 to 2000. Prior to that, Mr. Sesson, Jr. served as a Financial Analyst at Morgan Stanley in New York, in its real estate and
Middle East coverage groups from 1984 to 1987.

 Mr. Sesson, Jr. has worked
on a substantial number of blue-chip international transactions over the course of his career, including the IPO of UPS, the merger of
British Airways and Iberia, the international airports investment platform of Singapore's Changi Airports International arm, and
the operational and financial restructurings of a number of airlines including SAS and TAAG. More recently he has worked on transactions
involving ethane and helium extraction and logistics. Mr. Sesson, Jr. has an extensive network of corporate and financing contacts, especially
in the infrastructure investing world. Currently, he serves as the Chairman of Sponsors for Educational Opportunity London, a UK-registered
charity delivering mentoring, training and educational support to senior school and university age students. He also serves as a Trustee
of the aviation and motor racing- focused Brooklands Museum at Surrey, England. Mr. Sesson, Jr. obtained a Bachelor of Arts degree in
History from Yale University in 1985, and a Master of Business Administration degree from Stanford Graduate School of Business in 1989.
Mr. Session, Jr. is well-qualified to serve on our board of directors because of his extensive financial and advisory experience.

 Niels Brix
has served as one of our independent directors since December 2021. He has more than 15 years of experience in the global wind industry
from both operational and advisory perspectives. Since November 2021, he has served as the Chief Executive Officer of Valmont SM A/S,
a Denmark based supplier of components for the wind turbine industry. He founded Recounsel ApS, a Danish business consulting firm, and
has served as its Principal since 2006. He also served as a board member of Procon Wind Energy A/S, a Denmark based company providing
services primarily for the offshore wind sector, since February 2019. Mr. Brix served as the Head of Nordics & Baltics and Head of
Special Projects from June 2020 to May 2021 and as the Head of Financial Advisory of K2 Management A/S, a Denmark based consultancy firm,
from June 2018 to October 2021. He served as the Chief Commercial Officer and Vice President of Seatower A/S, a Norwegian based IP rights
company and designer of foundations for offshore wind turbine installations from June 2012 to May 2018. Mr. Brix served as the Senior
Vice President of Business Development of Skykon A/S, a Danish private equity firm focused on the wind energy industry, from 2007 to 2010.
In 2005, he served as the Senior Manager and Counsel to Deloitte, a major international accounting firm, where he focused on mergers and
acquisitions. He served as the Senior Manager and Counsel to Carlsberg Group, an international brewing company, from 2002 to 2004. Mr.
Brix is an attorney-at-law admitted in Denmark. He holds a Master of Law degree from Aarhus University. He also completed management courses
at Institut Europ en d'Administration des Affaires. Mr. Brix is well-qualified to serve on our board of directors because
of his experience in the global wind industry.

 Caroline Harding
has served as one of our independent directors since April 2022. She has served as the Managing Director of Panthera International Cayman
Limited, which provides private office services to high net worth individuals, since she founded it in May 2021. Ms. Harding served on
the management of or as a director of multiple special purposes acquisition companies, including the Director and Chief Executive Officer
of Aurora Acquisition Corp., and its affiliates (Nasdaq: AURC) from October 2021 to August 2023, the Director of Aurora Acquisition II
Corp., since October 2020 and the Director of Founders First Acquisition Corp., since May 2021. Ms. Harding is also a director of other
private entities and funds and one not for profit organization. Form October 2017 to October 2019, Ms. Harding served as the Chief Financial
Officer of the Weybourne Group, Sir James Dyson's family office, managing a multi-billion pound portfolio, which included the James Dyson
Group Limited, and in connection with this role, she also served as the director of multiple Weybourne related entities where she was
responsible for increasing the effectiveness of operations. For the nine years prior to joining Weybourne, Ms. Harding was the Financial
Manager, Chief Financial Officer, and Director of Exploration Capital, another single family office, with a particular focus on agricultural
and development land in Latin America. In connection with her role, she simultaneously served as the Chief Financial Officer of Gilo Industries
Group Limited, an engineering firm, from September 2012 to July 2017. Ms. Harding is a qualified Chartered Accountant with Ernest &
Young LLP and is a Member of ICAS, a Member of the Chartered Institute for Securities & Investment ("CISI"), and a member
of the Chartered Financial Analyst Society ("CFA") in the United Kingdom. Ms. Harding is also a Chartered Institute of Management
Accountants ("CIMA") Approved Director. She received her Bachelor of Science in Economics and Accounting from the University
of Bristol in 2002. Ms. Harding is well-qualified to serve on our board of directors because of her public company experience.

 Sean Kidney
has served as one of our independent directors since April 2022. Since November 2010, he has served as the Chief Executive Officer of
the Climate Bonds Initiative (CBI), an international non-governmental organization working to mobilize global capital for climate action.
Mr. Kidney has also served as a Director of Climate Bond Services Ltd. in England and Wales since December 2018, Climate Bonds Initiative
(Europe) ABSL in Belgium since July 2019 and Low Carbon World (Shanghai) Business Consulting Co. Ltd. (the operating arm of Climate Bonds
in Shanghai, China) since March 2021. He is currently a member of many social organizations with sustainable development initiatives,
including the French government's Green Sovereign Bond Evaluation Council, the UK government's Green Gilt Advisory Committee,
the Board of Climate Transition Pathways, the Advisory Board of the UNDP-GEF Climate Aggregation Platform, the Finance Advisory Board,
the Global Alliance for a Sustainable Planet, the European Advisory Board of the SMARTER Finance for Families initiative, FAST-Infra (Finance
to Accelerate the Sustainable Transition — Infrastructure) and the European Commission's Platform on Sustainable Finance.
He has been a Professor in Practice at School of Oriental and African Studies at University of London since May 2020 and is a regular
speaker on climate change and finance. Mr. Kidney is well-qualified to serve on our board of directors because of his experience in climate
change and finance.

 Family Relationships

 No family relationships exist
between any of our directors or executive officers.

 Involvement in Certain Legal Proceedings

 No officers or directors
have been involved in any legal proceedings that are disclosable, except for one prior legal involving Mr. Ratelband V, which proceeding
has been resolved. In January 2019, the Netherlands Authority for the Financial Markets ("AFM") notified Mr. Ratelband of
its intention to impose an order against him for violations committed by WindShareFund N.V., WindShareFund B.V., WindShareFund I B.V.,
WindShareFund II B.V., Arnhem, and WindShareFund III B.V. (collectively "WSF") under the Dutch Consumer Protection (Enforcement)
Act ("Whc") regarding the failure of WSF to make certain disclosures to its consumers with respect to the purchase of and
investment into wind turbines. The AFM imposed an initial penalty order on or around May 6, 2019, which was replaced and supplemented
by a penalty order dated March 12, 2020 (the "March 12 AFM Order"). Mr. Ratelband V ultimately appealed the March 12 AFM Order
to the Dutch highest court, the College van Beroep voor het bedrijfsleven ("CBb"). On or around November 2, 2021, the CBb
issued its order (the "CBb Order") The CBb Order did not disturb the March 12 AFM Order's finding that Mr. Ratelband
V was the de facto manager of WSF and that (i) Mr. Ratelband V is aware of WSF's prohibited conduct, (ii) Mr. Ratelband was authorized
and reasonably required to prevent and terminate such prohibited conduct, and (iii) Mr. Ratelband omitted measures to this end, consciously
accepting the considerable chance that the prohibited behaviors would (continue to) occur. The CBb vacated the March 12 AFM Order's
finding that Mr. Ratelband violated the Whc by failing to disclose the use of WSF funds for personal use. The CBb upheld the March 12
AFM Order's finding that WSF violated the Whc by failing to disclose accurate information regarding (i) the different proportions
of the purchase values and interests acquired in the windmills, (ii) the residual values of the wind turbines, and (iii) the ongoing payment
of a management fee. The CBb found that WSF must disclose the accurate information regarding the foregoing. In December 2021, the AFM
acknowledged that WSF complied with the CBb order.

 Number and Terms of Office of Officers and
Directors

 We have six directors. Our
amended and restated memorandum and articles of association provide that the authorized number of directors may be changed only by ordinary
resolution. Prior to consummation of our initial business combination, holders of our founder shares will have the right to appoint all
of our directors holders of our public shares will not have the right to vote on the appointment of directors during such time. These
provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by shareholders
representing at least 90% of the outstanding Class B ordinary shares who, being entitled to do so, attend and vote at a general meeting
of the company. Subject to the terms of any preference shares, any or all of the directors may be removed from office at any time, only
by the affirmative vote of holders of a majority of the voting power of all then outstanding founder shares entitled to vote generally
in the appointment of directors, voting together as a single class. Any vacancy on our board of directors, including a vacancy resulting
from an enlargement of our board of directors, may be filled only by vote of a majority of our directors then in office.

 Our board of directors is
divided into three classes, with only one class of directors being elected in each year, and with each class (except for those directors
appointed prior to our first annual general meeting) serving a three-year term. The term of office of the first class of director, Caroline
Harding, will expire at our first annual general meeting. The term of office of the second class of directors, which consists of Per Regnarsson,
Niels Brix, Randolph Sesson, Jr. and Sean Kidney, will expire at our second annual general meeting. The term of office of the third class
of director, Charles Ratelband V, will expire at our third annual general meeting. Our officers are appointed by the board of directors
and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized
to appoint persons to the offices set forth in our amended and restated memorandum and articles of association as it deems appropriate.
Our amended and restated memorandum and articles of association provide that our officers may consist of a Chairman of the Board, Chief
Executive Officer, Chief Financial Officer, President, Vice Presidents, Secretary, Treasurer, Assistant Secretaries and such other offices
as may be determined by the board of directors.

 Committees of the Board of Directors

 Our board of directors has
three standing committees: an audit committee, a compensation committee and a nominating and corporate governance committee. Subject to
phase-in rules and a limited exception, Nasdaq rules and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company
be comprised solely of independent directors, and Nasdaq rules require that the compensation committee of a listed company be comprised
solely of independent directors.

 Audit Committee

 We have established an audit
committee of the board of directors. Randolph Sesson, Jr., Niels Brix and Caroline Harding serve as members of our audit committee, and
Caroline Harding chairs the audit committee. Under the Nasdaq listing standards and applicable SEC rules, we are required to have at least
three members of the audit committee, all of whom must be independent. Each of Messrs. Sesson, Jr., Niels Brix and Ms. Harding meet the
independent director standard under Nasdaq listing standards and under Rule 10-A-3(b)(1) of the Exchange Act.

 Each member of the audit
committee is financially literate and our board of directors has determined that Ms. Harding qualifies as an "audit committee financial
expert" as defined in applicable SEC rules.

 We have adopted an amended
audit committee charter, which details the principal functions of the audit committee, including:

 the appointment, compensation, retention, replacement, and
oversight of the work of the independent registered public accounting firm engaged by us;

 pre-approving all audit and permitted non-audit services
to be provided by the independent registered public accounting firm engaged by us, and establishing pre-approval policies and procedures;

 setting clear hiring policies for employees or former employees
of the independent registered public accounting firm, including but not limited to, as required by applicable laws and regulations;

 setting clear policies for audit partner rotation in compliance
with applicable laws and regulations;

 obtaining and reviewing a report, at least annually, from
the independent registered public accounting firm describing (i) the independent registered public accounting firm's internal quality-control
procedures, (ii) any material issues raised by the most recent internal quality-control review, or peer review, of the audit firm, or
by any inquiry or investigation by governmental or professional authorities within the preceding five years respecting one or more independent
audits carried out by the firm and any steps taken to deal with such issues and (iii) all relationships between the independent registered
public accounting firm and us to assess the independent registered public accounting firm's independence;

 reviewing and approving any related party transaction required
to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction; and

 reviewing with management, the independent registered public
accounting firm, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with
regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial
statements or accounting policies and any significant changes in accounting standards or rules promulgated by the FASB, the SEC or other
regulatory authorities.

 Compensation Committee

 We have established a compensation
committee of the board of directors. Under the Nasdaq listing standards and applicable SEC rules, we are required to have at least two
members of the compensation committee, all of whom must be independent. Randolph Sesson, Jr. and Niels Brix serve as members of our compensation
committee, all of whom is independent. Niels Brix chairs the compensation committee.

 We have adopted an amended
compensation committee charter, which details the principal functions of the compensation committee, including:

 reviewing and approving on an annual basis the corporate
goals and objectives relevant to our Chief Executive Officers' compensation, if any is paid by us, evaluating our Chief Executive
Officer's performance in light of such goals and objectives and determining and approving the remuneration (if any) of our Chief
Executive Officer based on such evaluation;

 reviewing and approving on an annual basis the compensation,
if any is paid by us, to all of our other officers;

 reviewing on an annual basis our executive compensation policies
and plans;

 implementing and administering our incentive compensation
equity-based remuneration plans;

 assisting management in complying with our proxy statement
and annual report disclosure requirements;

 approving all special perquisites, special cash payments
and other special compensation and benefit arrangements for our officers and employees;

 if required, producing a report on executive compensation
to be included in our annual proxy statement; and

 reviewing, evaluating and recommending changes, if appropriate,
to the remuneration for directors.

 Notwithstanding the foregoing,
as indicated above, other than in connection with the Gluon Letter Agreement (as described below in "Item 13. Certain Relationships
and Related Transactions, and Director Independence") and the payment to an affiliate of our sponsor of $10,000 per month, for 24
months, for office space, utilities and secretarial and administrative support and reimbursement of expenses, no compensation of any kind,
including finders, consulting or other similar fees, will be paid to any of our existing shareholders, officers, directors or any of their
respective affiliates, prior to, or for any services they render in order to effectuate the consummation of an initial business combination.
Accordingly, it is likely that prior to the consummation of an initial business combination, the compensation committee will only be responsible
for the review and recommendation of any compensation arrangements to be entered into in connection with such initial business combination.

 The charter also provides
that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, independent legal
counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser.
However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation
committee will consider the independence of each such adviser, including the factors required by Nasdaq and the SEC.

 Nominating and Corporate Governance Committee

 We have established a nominating
and corporate governance committee of the board of directors. Under the Nasdaq listing standards and applicable SEC rules, we are required
to have at least two members of the nominating and corporate governance committee, all of whom must be independent. Randolph Sesson, Jr.,
Niels Brix and Caroline Harding serve as members of our nominating and corporate governance committee, all of whom are independent. Randolph
Sesson, Jr. chairs the nominating and corporate governance committee.

 The nominating and corporate
governance committee will consider director candidates recommended for nomination by our shareholders during such times as they are seeking
proposed nominees to stand for appointment at the next annual general meeting (or, if applicable, an extraordinary general meeting). Our
shareholders that wish to nominate a director for appointment to our board of directors should follow the procedures set forth in our
amended and restated memorandum and articles of association.

 We have adopted a nominating
and corporate governance committee charter, which details the principal functions of the nominating and corporate governance committee,
including:

 identifying, screening and reviewing individuals qualified
to serve as directors and recommending to the board of directors candidates for nomination for appointment at the annual general meeting
or to fill vacancies on the board of directors;

 developing and recommending to the board of directors and
overseeing implementation of our corporate governance guidelines;

 coordinating and overseeing the annual self-evaluation of
the board of directors, its committees, individual directors and management in the governance of the company; and

 reviewing on a regular basis our overall corporate governance
and recommending improvements as and when necessary.

 Prior to our initial business
combination, holders of our public shares will not have the right to recommend director candidates for nomination to our board of directors.

 Code of Ethics

 We have adopted a Code of
Ethics applicable to our directors, officers and employees. You can review a copy of our Code of Ethics and our audit, compensation and
nominating and corporate governance committee charters by accessing our public filings at the SEC's web site at www.sec.gov. In
addition, a copy of the Code of Ethics will be provided without charge upon request from us. We intend to disclose any amendments to or
waivers of certain provisions of our Code of Ethics in a Current Report on Form 8-K.

 Trading Policies

 On April 27, 2022, we adopted
insider trading policies and procedures governing the purchase, sale, and/or other dispositions of our securities by directors, officers
and employees, which are reasonably designed to promote compliance with insider trading laws, rules and regulations, and applicable Nasdaq
listing standards (the "Insider Trading Policy").

 The foregoing description
of the Insider Trading Policy does not purport to be complete and is qualified in its entirety by the terms and conditions of the Insider
Trading Policy, a copy of which is attached hereto as Exhibit 19 and is incorporated herein by reference.

 Compensation Recovery and Clawback Policies

 Under the Sarbanes-Oxley
Act, in the event of misconduct that results in a financial restatement that would have reduced a previously paid incentive amount, we
can recoup those improper payments from our executive officers. The SEC also recently adopted rules which direct national stock exchanges
to require listed companies to implement policies intended to recoup bonuses paid to executives if the company is found to have misstated
its financial results.

 On October 1, 2023, our board
of directors approved the adoption of the Executive Compensation Clawback Policy (the "Clawback Policy"), with an effective
date of October 2, 2023, in order to comply with the final clawback rules adopted by the SEC under the Rule, and the listing standards,
as set forth in the Nasdaq Listing Rule 5608 (the "Final Clawback Rules").

 The Clawback Policy provides
for the mandatory recovery of erroneously awarded incentive-based compensation from our current and former executive officers as defined
in Rule 10D-1 under the Exchange Act (the "Rule") ("Covered Officers") in the event that we are required to prepare
an accounting restatement, in accordance with the Final Clawback Rules. The recovery of such compensation applies regardless of whether
a Covered Officer engaged in misconduct or otherwise caused or contributed to the requirement of an accounting restatement. Under the
Clawback Policy, our board of directors may recoup from the Covered Officers erroneously awarded incentive compensation received within
a lookback period of the three completed fiscal years preceding the date on which we are required to prepare an accounting restatement.

 ITEM 11. EXECUTIVE COMPENSATION.

 None of our officers has
received any cash compensation for services rendered to us. Commencing on the effective date of the IPO Registration Statement, we have
agreed to pay an affiliate of our sponsor a total of $10,000 per month for office space, utilities and secretarial and administrative
support. Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees. Except as described
in Item 13. Certain Relationships and Related Transactions, and Director Independence below, no compensation of any kind, including any
finder's fee, reimbursement, consulting fee or monies in respect of any payment of a loan, has been or will be paid by us to our
sponsor, officers and directors, or any affiliate of our sponsor or officers, prior to, or in connection with any services rendered in
order to effectuate, the consummation of our initial business combination (regardless of the type of transaction that it is). However,
these individuals are reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying
potential target businesses and performing due diligence on suitable business combinations. Our audit committee reviews on a quarterly
basis all payments that were made to our sponsor, officers or directors, or our or their affiliates. Any such payments prior to an initial
business combination are made using funds held outside the trust account. Other than quarterly audit committee review of such payments,
we do not expect to have any additional controls in place governing our reimbursement payments to our directors and executive officers
for their out-of-pocket expenses incurred in connection with identifying and consummating an initial business combination.

 After the completion of our
initial business combination, directors or members of our management team who remain with us may be paid consulting or management fees
from the combined company. All of these fees will be fully disclosed to shareholders, to the extent then known, in the tender offer materials
or proxy solicitation materials furnished to our shareholders in connection with a proposed initial business combination. We have not
established any limit on the amount of such fees that may be paid by the combined company to our directors or members of management. It
is unlikely the amount of such compensation will be known at the time of the proposed initial business combination, because the directors
of the post-combination business will be responsible for determining officer and director compensation. Any compensation to be paid to
our officers will be determined, or recommended to the board of directors for determination, either by a compensation committee constituted
solely by independent directors or by a majority of the independent directors on our board of directors.

 We do not intend to take
any action to ensure that members of our management team maintain their positions with us after the consummation of our initial business
combination, although it is possible that some or all of our officers and directors may negotiate employment or consulting arrangements
to remain with us after our initial business combination. The existence or terms of any such employment or consulting arrangements to
retain their positions with us may influence our management's motivation in identifying or selecting a target business but we do
not believe that the ability of our management to remain with us after the consummation of our initial business combination will be a
determining factor in our decision to proceed with any potential business combination. We are not party to any agreements with our officers
and directors that provide for benefits upon termination of employment.

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS.

 The following table sets
forth information regarding the beneficial ownership of our ordinary shares as of March 18, 2024 based on information obtained from the
persons named below, with respect to the beneficial ownership of ordinary shares, by:

 each person known by us to be the beneficial owner of more
than 5% of our outstanding ordinary shares;

 each of our executive officers and directors that beneficially
owns our ordinary shares; and

 all our executive officers and directors as a group.

 In the table below, percentage
ownership is based on 4,664,013 ordinary shares, consisting of (i) 4,664,012 Class A ordinary shares and (ii) 1 Class B ordinary share,
issued and outstanding as of March 18, 2024. On all matters to be voted upon, except for the election of directors of the board, holders
of the Class A ordinary shares and Class B ordinary share vote together as a single class. Currently, all of the Class B ordinary shares
are convertible into Class A ordinary shares on a one-for-one basis.

 Unless otherwise indicated,
we believe that all persons named in the table have sole voting and investment power with respect to all shares of ordinary shares beneficially
owned by them. The following table does not reflect record or beneficial ownership of the private placement warrants as these private
placement warrants are not exercisable within 60 days of the date of this Report.

 Class A Ordinary Shares

 Class B Ordinary Shares

 Approximate

 Name and Address of Beneficial Owner (1)

 Number of
 Shares
 Beneficially
 Owned

 Approximate
 Percentage of
 Class

 Number of
 Shares
 Beneficially
 Owned

 Approximate
 Percentage of
 Class

 Percentage of

 Outstanding
 Ordinary
 Shares

 U.N. SDG Support LLC (our sponsor) (2)

 1,968,749

 42.2
 %

 %

 42.2
 %

 Per Regnarsson

 —

 —
 %

 —

 —
 %

 —
 %

 Charles Ratelband V (2)

 —

 —
 %

 %

 42.2
 %

 Abhishek Bawa

 —

 —
 %

 —

 —
 %

 —
 %

 Niels Brix

 —

 —
 %

 —

 —
 %

 —
 %

 Randolph Sesson, Jr.

 —

 —
 %

 —

 —
 %

 —
 %

 Caroline Harding

 —

 —
 %

 —

 —
 %

 —
 %

 Sean Kidney

 —

 —
 %

 —

 —
 %

 —
 %

 All directors and officers as a group (seven individuals)

 1,968,749

 42.2
 %

 %

 42.2
 %

 Other 5% Stockholders

 Yakira Capital Management (3)

 287,500

 6.2
 %

 —

 —
 %

 6.2
 %

 Lawrence Feis (4)

 325,684

 7.0
 %

 —

 —
 %

 7.0
 %

 Shaolin Capital Management LLC (5)

 268,822

 5.8
 %

 —

 —
 %

 5.8
 %

 Meteora Cpaital, LLC (6)

 265,552

 5.7
 %

 —

 —
 %

 5.7
 %

 (1)
 Unless otherwise noted, the business address of each of the
following entities or individuals is c/o 25 Bedford Square, London, WC1B 3HH, United Kingdom.

 (2)
 Represents securities held by our sponsor, of which Charles
Ratelband V is the managing member. Accordingly, Mr. Ratelband V may be deemed to have beneficial ownership of such securities. Mr. Ratelband
V disclaims beneficial ownership of the reported shares except to the extent of his pecuniary interest therein.

 (3)
 According to a Schedule 13G filed on January 26, 2024 by
Yakira Capital Management, Inc on behalf of each of Yakira Partners, L.P., Yakira Enhanced Offshore Fund Ltd. and MAP 136 Segregated
Portfolio. The business address of each of the reporting persons is 1555 Post Road East, Suite 202, Westport, CT 06880.

 (4)
 According to a Schedule 13G/A filed on February 5, 2024 by
Feis Equities LLC and Lawrence M. Feis. The business address of each of the reporting persons is 20 North Wacker Drive, Suite 2115, Chicago,
Illinois 60606.

 (5)
 According to a Schedule 13G/A filed on February 14, 2024
by Shaolin Capital Management LLC. The business address of Shaolin Capital Management LLC is 230 NW 24th Street, Suite 603, Miami, FL
33127.

 (6)
 According to a Schedule 13G filed on February 14, 2024 by
Meteora Capital, LLC and Vik Mittal. The business address of each of the reporting persons is 1200 N Federal Hwy, #200, Boca Raton FL
33432.

 Securities Authorized for Issuance under Equity
Compensation Plans

 None.

 Changes in Control

 None. For a more information
on the GreenRock Business Combination, see "Item 1. Business."

 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

 On December 30, 2021, we
issued an aggregate of 2,156,250 founder shares to our sponsor for an aggregate purchase price of $25,000 in cash, or approximately $0.012
per share. The number of founder shares issued was determined based on the expectation that such founder shares would represent 19.8%
of the outstanding shares upon completion of our initial public offering (not including the 112,500 representative shares). The founder
shares (including the Class A ordinary shares issuable upon conversion thereof) may not, subject to certain limited exceptions, be transferred,
assigned or sold by the holder.

 On March 31, 2023, we issued
an aggregate of 1,968,749 Class A ordinary shares to the sponsor, upon the conversion of an equal number of Class B ordinary shares held
by the sponsor in the founder share conversion. The 1,968,749 Class A ordinary shares issued in connection with the founder share conversion
are subject to the same restrictions as applied to the Class B ordinary shares before the founder share conversion, including, among others,
certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial business combination as described
in the IPO Registration Statement. Following the founder share conversion and the redemptions in connection with the approval of the Extension
Amendment, (i) there were (i) 4,664,012 Class A ordinary shares issued and outstanding and one Class B ordinary share issued and outstanding,
and (ii) the sponsor held 42.21% of the outstanding Class A ordinary shares.

 Simultaneously with the closing
of our initial public offering, our sponsor purchased an aggregate of 3,762,500 private placement warrants, including 112,500 private
placement warrants that were issued pursuant to the underwriters' partial exercise of the over-allotment option, at a price of $1.00
per private warrant, for an aggregate purchase price of $3,762,500. The private placement warrants are identical to the public warrants
except that the private placement warrants (i) are not be redeemable by us, (ii) may not (including the ordinary shares issuable upon
exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until the completion
of our initial business combination, (iii) may be exercised by the holders on a cashless basis and (iv) are entitled to registration rights.
The private placement warrants (including the ordinary shares issuable upon exercise thereof) may not, subject to certain limited exceptions,
be transferred, assigned or sold by the holder.

 If any of our officers or
directors becomes aware of an initial business combination opportunity that falls within the line of business of any entity to which he
or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to
present such business combination opportunity to such other entity. Our officers and directors currently have certain relevant fiduciary
duties or contractual obligations that may take priority over their duties to us.

 On April 27, 2022, we entered
the Administrative Services Agreement with our sponsor under which our sponsor agreed to perform certain services for the Company for
a monthly fee of $10,000. On May 2, 2022, our sponsor entered into an assignment agreement with Gluon Group to provide the services detailed
in the Administrative Service Agreement. Per Regnarsson, our Chief Executive Officer and a director on our board, is the Managing Partner
of Gluon and owns 505 shares of Gluon Group. As of December 31, 2023, $39,187 has been paid to Gluon Group for such services and an additional
$184,941 has been accrued.

 As of December 31, 2022,
$30,924 has been paid to Gluon Group for such services and an additional $60,299 has been accrued.

 Prior to the closing of our
initial public offering, the shareholder of our sponsor agreed to loan us up to $300,000 under the Promissory Note to be used for the
payment of costs related to the initial public offering. The Promissory Note was non-interest bearing, unsecured and due on the earlier
of September 30, 2022 or the closing of our initial public offering. The Company did not borrow any funds under the Promissory Note. The
Promissory Note expired on May 2, 2022 and will not be extended or renewed.

 In addition, the Company
agreed to borrow up to $500,000 from Eternal, an affiliate of the Company through common ownership, to be used for the payment of costs
related to the initial public offering. Eternal loaned us $217,641 under such agreement. Eternal is controlled by Charles Ratelband V,
the Executive Chairman of our board of directors. Pursuant to the loan agreement and its subsequent amendments, the First Eternal Loan
was non-interest bearing, unsecured and due on the closing of our initial public offering. The First Eternal Loan was fully repaid to
the affiliate on June 2, 2022.

 On September 21, 2022, the
Company entered into a loan agreement with Eternal in the principal amount of up to $180,000, on an unsecured basis and bearing no interest.
The Second Eternal Loan is available to be drawn down from September 21, 2022 to March 31, 2023 and its maturity date is March 31, 2024.
As of December 31, 2023, the outstanding balance of the Second Eternal Loan was $170,603 and no interest was accrued.

 On November 12, 2022, the
Company entered into a loan agreement with Eternal in the principal amount of up to $300,000, on an unsecured basis and bearing no interest.
The Third Eternal Loan is available to be drawn down from November 12, 2022 to March 31, 2023 and its maturity date is March 31, 2024.
As of December 31, 2023, the outstanding balance of the Third Eternal Loan was $300,000 and no interest was accrued.

 On January 29, 2023, the
Company entered into a loan agreement with Eternal in the principal amount of up to $50,000, on an unsecured basis and bearing no interest.
The Fourth Eternal Loan is available to be drawn down from January 29, 2023 to March 31, 2023 and its maturity date is March 31, 2025.
As of December 31, 2023, the Fourth Eternal Loan has been fully drawn down.

 On April 12, 2023, the Company
entered into a loan agreement with the Eternal for a loan facility in the principal amount of up to $500,000, on an unsecured basis and
bearing no interest. The Fifth Eternal Loan is available to be drawn down in four installments: $150,000 on April 12, 2023, $125,000 on
May 3, 2023, $125,000 on June 3, 2023, and $100,000 on July 3, 2023. The maturity date of the loan is the earlier of May 1, 2024 or the
date of the consummation of the initial business combination of the Company. As of December 31, 2023, the Company borrowed an additional
$153,619 beyond the initial terms of the loan and the outstanding balance of the Fifth Eternal Loan was $653,619 and no interest was accrued.

Company entered into a loan agreement with Eternal in the principal amount of up to $335,000 on an unsecured basis and bearing no interest.
The Sixth Eternal Loan was available to be drawn down from November 1, 2023 and its maturity date is the earlier of August 1, 2024 or
the date of the initial business combination of the Company. As of December 31, 2023, the Company borrowed an additional $22,302
beyond the initial terms of the loan and the outstanding balance of the Sixth Eternal Loan was $357,302 and no interest was accrued.

Company and Eternal agreed to the Eternal Loan Amendment requiring that in the event that Company does not repay each of the Second Eternal
Loan, Third Eternal Loan, Fourth Eternal Loan, and Fifth Eternal Loan within 30 days of the consummation of the initial business combination
of the Company, the Company will pay an interest of five percent (5%) per month to Eternal until the date of repayment of each loan.

 Eternal is controlled by
Charles Ratelband V, our Executive Chairman of the Board of Directors. Each member of our board of directors has been informed of Mr.
Ratelband's material interest in the loan agreements, and upon the approval and recommendation of our audit committee, our board
of directors has determined that the loans are fair and in the best interests of us and has voted to approve the loans.

 On May 2, 2023, the Company
issued the Extension Note in the aggregate principal amount of $900,000 to the Sponsor, which will be deposited into the Trust Account
in monthly installments in lieu of the Paid Extensions for the benefit of each Public Share that was not redeemed in connection with the
Extension Amendment. The Sponsor agreed to pay $75,000 per month until the completion of an initial business combination, commencing on
May 2, 2023 and continuing through May 2, 2024 (or such earlier date as determined by the Company's board of directors in its sole
discretion). The Extension Note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the
initial business combination, and (b) the date of the Company's liquidation. At any time prior to the payment in full of the principal
balance of the convertible promissory note, the Sponsor may elect to convert all or any portion of the unpaid principal balance into that
number of warrants (the "Conversion Warrants") at a conversion price of $1.00 per warrant. The Conversion Warrants shall be
identical to the Private Placement Warrants issued by the Company at the Initial Public Offering. The Company has determined that the
fair value of the Extension Note is par value. As of December 31, 2023, the outstanding balance of the Extension Note was $600,000
and no interest was accrued.

 On September 21, 2022, the
Company entered into the Gluon Letter Agreement with Gluon Partners to pay the Gluon Success Fee upon completion of one or more successful
transactions. The Company will pay Gluon Partners a Gluon Success Fee of $500,000 upon completion of one or more transactions with an
aggregate purchase price of less than $400,000,000 and an additional $500,000 upon completion of one or more transactions with an aggregate
purchase price of more than $400,000,000. This means the total remuneration for transactions with a purchase price more than $400,000,001
would be $1,000,000. A transaction's purchase price will correspond to the price paid to the sellers of the applicable target, including
cash, debt, and equity funded payments. Each Gluon Success Fee will be payable upon consummation of the applicable transaction, regardless
of (i) the calendar for the payment of the purchase price, (ii) how the purchase price is funded, (iii) any deferred payment subsequent
to consummation of the transaction, or (iv) any adjustments to the price of the transaction subsequent to consummation. Following payment
of a Gluon Success Fee, any accrued fees payable to the Gluon Group by the Company will be waived.

 On October 5, 2022, the Company
and Gluon Partners agreed to lower the Gluon Success Fee to a total payment of $250,000 upon successful consummation of a transaction
independent of aggregate transaction price.

 In addition, the Gluon Letter
Agreement was amended to entitle Gluon Partners, with respect to any financing undertaken by the Company introduced by Gluon Partners
during the term of the Gluon Letter Agreement, to the following fees: (i) for a financing involving an issuance of the Company's
senior, subordinated and/or mezzanine debt securities, a cash fee payable at any closing equal to two percent (2.0%) of the gross proceeds
received by the Company at such closing; (ii) for a financing involving equity, equity-linked or convertible securities, a cash fee payable
at each closing equal to five percent (5.0%) of the gross proceeds received by the Company at such closing.

 In addition to the Gluon
Success Fee, the Company agreed to pay Gluon Group for any reasonable and documented out-of-pocket expenses incurred in connection with
providing the services for the transactions.

 Per Regnarsson, the Chief
Executive Officer and a director of the Company, is the Managing Partner of Gluon Partners. Each member of the Company's board of
directors has been informed of Mr. Regnarsson's material interest in the Gluon Letter Agreement, and upon the approval and recommendation
of the Company's audit committee, the Company's board of directors has determined that the Gluon Letter Agreement is fair
and in the best interests of the Company and has voted to approve the Gluon Letter Agreement.

 Other than the foregoing,
no compensation of any kind, including any finder's fee, reimbursement, consulting fee or monies in respect of any payment of a
loan, will be paid by us to our sponsor, officers and directors, or any affiliate of our sponsor or officers, prior to, or in connection
with any services rendered in order to effectuate, the consummation of an initial business combination (regardless of the type of transaction
that it is). However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our
behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee
will review on a quarterly basis all payments that were made to our sponsor, officers, directors or our or their affiliates and will determine
which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket expenses
incurred by such persons in connection with activities on our behalf.

 In addition, in order to
finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain
of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete an initial business combination,
we would repay such loaned amounts. In the event that the initial business combination does not close, we may use a portion of the working
capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used for such repayment.
Up to $1,500,000 of such working capital loans may be convertible into private placement-equivalent warrants at a price of $1.00 per warrant
(which, for example, would result in the holders being issued warrants to purchase 1,500,000 shares if $1,500,000 of notes were so converted),
at the option of the lender. Such warrants would be identical to the private placement warrants, including as to exercise price, exercisability
and exercise period. Additionally, for each of the two three-month extension periods that we may utilize, up to $750,000 in extension
loans may be convertible into warrants at a price of $1.00 per warrant. Such warrants would be identical to the private placement warrants.
The terms of such working capital loans and extension loans by our sponsor or its affiliates, or our officers and directors, if any, have
not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than
our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver
against any and all rights to seek access to funds in our trust account.

 After our initial business
combination, members of our management team who remain with us may be paid consulting, management or other fees from the combined company
with any and all amounts being fully disclosed to our shareholders, to the extent then known, in the tender offer or proxy solicitation
materials, as applicable, furnished to our shareholders, such as the GreenRock Registration Statement. It is unlikely the amount of such
compensation will be known at the time of distribution of such tender offer materials or at the time of a general meeting held to consider
our initial business combination, as applicable, as it will be up to the directors of the post-combination business to determine executive
and director compensation.

 We have entered into a registration
rights agreement with respect to the private placement warrants, the securities issuable upon conversion of working capital loans or extension
loans (if any) and the ordinary shares issuable upon exercise or conversion or exercise of the foregoing and upon conversion of the founder
shares.

 In light of the apparent
and actual conflicts of interests existing on the parts of certain of ClimateRock's directors and officers in connection with the
GreenRock Business Combination, including the fact that (a) Per Regnarsson is chief executive officer of both ClimateRock and GreenRock,
(b) Charles Ratelband V is chairman of ClimateRock and executive director of GreenRock, (c) Mr. Ratelband is the sole indirect owner of
WindShareFund N.V. which is seller of the wind assets described under "Business of GreenRock — Operations," and (d)
Accretion, the legal entity further described under "Business of GreenRock — Operations" is controlled by Gluon Capital,
which in turn is controlled by Mr. Regnarsson and Mr. Maxamilian Delamain, the board of directors of ClimateRock established the Special
Committee, which is comprised of disinterested members of ClimateRock's board of directors, for purposes of negotiating the GreenRock
Merger Agreement with the power to act on behalf of ClimateRock. Neither Mr. Regnarsson nor Mr. Ratelband is a member of the Special Committee.

 In addition, simultaneously
with the execution and delivery of the GreenRock Merger Agreement, ClimateRock and GreenRock entered into a Sponsor Support Agreement
(the "Sponsor Support Agreement") with the Sponsor. Under the Sponsor Support Agreement, the Sponsor agreed to vote all of
its ClimateRock Ordinary Shares in favor of the Business Combination Agreement and the related transactions. The Sponsor also agreed to
take certain other actions in support of the GreenRock Merger Agreement and related transactions and refrain from taking actions that
would adversely affect its ability to perform its obligations under the Sponsor Support Agreement. The Sponsor Support Voting Agreements
prevent transfers of the ClimateRock interests held by Sponsor between the date of the Voting Agreement and the date of Closing, except
for certain permitted transfers where the recipient also agrees to comply with the Sponsor Support Agreement.

 Director Independence

 Nasdaq listing standards
require that a majority of our board of directors be independent. An "independent director" is defined generally as a person
other than an officer or employee of the company or its subsidiaries or any other individual having a relationship which in the opinion
of the company's board of directors, would interfere with the director's exercise of independent judgment in carrying out
the responsibilities of a director.

 Our board of directors has
determined that Randolph Sesson, Jr., Niels Brix, Caroline Harding and Sean Kidney are "independent directors" as defined
in the Nasdaq listing standards and applicable SEC rules. Our independent directors have regularly scheduled meetings at which only independent
directors are present.

 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 The following is a summary
of fees paid or to be paid to UHY for services rendered.

 Audit Fees

 Audit fees consist of fees
billed for professional services rendered for the audit of our year-end financial statements and services that are normally provided by
UHY in connection with regulatory filings. The aggregate fees billed by UHY for professional services rendered for the audit of our 2023
and 2022 annual financial statement, review of the financial information included in our Forms 10-Q and other required filings with the
SEC for the years ended December 31, 2023 and December 31, 2022 totaled approximately $107,000 and $112,000, respectively. The
above amounts include interim procedures and audit fees, as well as attendance at audit committee meetings.

 Audit-Related Fees

 Audit-related fees consist
of fees billed for assurance and related services that are reasonably related to performance of the audit or review of our financial
statements and are not reported under "Audit Fees." These services include attest services that are not required by statute
or regulation. The aggregate fees billed by UHY related to such professional services was approximately $56,000 for the year ended December
31, 2023 and nothing for the year ended December 31, 2022.

 Tax Fees

 Tax
fees consist of fees billed for professional services relating to tax compliance, tax planning and tax advice. We did not
pay UHY for tax services, planning or advice for the years ended December 31, 2023 and December 31, 2022.

 All Other Fees

 All
other fees consist of fees billed for all other services. We did not pay UHY for any other services for the years ended December 31,
2023 and December 31, 2022.

 Pre-Approval Policy

 Our audit committee was formed
upon the consummation of our initial public offering. As a result, the audit committee did not pre-approve all of the foregoing services,
although any services rendered prior to the formation of our audit committee were approved by our board of directors. Since the formation
of our audit committee, and on a going-forward basis, the audit committee has and will pre-approve all auditing services and permitted
non-audit services to be performed for us by our auditors, including the fees and terms thereof (subject to the de minimis exceptions
for non-audit services described in the Exchange Act which are approved by the audit committee prior to the completion of the audit).

 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

 (a)
 The following documents are filed as part of this Report:

 (1)
 Financial Statements

 Audited Financial Statements of ClimateRock
 Page

 Report of Independent Registered Public Accounting Firm (PCAOB ID # 1195)

 Consolidated Balance Sheets

 Consolidated Statements of Operations

 Consolidated Statements of Changes in Shareholders' (Deficit) Equity

 Consolidated Statements of Cash Flows

 Notes to the Consolidated Financial Statements

 (2)
 Financial Statement Schedules

 All financial statement schedules
are omitted because they are not applicable or the amounts are immaterial and not required, or the required information is presented in
the consolidated financial statements and notes thereto beginning on page F-1 of this Report.

 (3)
 Exhibits

 We hereby file as part of
this Report the exhibits listed in the attached Exhibit Index. Exhibits that are incorporated herein by reference can be inspected on
the SEC website at www.sec.gov.

 Item 16. Form 10-K Summary

 Omitted at our Company's
option.

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 To the Board of Directors and

 Shareholders of ClimateRock and Subsidiaries

 Opinion on the Financial Statements

 We have audited the accompanying consolidated
balance sheets of ClimateRock and Subsidiaries (the "Company") as of December 31, 2023 and 2022, and the related consolidated
statements of operations, changes in shareholders' (deficit) equity, and cash flows for each of the years in the two-year period
ended December 31, 2023, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements
present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its
operations and its cash flows for each of the years in the two-year period ended December 31, 2023, in conformity with accounting principles
generally accepted in the United States of America.

 Substantial Doubt about the Company's
Ability to Continue as a Going Concern

 The accompanying financial statements have been
prepared assuming the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company's
business plan is dependent on future financing and the completion of the initial business combination and the Company's cash and
working capital are not sufficient to complete its planned activities for one year from the issuance of the financial statements. These
conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's evaluation of
the events and conditions and management's plans regarding these matters are also described in Note 1 to the financial statements.
The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified
with respect to that matter.

 Basis for Opinion

 These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.

 Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 /s/ UHY LLP

 We have served as the Company's auditor
since 2022.

 New York, New York

 F- 1

 CONSOLIDATED BALANCE SHEETS

 2023

2022

 ASSETS

 Current assets

 Cash

 $
 57,290

 $
 411,711

 Prepaid expenses

 106,542

 Total current assets

 57,702

 518,253

 Non-current assets

 Cash and cash equivalents held in trust account

 Total non-current assets

 Total assets

 $
 28,565,916

 $
 81,557,355

 LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY

 Current liabilities

 Accrued liabilities

 $
 959,720

 $
 935,421

 Administrative service fee payable - related party

 184,941

 70,299

 Loan payable - related party

 1,481,524

 480,000

 Convertible promissory note payable - related party

 —

 Total current liabilities

 3,226,185

 1,485,720

 Non-current liabilities

 Loan payable - related party

 50,000

 —

 Deferred underwriting commission payable

 2,362,500

 2,362,500

 Total non-current liabilities

 2,412,500

 2,362,500

 TOTAL LIABILITIES

 $
 5,638,685

 $
 3,848,220

 COMMITMENTS AND CONTINGENCIES

 Class A ordinary shares, $ 0.0001 par value, subject to possible redemption. 2,577,138 and 7,875,000 shares at redemption value of $ 11.06 and $ 10.29 per share, including dividend income in the trust account, at December 31, 2023 and December 31, 2022, respectively

 $

 $

 Total commitments and contingencies

 SHAREHOLDERS' DEFICIT

 Class A ordinary shares, $ 0.0001 par value; 479,000,000 shares authorized; 2,086,874 and 118,125 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively (excluding 2,577,138 and 7,875,000 shares subject to possible redemption as of December 31, 2023 and December 31, 2022, respectively)

 $

 $

 Class B ordinary shares, $ 0.0001 par value; 20,000,000 shares authorized; 1 and 1,968,750 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively

 —

 Preference shares, $ 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding

 —

 —

 Additional paid-in capital

 —

 —

 Accumulated deficit

 ( 5,581,192
)

 ( 3,330,176
)

 Total shareholders' deficit

 $
 ( 5,580,983
)

 $
 ( 3,329,967
)

 TOTAL LIABILITIES, COMMITMENTS AND CONTINGENCIES, AND SHAREHOLDERS' DEFICIT

 $
 28,565,916

 $
 81,557,355

 The accompanying notes are an integral part
of these financial statements

 F- 2

 CONSOLIDATED STATEMENTS OF OPERATIONS

 For the

2023

 For the

 2022

 Operating expenses

 Formation and operating costs

 $
 1,528,302

 $
 1,666,924

 Administrative service fees - related party

 122,904

 101,223

 Net loss from operations

 ( 1,651,206
)

 ( 1,768,147
)

 Other income (loss)

 Interest income

 —

 Dividend income on trust account

 2,134,446

 1,107,852

 Foreign exchange loss

 —

 ( 15,579
)

 Total other income

 2,134,636

 1,092,273

 Net income (loss) for the year

 $

 $
)

 Basic and diluted weighted average shares outstanding

 Redeemable ordinary shares, basic and diluted

 4,260,842

 5,264,384

 Non-redeemable ordinary shares, basic and diluted

 2,086,875

 2,016,637

 Net income per redeemable ordinary share, basic and diluted

 $
 0.29

 $
 0.64

 Net loss per non-redeemable ordinary share, basic and diluted

 $
 ( 0.35
)

 $
 ( 1.99
)

 The accompanying notes are an integral part
of these financial statements

 F- 3

 CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'
(DEFICIT) EQUITY

 FOR THE YEARS ENDED DECEMBER 31, 2023 AND DECEMBER
31, 2022

 CLASS A ORDINARY

 CLASS B ORDINARY

 PREFERENCE SHARES

 ADDITIONAL PAID-IN

 ACCUMULATED

 TOTAL SHAREHOLDERS' EQUITY

 SHARES

 AMOUNT

 SHARES

 AMOUNT

 SHARES

 AMOUNT

 CAPITAL

 DEFICIT

 (DEFICIT)

 Balances - January 1, 2022

 —

 $
 —

 2,156,250

 $

 —

 $
 —

 $
 24,784

 $
 ( 4,730
)

 $
 20,270

 Forfeiture of 187,500 Class B ordinary shares by initial shareholder

 —

 —

 ( 187,500
)

 ( 19
)

 —

 —

 —

 —

 Sale of 7,875,000 units at $ 10 per unit in the initial public offering, including over-allotment, net of underwriters' discount and offering expenses

 7,875,000

 —

 —

 —

 —

 73,655,270

 —

 73,656,058

 Issuance of 118,125 underwriter shares, including over-allotment

 118,125

 —

 —

 —

 —

 946,169

 —

 946,181

 Sale of 3,762,500 warrants in private placement

 —

 —

 —

 —

 —

 —

 3,762,500

 —

 3,762,500

 Adjustment to increase Class A ordinary shares subject to possible redemption to maximum redemption value

 ( 7,875,000
)

 ( 788
)

 —

 —

 —

 —

 ( 78,388,742
)

 ( 2,649,572
)

 ( 81,039,102
)

 Net loss

 —

 —

 —

 —

 —

 —

 —

)

)

 Balances – December 31, 2022

 118,125

 $

 1,968,750

 $

 —

 $
 —

 $
 —

 $
 ( 3,330,176
)

 $
 ( 3,329,967
)

 Adjustment to increase Class A ordinary shares subject to possible redemption to maximum redemption value

 ( 2,734,446
)

 ( 2,734,446
)

 Conversion of 1,968,749 Class B ordinary shares to Class A ordinary shares at par value of $ 0.0001 per share

 1,968,749

 ( 1,968,749
)

 ( 197
)

 —

 Net income

 Balances – December 31, 2023

 2,086,874

 $

 $
 —

 —

 $
 —

 $
 —

 $
 ( 5,581,192
)

 $
 ( 5,580,983
)

 The accompanying notes are an integral part
of these financial statements

 F- 4

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 For the

2023

 For the

2022

 Cash flows from operating activities

 Net income (loss)

 $

 $
)

 Adjustment to reconcile net income (loss) to net cash used in operating activities:

 Dividend income received in trust account

 ( 2,134,446
)

 ( 1,107,852
)

 Foreign exchange loss

 —

 15,579

 Changes in operating assets and liabilities:

 Accrued liabilities, excluding foreign exchange loss

 24,299

 919,842

 Administrative service fee payable - related party

 114,642

 70,299

 Prepaid expenses

 106,130

 ( 106,542
)

 Net cash used in operating activities

 $
 ( 1,405,945
)

 $
 ( 884,548
)

 Cash flows from investing activities:

 Proceeds from sales of cash and cash equivalents in trust account

 55,265,334

 —

 Cash deposited in trust account

 ( 600,000
)

 ( 79,931,250
)

 Net cash provided by (used in) investing activities

 $
 54,665,334

 $
 ( 79,931,250
)

 Cash flows from financing activities:

 Proceed from related party loan

 1,060,921

 485,150

 Proceed from convertible promissory note - related party

 —

 Repayment of related party loans

 ( 9,397
)

 ( 217,641
)

 Payment for redemption of ordinary shares

 ( 55,265,334
)

 —

 Proceeds from sale of units in the initial public offering, including over-allotment

 —

 78,750,000

 Payment of underwriting fee and other offering costs

 —

 ( 1,552,500
)

 Proceeds from sale of warrants in private placement

 —

 3,762,500

 Net cash (used in) provided by financing activities

 $
 ( 53,613,810
)

 $
 81,227,509

 Net (decrease) increase in cash

 $
 ( 354,421
)

 $
 411,711

 Cash – beginning of the period

 411,711

 —

 Cash – end of the period

 $
 57,290

 $
 411,711

 Non-cash investing and financial activities:

 Deferred offering costs paid by related party

 $
 —

 $
 149,418

 Deferred underwriting commission charged to additional paid in capital

 —

 2,362,500

 Allocation of offering costs to Class A ordinary shares subject to redemption

 —

 304,011

 Issuance of representative shares

 —

 946,181

 Initial value of public shares subject to possible redemption

 —

 71,851,500

 Reclassification of offering costs related to public shares

 —

 ( 4,647,702
)

 Remeasurement adjustment on public shares subject to possible redemption

 2,734,446

 13,835,304

 The accompanying notes are an integral part
of these financial statements

 F- 5

 NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

 ClimateRock (the "Company")
is a Cayman Islands exempted company incorporated as a blank check company on December 6, 2021. The Company was incorporated for the purpose
of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more
businesses that the Company has not yet identified ("Business Combination"). Although the Company is not limited to a particular
industry or geographic region for purposes of consummating a Business Combination, the Company focuses on opportunities in climate change,
environment, renewable energy and emerging, clean technologies.

 In order to affect a business
combination, the Company owns subsidiary ClimateRock Holdings Limited ("Holdings"), and its subsidiary ClimateRock Merger
Sub Limited ("Merger Sub").

 At December 31, 2023, the Company had not
yet commenced operations. All activity through December 31, 2023 relates to the Company's formation and the initial public
offering (the "Initial Public Offering"), which is described below, and post-offering activities in search for a target to
consummate a Business Combination. The Company has selected December 31 as its fiscal year end.

 The registration statement
for the Company's Initial Public Offering was declared effective o n April 27, 2022.
On May 2, 2022, the Company consummated its Initial Public Offering of 7,875,000 units ("Units" and, with respect to the Class
A ordinary shares included in the Units being offered, the "Public Shares") at $ 10.00 per Unit, including 375,000 Units that
were issued pursuant to the underwriters' partial exercise of their over-allotment option, generating gross proceeds of $ 78,750,000.

 Simultaneously with the closing
of the Initial Public Offering, the Company consummated the private placement ("Private Placement") of 3,762,500 warrants
("Private Placement Warrants") at a price of $ 1.00 per warrant to the Company's sponsor, U.N. SDG Support LLC,
a Delaware limited liability company ("Sponsor"), generating gross proceeds of $ 3,762,500 (see Note 4).

 Offering costs amounted to
$ 5,093,930, consisting of $ 1,181,250 of underwriting fees, $ 2,362,500 of deferred underwriting commissions payable (which are held in
the Trust Account as defined below), $ 946,169 of Representative Shares (see Note 6), and $ 604,011 of other offering costs. As described
in Note 6, the $ 2,362,500 of deferred underwriting commissions payable is contingent upon the consummation of a Business Combination,
subject to the terms of the underwriting agreement.

 Upon the closing of the Initial
Public Offering and Private Placement, $ 79,931,250 of the net proceeds of the sale of the Units in the Initial Public Offering and the
Private Placement was placed in a trust account (the "Trust Account") and will be invested in U.S. government securities,
within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended, or the Investment Company Act, with
a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company
meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company,
until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.

 At December 31, 2023,
the Company had $ 57,290 in cash held outside of the Trust Account. The Company's management has broad discretion with respect to
the specific application of the net proceeds of its Initial Public Offering and Private Placement Warrants, although substantially all
of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company's initial Business
Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80 % of the net assets held
in the Trust Account (net of amounts disbursed to management for working capital purposes and excluding the amount of any deferred underwriting
discount held in trust) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However,
the Company will only complete a Business Combination if the post-transaction company owns or acquires 50 % or more of the outstanding
voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register
as an investment company under the Investment Company Act 1940, as amended, or the Investment Company Act.

 F- 6

 The Company will provide
holders of its Public Shares (the "Public Shareholders") with the opportunity to redeem all or a portion of their Public Shares
upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination
or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or
conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their
Public Shares for a pro rata portion of the amount then in the Trust Account (approximately $ 11.06 per share, plus any pro rata interest
earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount
to be distributed to public shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the
Company will pay to the underwriters (as discussed in Note 6).

 The Company initially had
until 12 months from the closing of the Initial Public Offering to consummate an initial Business Combination. However, if the Company
anticipated that it may not be able to consummate the initial Business Combination within 12 months, it may extend the period of time
to consummate a Business Combination by two additional 3-month periods (for a total of up to 18 months) without submitting proposed extensions
to its shareholders for approval or offering its public shareholders redemption rights in connection therewith. The Company's sponsor
or its affiliates or designees, upon five days advance notice prior to the applicable deadline, would have been required to deposit into
the trust account $ 787,500 ($ 0.10 per share) on or prior to the date of the applicable deadline for each additional three month period.
In connection with the extraordinary general meeting of shareholders held on April 27, 2023 (the "2023 EGM"), our amended
and restated memorandum and articles of association was amended to remove this requirement. Instead, the sponsor has agreed to contribute
to us as a loan of $ 75,000 for each calendar month (commencing on May 2, 2023 and ending on the 1st day of each subsequent month), or
portion thereof, that is needed by us to complete an initial business combination from May 2, 2023 until May 2, 2024 (or such earlier
date as determined by the board of directors in its sole discretion).

 On April 27, 2023, the Company
held the 2023 EGM and approved, among other things, an amendment to the Company's amended and restated memorandum and articles of
association to (i) extend the date by which the Company would be required to consummate a business combination from November 2, 2023 (assuming
the Sponsor was to have effected and paid extensions as described in the definitive proxy statement as filed with the SEC on April 11,
2023) to May 2, 2024 (or such earlier date as determined by the Company's board of directors in its sole discretion) and (ii) to
permit its board of directors, in its sole discretion, to elect to wind up the Company's operations on, or on an earlier date than
May 2, 2024 (including prior to May 2, 2023). In connection with the 2023 EGM, shareholders holding 5,297,862 shares of the Company's
ordinary shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company's trust account.
As a result, $ 55,265,334 (approximately $ 10.43 per share) was removed from the trust account to pay such holders.

 Going concern and management's plan

 As of December 31, 2023,
the Company has a cash balance of $ 57,290 and a working capital deficit of $ 3,168,483. The Company has incurred and expects to continue
to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company's
ability to continue as a going concern one year from the issuance date of the financial statements. Prior to consummation of a Business
Combination, the Company has the ability to secure additional funding from the Sponsor or other related parties. There is no assurance
that the Company's plans to consummate a Business Combination will be successful by May 2, 2024. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.

 F- 7

 NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 Basis of presentation and Principles of Consolidation

 The accompanying consolidated
financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of
America ("GAAP") and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC").
The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts
and transactions are eliminated upon consolidation.

 The accompanying consolidated
financial statements for the years ended December 31, 2023 and 2022 have been prepared in accordance with GAAP and with the instructions
for annual reports on Form 10-K and Regulation S-X. In the opinion of management, all adjustments (consisting of normal accruals) considered
for a fair presentation have been included.

 Prior period reclassifications

 To conform with the
current period presentation, management has reclassified a portion of the amount previously presented within "Accrued
liabilities" on the Balance Sheet as of December 31, 2022, "Formation and operating costs" on the Statement of
Operations for the year ended December 31, 2022, and "Accrued liabilities, excluding unrealized foreign exchange loss"
on the Statement of Cash Flows for the year ended December 31, 2022 as "Administrative service fee payable - related
party", "Administrative service fees - related party", and "Administrative service fee payable - related
party", respectively.

 Cash and cash equivalents

 The Company considers all
short-term investments with a maturity of three months or less when purchased to be cash equivalents. As of December 31, 2023 and
December 31, 2022, the Company had a cash balance of $ 57,290 and $ 411,711 in its working capital account, respectively.

 Cash and cash equivalents in Trust Account

 The funds held in the Trust
Account can be invested in United States government treasury bills, notes or bonds having a maturity of 180 days or less or in money market
funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment Company Act until the earlier of the consummation
of its first Business Combination and the Company's failure to consummate a Business Combination within the Combination Period.

 F- 8

 The Company's cash
and cash equivalents held in the Trust Account are classified as cash equivalents. Gains and losses resulting from the change in the balance
of the cash and cash equivalents held in Trust Account are included in income on Trust Account in the accompanying statements of operations.
Dividend income earned is fully reinvested into the cash and cash equivalents held in Trust Account and therefore considered as an adjustment
to reconcile net income (loss) to net cash used in operating activities in the Statements of Cash Flow. Such interest income reinvested
will be used to redeem all or a portion of the ordinary shares upon the completion of business combination (Please see Note 1).

 At December 31, 2023
and December 31, 2022, the Company had $ 28,508,214 and $ 81,039,102 held in the Trust Account, respectively, including dividend income
of $ 2,134,446 and $ 1,107,852 recognized in the years ended December 31, 2023 and December 31, 2022, respectively.

 Emerging growth company

 The Company is an "emerging
growth company," as defined in Section 2(a) of the Securities Act of 1933, as amended, (the "Securities Act"), as modified
by the Jumpstart our Business Startups Act of 2012, (the "JOBS Act"), and it may take advantage of certain exemptions from
various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not
limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure
obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding
a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

 Further, section 102(b)(1)
of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until
private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class
of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial
accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the
requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not
to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates
for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private
companies adopt the new or revised standard. This may make comparison of the Company's financial statements with another public
company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition
period difficult or impossible because of the potential differences in accountant standards used.

 Use of estimates

 The preparation of financial
statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Accordingly, the actual results could differ significantly from those estimates.

 F- 9

 Ordinary shares subject to possible redemption

 The Company accounts for
its Class A ordinary shares subject to possible redemption in accordance with the guidance in FASB ASC Topic 480 "Distinguishing
Liabilities from Equity." Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and
are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are
either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company's
control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders' equity. The Public
Shares feature certain redemption rights that are considered to be outside of the Company's control and subject to occurrence of
uncertain future events. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of
redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount
of redeemable ordinary shares are affected by charges against additional paid in capital or accumulated deficit if additional paid in
capital equals to zero. Accordingly, ordinary shares subject to possible redemption are presented at redemption value (plus any interest
earned and/or dividends on the Trust Account) as temporary equity, outside of the shareholders' equity section of the Company's
balance sheets.

 Income taxes

 The Company complies with
the accounting and reporting requirements of ASC Topic 740, "Income Taxes," which requires an asset and liability approach
to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between
the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted
tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are
established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 ASC Topic 740 prescribes
a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or
expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained
upon examination by taxing authorities.

 The Company's management
determined that the Cayman Islands is the Company's only major tax jurisdiction. There is currently no taxation imposed on income
by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company.
Consequently, income taxes are not reflected in the Company's financial statements. The Company's management does not expect
that the total amount of unrecognized tax benefits will materially change over the next twelve months.

 Net income (loss) per share

 The Company complies with
accounting and disclosure requirements of ASC Topic 260, "Earnings Per Share." In order to determine the net income (loss)
attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss) allocable
to both the redeemable shares and non-redeemable shares and the undistributed income (loss) is calculated using the total net loss less
interest income in trust account less any dividends paid. We then allocated the undistributed income (loss) ratably based on the weighted
average number of shares outstanding between the redeemable and non-redeemable shares. Any remeasurement of the accretion to redemption
value of the ordinary shares subject to possible redemption was considered to be dividends paid to the public shareholders. At December 31,
2023 and 2022, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted
into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per
share for the periods presented.

 F- 10

 The net income (loss) per
share presented in the consolidated statement of operations is based on the following:

 2023

2022

 Net income (loss)

 $

 $
)

 Accretion of temporary equity to redemption value

 —

 ( 12,727,452
)

 Net income (loss) including accretion of temporary equity to redemption value

 $

 $
 ( 13,403,326
)

 Less: Monthly extension fees

 —

 Less: Income on trust account to be allocated to redeemable shares

 2,134,446

 1,107,852

 Net loss excluding income on trust account

 $
 ( 2,251,016
)

 $
 ( 14,511,178
)

 Year ended December 31, 2023

 Redeemable shares

 Non-redeemable shares

 Basic and diluted net income (loss) per share:

 Numerators:

 Allocation of net loss including accretion of temporary equity and excluding income on trust account

 $
 ( 1,510,972
)

 $
 ( 740,044
)

 Income on trust account

 2,134,446

 —

 Monthly extension fees

 —

 Accretion of temporary equity to redemption value

 —

 —

 Allocation of net income (loss)

 $
 1,223,474

 $
 ( 740,044
)

 Denominators:

 Weighted-average shares outstanding

 4,260,842

 2,086,875

 Basic and diluted net income (loss) per share

 $
 0.29

 $
 ( 0.35
)

 Year ended December 31, 2022

 Redeemable shares

 Non-redeemable shares

 Basic and diluted net loss per share:

 Numerators:

 Allocation of net loss including accretion of temporary equity and excluding income on trust account

 $
 ( 10,491,992
)

 $
 ( 4,019,186
)

 Income on trust account

 1,107,852

 —

 Accretion of temporary equity to redemption value

 12,727,452

 —

 Allocation of net income (loss)

 $
 3,343,312

 $
 ( 4,019,186
)

 Denominators:

 Weighted-average shares outstanding

 5,264,384

 2,016,637

 Basic and diluted net income (loss) per share

 $
 0.64

 $
 ( 1.99
)

 F- 11

 Fair value of financial instruments

 The fair value of the Company's
assets and liabilities, which qualify as financial instruments under the FASB ASC 825, "Financial Instruments" approximates
the carrying amounts represented in the balance sheet, primarily due to its short-term nature.

 Fair value is defined as
the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants
at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

 Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in
active markets;

 Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly
observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets
that are not active; and

 Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring
an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs
or significant value drivers are unobservable.

 In some circumstances, the
inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair
value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the
fair value measurement.

 The following table presents information about the Company's assets that are measured at fair value on
a recurring basis at December 31, 2023 and December 31, 2022 and indicates the fair value hierarchy of the valuation inputs
the Company utilized to determine such fair value:

 Description

 Level

2023

 2022

 Assets:

 Cash and cash equivalents held in Trust Account

 $

 $

 Except for the foregoing,
the Company does not have any assets measured at fair value on a recurring basis at December 31, 2023 and December 31, 2022.

 Recent accounting pronouncements

 Management does not believe
that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on
the Company's financial statements.

 NOTE 3. INITIAL PUBLIC OFFERING

 On May 2, 2022, the Company
consummated its Initial Public Offering of 7,875,000 Units, including 375,000 Units that were issued pursuant to the underwriters'
partial exercise of their over-allotment option. The Units were sold at a price of $ 10.00 per Unit, generating gross proceeds to the Company
of $ 78,750,000.

 Each unit consists of one
Class A ordinary share, one-half of one redeemable warrant and one right. Each whole warrant entitles the holder thereof to purchase one
ordinary share for $ 11.50 per share, subject to certain adjustment. Each right entitles the holder to receive one-tenth of one ordinary
share upon consummation of the Company's initial Business Combination (see Note 7).

 All of the 7,875,000 Public
Shares sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public
Shares if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments
to the Company's amended and restated certificate of incorporation, or in connection with the Company's liquidation. In accordance
with the SEC and its staff's guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions
not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity.

 F- 12

 As of December 31, 2023
and 2022, the Class A ordinary shares reflected on the balance sheet are reconciled in the following table.

 As of

2023

 As of

2022

 Gross proceeds

 $
 78,750,000

 $
 78,750,000

 Less:

 Proceeds allocated to public warrants and public rights

 ( 6,898,500
)

 ( 6,898,500
)

 Offering costs of public shares

 ( 4,647,702
)

 ( 4,647,702
)

 Redemption of shares

 ( 55,265,334
)

 —

 Plus:

 Accretion of carrying value to redemption value

 15,969,750

 13,835,304

 Monthly extension fees

 —

 Ordinary shares subject to possible redemption

 $

 $

 NOTE 4. PRIVATE PLACEMENT

 On May 2, 2022, the Company
sold 3,762,500 Private Placement Warrants, including 112,500 Private Placement Warrants that were issued pursuant to the underwriters'
partial exercise of the over-allotment option, at $ 1.00 per warrant, generating gross proceeds of $ 3,762,500 in the Private Placement.
Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at $ 11.50 per share. A portion of the net proceeds
from the Private Placement was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not
complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless.

 NOTE 5. RELATED PARTY TRANSACTIONS

 Founder Shares

 On December 30, 2021, the
Company issued 2,156,250 of its Class B ordinary shares to the Sponsor (the "Founder Shares") for $ 25,000 at a par value of
$ 0.0001, which included an aggregate of up to 281,250 Class B ordinary shares subject to forfeiture if the over-allotment option was not
exercised in full or in part by the underwriters (see Note 6). The Sponsor had paid $ 25,000 in exchange for the shares through a related
party before December 31, 2021.

 Since the underwriters partially
exercised the over-allotment option in respect of 375,000 Units and, as agreed with the Company, the underwriters waived their right to
further exercise the option (see Note 6), a total of 93,750 of the Founder Shares were no longer subject to forfeiture on May 2, 2022,
and 187,500 of the Founder Shares were forfeited, resulting in an aggregate of 1,968,750 Founder Shares issued and outstanding.

 On March 31, 2023, the Sponsor
elected to convert 1,968,749 Class B ordinary shares to class A ordinary shares of the Company, on a one-for-one basis. These conversion
shares are subject to the same restrictions as applied to the Class B ordinary shares before the conversion, including among other things,
certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial business combination as described
in the prospectus for the Company's Initial Public Offering. The Holders of these conversion shares have no rights to funds in the
Trust Account. Following the conversion, the Sponsor owns 1,968,749 Class A ordinary shares and one Class B ordinary share. As of December 31,
2023, the Company had one Class B ordinary share outstanding.

 F- 13

 Loans with related party

 The Company agreed to borrow
up to $ 500,000 from Eternal B.V., an affiliate of the Company through common ownership (the "Lender"), to be used for the
payment of costs related to the Initial Public Offering (the "Loan"). Pursuant to the loan agreement and its subsequent amendments,
the Loan was non-interest bearing, unsecured and was due on the closing of the Initial Public Offering. As of December 31, 2021, the outstanding
balance of loan payable to the affiliate was $ 63,073, and no interest was accrued. The Loan expired on May 2, 2022 and was fully repaid
to the affiliate on June 2, 2022.

 On September 21, 2022, the Company entered into
a loan agreement with the Lender in the principal amount of up to $ 180,000, on an unsecured basis and bearing no interest (the "Second
Eternal Loan"). The Second Eternal Loan is available to be drawn down from September 21, 2022 to March 31, 2023 and its maturity
date is March 31, 2024. As of December 31, 2023 and 2022, the outstanding balance of the Second Eternal Loan was $ 170,603 and $ 180,000,
respectively, and no interest was accrued.

 On November 12, 2022, the Company entered into
an additional loan agreement with the Lender. in the principal amount of up to $ 300,000, on an unsecured basis and bearing no interest
(the "Third Eternal Loan"). The Third Eternal Loan is available to be drawn down from November 12, 2022 to March 31, 2023
and its maturity date is March 31, 2024. As of December 31, 2023 and 2022, the outstanding balance of the Third Eternal Loan was
$ 300,000 and no interest was accrued.

 On January 29, 2023, we entered into a loan agreement
with Eternal in the principal amount of up to $ 50,000, on an unsecured basis and bearing no interest (the "Fourth Eternal Loan").
The Fourth Eternal Loan was available to be drawn down from January 29, 2023 to March 31, 2023 and its maturity date is March 31, 2025.
As of December 31, 2023, the outstanding balance of the Fourth Eternal Loan was $ 50,000 and no interest was accrued.

 On April 12, 2023, the Company
entered into a loan agreement with the Lender for a loan facility in the principal amount of up to $ 500,000, on an unsecured basis and
bearing no interest (the "Fifth Eternal Loan"). The Fifth Eternal Loan is available to be drawn down in four installments:
$ 150,000 on April 12, 2023, $ 125,000 on May 3, 2023, $ 125,000 on June 3, 2023, and $ 100,000 on July 3, 2023. The maturity date of the
loan is the earlier of May 1, 2024 or the date of the consummation of the initial business combination of the Company. As of December 31,
2023, the Company borrowed an additional $ 153,619 beyond the initial terms of the loan and the outstanding balance of the Fifth Eternal
Loan was $ 653,619 and no interest was accrued.

Company entered into a loan agreement with the Lender in the principal amount of up to $ 335,000 on an unsecured basis and bearing no interest
(the "Sixth Eternal Loan"). The Sixth Eternal Loan was available to be drawn down from November 1, 2023 and its maturity date
is the earlier of August 1, 2024 or the date of the initial business combination of the Company. As of December 31, 2023, the Company
borrowed an additional $ 22,302 beyond the initial terms of the loan and the outstanding balance of the Sixth Eternal Loan was $ 357,302
and no interest was accrued.

Company and the Lender agreed to the Eternal Loan Amendment requiring that in the event that Company does not repay each of the Second
Eternal Loan, Third Eternal Loan, Fourth Eternal Loan, and Fifth Eternal Loan within 10 days of the consummation of the initial business
combination of the Company, the Company will pay an interest of five percent ( 5 %) per month to the Lender until the date of repayment
of each loan.

 Eternal is controlled by
Charles Ratelband V, the Company's Executive Chairman of the board of directors. Each member of the Company's board of directors
has been informed of Mr. Ratelband's material interest in the loan agreements, and upon the approval and recommendation of the audit
committee, the Company's board of directors has determined that the loans are fair and in the best interests of the Company and
has voted to approve the loans.

 F- 14

 Convertible Promissory Note

 On May 2, 2023, the Company
issued a convertible promissory note (the "Extension Note") in the aggregate principal amount of $ 900,000 to the Sponsor,
which will be deposited into the Trust Account in monthly installments for the benefit of each Public Share that was not redeemed in connection
with the Extension Amendment. The Sponsor agreed to pay $ 75,000 per month until the completion of an initial business combination, commencing
on May 2, 2023 and continuing through May 2, 2024 (or such earlier date as determined by the Company's board of directors in its
sole discretion). The Extension Note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of
the initial business combination, and (b) the date of the Company's liquidation. Per the Extension Note Amendment, if the Company
does not repay the Extension Note within five days of the maturity date, five percent ( 5 %) interest per month will accrue on the unpaid
principal balance until the Extension Note is fully repaid. At any time prior to the payment in full of the principal balance of the convertible
promissory note, the Sponsor may elect to convert all or any portion of the unpaid principal balance into that number of warrants (the
"Conversion Warrants") at a conversion price of $ 1.00 per warrant. The Conversion Warrants shall be identical to the Private
Placement Warrants issued by the Company at the Initial Public Offering. The Company has determined that the fair value of the Extension
Note is par value. As of December 31, 2023, the outstanding balance of the Extension Note was $ 600,000 and no interest was accrued.

 Administrative Service Fee

 The Company entered into an administrative services
agreement (the "Administrative Services Agreement") with the Sponsor on April 27, 2022 whereby the Sponsor will perform certain
services for the Company for a monthly fee of $ 10,000. On May 2, 2022, the Sponsor entered into an assignment agreement with Gluon Group,
an affiliate of the Company, to provide the services detailed in the Administrative Service Agreement. An officer of the Company owns
 505 shares of Gluon Group and serves as managing partner. As of December 31, 2023, $ 39,187 has been paid to Gluon Group for such
services and an additional $ 184,941 has been accrued in Administrative service fee payable - related party.

 Advisory Services

 On September 21, 2022, the
Company entered into an agreement (the "Letter Agreement") with Gluon Partners LLP ("Gluon") to pay a fee (the
"Transaction Success Fee") upon completion of one or more successful transactions. The Company will pay Gluon $ 500,000 upon
completion of one or more transactions with an aggregate purchase price of less than $ 400,000,000; and, an additional $ 500,000 upon completion
of one or more transactions with an aggregate purchase price of more than $ 400,000,000. This means the total remuneration for transactions
with a purchase price more than $ 400,000,001 would be $ 1,000,000. The transactions purchase price will correspond to the price paid to
the sellers of the applicable target, including cash, debt, and equity funded payments. Each Transaction Success Fee will be payable upon
consummation of the applicable transaction, regardless of (i) the calendar for the payment of the purchase price, (ii) how the purchase
price is funded, (iii) any deferred payment subsequent to consummation of the transaction, or (iv) any adjustments to the price of the
transaction subsequent to consummation. Following payment of Transaction Success Fee, any accrued fees payable to the Gluon Group by the
Company will be waived.

 On October 5, 2022, the Company
and Gluon agreed to lower the Transaction Success Fee to a total payment of $ 250,000 upon successful completion of one of more transactions
with an aggregate purchase price equal or more than $ 400,000,000.

 F- 15

 In
addition, the Letter Agreement was amended to entitle Gluon, with respect to any financing undertaken by the Company introduced by Gluon
during the term of the Letter Agreement, to the following fees: (i) for a financing involving an issuance of the Company's senior,
subordinated and/or mezzanine debt securities, a cash fee payable at any closing equal to two percent ( 2.0 %) of the gross proceeds received
by the Company at such closing; (ii) for a financing involving equity, equity-linked or convertible securities, a cash fee payable at
each closing equal to five percent ( 5.0 %) of the gross proceeds received by the Company at such closing.

 In addition to the Transaction
Success Fee, the Company agreed to pay Gluon Group for any reasonable and documented out-of-pocket expenses incurred in connection with
providing the services for the transactions. In the event of a successful initial business combination, Gluon also agreed to waive any
accrued fees owed by the Company.

 Business Combination Agreement

 On December 30, 2023, ClimateRock
entered into a Business Combination Agreement with GreenRock, a related party through shared management (see details of Business Combination
Agreement in Note 6).

 NOTE 6. COMMITMENTS AND CONTINGENCIES

 Registration rights

 The holders of the Founder
Shares and Private Placement Warrants are entitled to registration rights pursuant to a registration rights agreement signed on April
27, 2022. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register
such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements
filed subsequent to the consummation of a Business Combination. The Company will bear the expenses incurred in connection with the filing
of any such registration statements.

 Underwriting agreement

 On October 21, 2021, the
Company engaged Maxim Group LLC ("Maxim") as its underwriter. The Company granted the underwriters a 45-day option until June
11, 2022 to purchase up to 1,125,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the
underwriting discounts and commissions. On May 2, 2022, the underwriters partially exercised this option in respect of 375,000 Units and,
as agreed with the Company, the underwriters waived their right to further exercise the option on May 5, 2022.

 The underwriters were entitled
to an underwriting discount of $ 0.45 per unit, or $ 3,543,750 in the aggregate, of which $ 0.15 per unit, or $ 1,181,250 was paid
upon the closing of the Initial Public Offering. Of the $ 0.45 discount, the underwriters were entitled to a deferred underwriting commission
of $ 0.30 per unit, or $ 2,362,500 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held
in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

 In addition to the underwriting
discount, the Company has agreed to pay or reimburse the underwriters for travel, lodging and other "road show" expenses,
expenses of the underwriters' legal counsel and certain diligence and other fees, including the preparation, binding and delivery
of bound volumes in form and style reasonably satisfactory to the representative, transaction Lucite cubes or similar commemorative items
in a style as reasonably requested by the representative, and reimbursement for background checks on our directors, director nominees
and executive officers, which such fees and expenses are capped at an aggregate of $ 125,000 (less amounts previously paid). The $ 125,000
was paid out of the proceeds of the Initial Public Offering on May 2, 2022.

 F- 16

 Representative Shares

 The Company has issued to
Maxim and/or its designees, 118,125 shares of Class A ordinary shares upon the consummation of the Initial Public Offering (the "Representative
Shares"). The Company accounted for the Representative Shares as an offering cost associated with the Initial Public Offering, with
a corresponding credit to shareholder's equity. The Company estimated the fair value of Representative Shares to be $ 946,181. Maxim
has agreed not to transfer, assign, or sell any such shares until the completion of the Business Combination. In addition, Maxim has agreed:
(i) to waive its redemption rights with respect to such shares in connection with the completion of the Business Combination; and (ii)
to waive its rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete its
Business Combination within the Combination Period.

 The shares have been deemed
compensation by the Financial Industry Regulatory Authority ("FINRA") and are therefore subject to a lock-up for a period
of 180 days immediately following the date of the effectiveness of the registration statement for the Initial Public Offering pursuant
to Rule 5110(e)(1) of FINRA's NASD Conduct Rules. Pursuant to FINRA Rule 5110(e)(1), these securities will not be the subject of
any hedging, short sale, derivative, put, or call transaction that would result in the economic disposition of the securities by any person
for a period of 180 days immediately following April 27, 2022, nor may they be sold, transferred, assigned, pledged, or hypothecated for
a period of 180 days immediately following April 27, 2022 except to any underwriter and selected dealer participating in the offering
and their bona fide officers or partners.

 Subject to certain conditions,
the Company granted Maxim, for a period beginning on May 2, 2022 and ending 12 months after the date of the consummation of the Business
Combination, a right of first refusal to act as book-running managing underwriter or placement agent for any and all future public and
private equity, equity-linked, convertible and debt offerings for the Company or any of its successors or subsidiaries. In accordance
with FINRA Rule 5110(g)(6), such right of first refusal shall not have a duration of more than three years from April 27, 2022.

 Transaction Expenses

 On May 31, 2022, the Company
entered into an agreement (the "EGS Agreement") with Ellenoff, Grossman & Schole LLP to act as U.S. securities council
to the Company in connection with pending acquisition targets for the Company to acquire consistent with its initial public offering and
assist in U.S. securities work related to the initial business combination. The fee structure for this agreement permits bills to be paid
in installments and/or deferred to closing, with any balance owed at the closing of the initial business combination to be subject to
a certain premium. As of December 31, 2023 and 2022, the total outstanding billed amount for services provided by EGS is $ 892,784
and $ 634,055 of which $ 446,392 and $ 317,027 ( 50 % of the outstanding balance), respectively is considered outstanding per the terms of
the EGS Agreement and is included in accrued liabilities on the Consolidated Balance Sheet. As the Initial Business Combination cannot
be deemed probable as of December 31, 2023 and 2022, respectively and payment of the deferred portion of the outstanding balance
is contingent upon a successful Initial Business Combination, no amount was accrued for the deferred portion of the outstanding amount
or the premium.

 On March 30, 2023, the Maxim
Letter Agreement was amended ("Amendment No. 4") to state that the Company will owe a cash fee payable, at each closing of
the Alliance Global Partners equity or equity-linked offering in connection with the contemplated Initial Business Combination with EEW
(as defined below), equal to one percent ( 1 %) of the gross proceeds received by EEW or its related entities at such closing.

 On August 17, 2022, the Company
entered into an agreement (the "Letter Agreement") with Maxim to pay a fee (the "Success Fee") upon completion
of one or more successful transactions. On October 3, 2022, the Company amended its agreement with Maxim (the "Amendment").
The amendment states that the Company shall pay to Maxim, upon Closing of such Transaction(s), a fee based upon the amount of cash the
Company has in Trust immediately prior to consummation of the Transaction and/or contributed to the Transaction. If the amount of such
cash is less than $ 50,000,000, Maxim's fee shall be equal to $ 200,000 in cash and an additional $ 150,000 of common stock of the
post-Transaction Company (the "Common Stock"). If the amount of such cash is equal to or greater than $ 40 million, the success
shall be $ 500,000 cash. If the amount of such cash is equal to or greater than $ 75 million, the Success fee shall be $ 500,000 cash an
additional $ 500,000 payable in either cash or Common Stock, at the option of the Company. The Common Stock shall be issued to Maxim Partners
LLC, shall be valued at the same price per share/exchange ratio as in the definitive Transaction documentation, and it shall have unlimited
piggyback registration rights. The Success Fee shall be paid upon the consummation of the Transaction.

 F- 17

 On July 11, 2022, the Company
entered into an agreement (the "Letter Agreement") with ALANTRA Corporate Finance, S.A.U. ("ALANTRA") and U.N.
SDG Support Holdings LLC ("Sponsor Entity"). On October 3, 2022, the Company amended its agreement with ALANTRA. The Company
will pay ALANTRA a retainer of $ 15,000 at signing of the engagement letter and $ 20,000 per month that is due and payable on the last day
of each month for a maximum period of five months. Should the aggregated Transaction value be above $ 400,000,000, the retainer fee will
increase up to $ 40,000 per month with the same maximum five-month period for the payment of any retainer fee.

 The Company will also have
transactions fees ("Transaction Success Fee"), if a Transaction which is introduced by ALANTRA, or by another institution
to which no fees are due by the Company (e.g. an institution acting on behalf of a Target) is Completed (as defined below) the following
remuneration will be due to ALANTRA as a remuneration for its services:

 $ 1,600,000 payable by the Company

 $ 1,600,000 payable by or on behalf of the Sponsor Entity

 If a transaction is Completed
in North America, Asia, or Africa which is not introduced by ALANTRA and such Transaction requires an introductory, coadvisory, or similar
fee due by the Company, the Company shall pay ALANTRA a Transaction Success Fee in the form of:

 For the first $ 300,000,000 of aggregated value of the Transaction, 0.85 % of each Transaction purchase
price

 For the aggregated value of the Transaction above the first $ 300,000,000, 0.4 % of each Transaction purchase
price

 Notwithstanding the above,
it is agreed that the Transaction Success Fee will be subject to a minimum of EUR 1,000,000.

 Each Transaction Success
Fee shall be payable upon consummation of the applicable Transaction (i.e. when the transaction is closed, following fulfillment, if applicable,
of conditions precedent) regardless of (i) the calendar for the payment of the price, (ii) how the purchase price is funded, (iii) and
any deferred payment subsequent to consummation of the Transaction, or (iv) any adjustment to the price of the Transaction subsequent
to consummation ("Completion").

 Business Combination Agreement

 On October 6, 2022, the Company
entered into a Business Combination Agreement (the "Business Combination Agreement") with ClimateRock Holdings Limited, a Cayman
Islands exempted company ("Pubco"), ClimateRock Merger Sub Limited, a Cayman Islands exempted company and a wholly-owned subsidiary
of Pubco ("Merger Sub"), and E.E.W. Eco Energy World PLC, a company formed under the laws of England and Wales (the "EEW").

 F- 18

 The total consideration to
be offered by Pubco to the holders of EEW securities (each, a "Seller") shall be a number of ordinary shares of Pubco (the
"Pubco Ordinary Shares") with an aggregate value equal to Six Hundred Fifty Million U.S. Dollars ($ 650,000,000), with each
Pubco Ordinary Share valued at an amount equal to the price at which each ClimateRock ordinary share is redeemed or converted pursuant
to the redemption of ClimateRock's ordinary shares pursuant to ClimateRock's organizational documents (the "Redemption
Price"). For a more detailed description of the Business Combination Agreement and the transactions contemplated therein, see the
Company's Form 8-K filed with the SEC on October 13, 2022 (the "Form 8-K").

 On August 3, 2023, the Company
entered into an Amended and Restated Business Combination Agreement (as amended and restated, the "Business Combination Agreement")
with Pubco, Merger Sub and EEW. The Original Agreement was amended, among other things, to (i) extend the date that either the Company
or EEW can terminate the Business Combination Agreement if the closing does not occur by September 30, 2023, and (ii) provide for a contingent
earn out of USD $ 150,000,000 in shares based on the achievement of a 2023 revenue milestone of USD $ 52,000,000.

 On November 29, 2023, the
Company notified E.E.W. that the Company had elected to terminate the Amended and Restated Business Combination Agreement among, the Company,
E.E.W. and the other parties thereto, dated as of August 3, 2023, effective immediately, pursuant to Section 9.1(b) and 9.2 thereof, since
the conditions to the closing of the initial business combination were not satisfied or waived by the outside date of September 30, 2023.
As a result, the business combination agreement is of no further force and effect, except for certain specified provisions in the business
combination agreement, which shall survive the termination and remain in full force and effect in accordance with their respective terms.

 On December 30, 2023, ClimateRock
entered into the GreenRock Merger Agreement with Holdings, Merger Sub, and GreenRock. Pursuant to the GreenRock Merger Agreement, (a)
Merger Sub will merge with and into ClimateRock, with ClimateRock continuing as the Merger, as a result of which, (i) ClimateRock shall
become a wholly-owned subsidiary of Holdings, and (ii) each issued and outstanding security of ClimateRock immediately prior to the Effective
Time shall no longer be outstanding and shall automatically be cancelled, in exchange for the right of the holder thereof to receive a
substantially equivalent security of Holdings, and (b)(i) Holdings will make an offer to acquire each issued and outstanding GreenRock
ordinary share in exchange for Holdings Ordinary Shares and (ii) Holdings shall also offer each holder of GreenRock's outstanding
vested options to purchase GreenRock ordinary shares, replacement options to purchase Holdings Ordinary Shares, all upon the terms and
subject to the conditions set forth in the Business Combination Agreement and in accordance with the applicable provisions of the Cayman
Act.

 NOTE 7. SHAREHOLDER'S EQUITY

 Class A Ordinary Shares
 — The Company is authorized to issue 479,000,000 Class A ordinary shares with a par value of $ 0.0001
per share. Holders of the Company's Class A ordinary shares are entitled to one vote for each share. As of December 31, 2023
and December 31, 2022, there were 2,086,874 and 118,125 Class A shares issued and outstanding, respectively.

 Class B Ordinary Shares
 — The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $ 0.0001
per share. Holders of the Company's Class B ordinary shares are entitled to one vote for each share. As of December 31, 2023
and December 31, 2022, there were one and 1,968,750 Class B ordinary shares outstanding, respectively.

 Preference Shares
 — The Company is authorized to issue 1,000,000 preferred shares with a par value of $ 0.0001 per share. As of December 31,
2023 and December 31, 2022, there were no preferred shares outstanding.

 F- 19

 Warrants —
The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering (together,
the "Warrants"), except that the Private Placement Warrants will be subject to certain restrictions on transfer and entitled
to registration rights.

 The Warrants may only be
exercised for a whole number of shares. The Private Placement Warrants (including ordinary shares issuable upon exercise of the Private
Placement Warrants) will not be transferable, assignable, or salable until 30 days after the completion of our initial Business Combination.
Following such period, the Private Placement Warrants (including the ordinary shares issuable upon exercise of the Private Placement Warrants)
will be transferable, assignable, or salable, except that the Private Placement Warrants will not trade. No fractional Public Warrants
will be issued upon separation of the Units and only whole Public Warrants will trade.

 The Warrants will become
exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial
Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the
ordinary shares issuable upon exercise of the Warrants and a current prospectus relating to them is available (or the Company permits
holders to exercise their Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act).
The Company has agreed that as soon as practicable, but in no event later than 15 business days, after the closing of a Business Combination,
the Company will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of
the ordinary shares issuable upon exercise of the Warrants. The Company will use its best efforts to cause the same to become effective
and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the
Warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the ordinary shares issuable
upon exercise of the warrants is not effective by the ninetieth (90th) day after the closing of the initial Business Combination, warrant
holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to
maintain an effective registration statement, exercise warrants on a "cashless basis" in accordance with Section 3(a)(9) of
the Securities Act or another exemption. The Warrants will expire five years after the completion of a Business Combination or earlier
upon redemption or liquidation.

 The Company may call the
Warrants for redemption, once they become exercisable:

 in whole and not in part;

 at a price of $ 0.01 per warrant;

 upon a minimum of 30 days' prior written notice of redemption; and

 if, and only if, the last reported last sale price of the ordinary shares equals or exceeds $ 18.00 per
share for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date on which the Company sends
the notice of redemption to the warrant holders.

 If the Company calls the
Warrants for redemption, management will have the option to require all holders that wish to exercise the Warrants to do so on a "cashless
basis," as described in the warrant agreement.

 The exercise price and number
of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share capitalization,
or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of ordinary shares
at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants shares. If
the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the
Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution
from the Company's assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire
worthless.

 F- 20

 If: (i) the Company issues
additional ordinary shares or securities convertible into or exercisable or exchangeable for shares of ordinary shares for capital raising
purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $ 9.20
per ordinary shares, with such issue price or effective issue price to be determined in good faith by the Board (and in the case of any
such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by such holder or affiliates, as applicable,
prior to such issuance) (the "New Issuance Price"); (ii) the aggregate gross proceeds from such issuances represent more than
 60 % of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the
consummation thereof (net of redemptions); and (iii) the volume weighted average trading price of the ordinary shares during the 20 trading
day period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price,
the "Market Value") is below $ 9.20 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115 %
of the greater of the Market Value and the New Issuance Price and the Redemption Trigger Price ($ 18.00) shall be adjusted to equal to
 180 % of the greater of the Market Value and the Newly Issued Price.

 The Company accounts for
the Public Warrants and the Private Placement Warrants as equity instruments, so long as the Company continues to meet the accounting
requirements for equity instruments.

 Rights —
Each holder of a right included in the unit (the "Right") will automatically receive one-tenth (1/10) of one share of ordinary
shares upon consummation of a Business Combination, except in cases where we are not the surviving company in a business combination,
and even if the holder of such Right redeemed all shares of ordinary shares held by it in connection with a Business Combination. No additional
consideration will be required to be paid by a holder of a Right in order to receive its additional shares upon consummation of a Business
Combination, as the consideration related thereto has been included in the unit purchase price paid for by investors in the Initial Public
Offering. If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving
entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration the holders of shares
of ordinary shares will receive in the transaction on an as-exchanged for ordinary shares basis, and each holder of a Right will be required
to affirmatively exchange its Rights in order to receive the 1/10 share underlying each Right (without paying any additional consideration)
upon consummation of a Business Combination. More specifically, the Rights holder will be required to indicate its election to exchange
the Right for the underlying shares within a fixed period of time after which period the Rights will expire worthless.

 Pursuant to the Rights agreement,
a Rights holder may exchange Rights only for a whole number of shares of ordinary shares. This means that the Company will not issue fractional
shares in connection with an exchange of Rights and Rights may be exchanged only in multiples of 10 Rights (subject to adjustment for
stock splits, stock dividends, reorganizations, recapitalizations and the like). Fractional shares will either be rounded down to the
nearest whole share or otherwise addressed in accordance with the applicable provisions of the Delaware General Corporation Law.

 If the Company is unable
to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders
of rights will not receive any such funds with respect to their Rights, nor will they receive any distribution from the Company's
assets held outside of the Trust Account with respect to such Rights, and the Rights will expire worthless. Further, there are no contractual
penalties for failure to deliver securities to holders of the rights upon consummation of a Business Combination. Additionally, in no
event will the Company be required to net cash settle the Rights. Accordingly, the Rights may expire worthless.

 NOTE 8. SUBSEQUENT EVENTS

 In accordance with ASC Topic
855, "Subsequent Events", which establishes general standards of accounting for and disclosure of events that occur after
the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred
after December 31, 2023, up through the date the Company issued the financial statements.

 On January 2, 2024, the Company
received a transfer from the Sponsor in the amount of $ 203,409. This transfer constitutes an additional borrowing beyond the initial terms
of the Sixth Eternal Loan.

 F- 21

 EXHIBIT INDEX

 Exhibit No.

 Description of Exhibit

 Underwriting Agreement, dated April 27, 2022, by and between the Company and Maxim. (4)

 2.1

 Business Combination Agreement, dated as of October 6, 2022, by and among the Company, ClimateRock Holdings Limited, ClimateRock Merger Sub Limited and E.E.W. Eco Energy World Limited (5) +***

 2.2

 Amended and Restated Business Combination Agreement, dated as of August 3, 2023, by and among the Company, ClimateRock Holdings Limited, ClimateRock Merger Sub Limited and E.E.W. Eco Energy World Limited. (9)

 2.3

 Agreement and Plan of Merger, dated as of
 December 30, 2023, by and among the Company, ClimateRock Holdings Limited, ClimateRock Merger Sub Limited, GreenRock Merger Sub
 Corp., and GreenRock (8) +***

 3.1

 Amended and Restated Memorandum and Articles of Association. (4)

 3.2

 An Amendment to the Amended and Restated Memorandum and Articles of Association. (11)

 4.1

 Specimen Unit Certificate. (2)

 4.2

 Specimen Ordinary Shares Certificate. (1)

 4.3

 Specimen Warrant Certificate. (1)

 4.4

 Specimen Rights Certificate. (2)

 4.5

 Warrant Agreement, dated April 27, 2022, by and between the Company and Continental, as warrant agent. (4)

 4.6

 Rights Agreement, dated April 27, 2022, by and between the Company and Continental, as rights agent. (4)

 4.7

 Description of Registered Securities.(13)

 10.1

 Promissory Note, dated December 24, 2021, by the Company to Charles Ratelband V. (1)

 10.2

 Subscription Agreement, dated December 24, 2021, between the Company and the sponsor. (1)

 10.3

 Form of Indemnity Agreement. (1)

 10.4

 Loan Agreement, dated October 1, 2021 by and between the Company and Eternal. (3)

 10.5

 Amendment to Loan Agreement, dated March 31, 2022, by and between the Company and Eternal. (3)

 10.6

 Second Amendment to Loan Agreement, dated April 14, 2022,f by and between the Company and Eternal. (3)

 10.7

 Letter Agreement, dated April 27, 2022, by and among the Company, its officers and directors, and our sponsor. (4)

 10.8

 Investment Management Trust Agreement, dated April 27, 2022, by and between the Company and Continental, as trustee. (4)

 10.9

 Registration Rights Agreement, dated April 27, 2022, by and among the Company and certain security holders. (4)

 10.1

 Sponsor Warrant Purchase Agreement, dated April 27, 2022, by and between the Company and our sponsor. (4)

 10.11

 Administrative Support Agreement, dated April 27, 2022, by and between the Company and our sponsor. (4)

 10.12

 Advisory Services Letter Agreement, dated as of July 11, 2022, by and between the Company, ALANTRA Corporate Finance, S.A.U. and our sponsor, as amended. (7)

 10.13

 Amendment to the Advisory Services Letter Agreement, dated as of July 11, 2022, by and between the Company, ALANTRA Corporate Finance, S.A.U. and our sponsor, as amended. (7)

 10.14

 Engagement Letter, dated as of August 17, 2022, by and between the Company and Maxim, as amended. (7)

 10.15

 First Amendment to the Engagement Letter, dated September 20, 2022, by and between the Company and Maxim Group LLC. (7)

 10.16

 Second Amendment to the Engagement Letter, dated October 3, 2022, by and between the Company and Maxim. (7)

 10.17

 Third Amendment to the Engagement Letter, dated October 4, 2022, by and between the Company and Maxim. (7)

 10.18

 Loan Agreement, dated as of September 21, 2022, by and between the Company and Eternal. (6)

 10.19

 Letter Agreement, dated as of September 21, 2022, by and between the Company and Gluon Partners. (6)

 10.2

 First Amendment to the Letter Agreement, dated October 5, 2022, by and between the Company and Gluon Partners. (6)

 10.21

 Holder Support Agreement, dated October 6, 2022 between and among the Company, EEW and our sponsor. (5)+

 10.22

 Shareholder Commitment for Annette Kumlin, dated October 6, 2022. (5)+

 10.23

 Shareholder Commitment for Svante Kumlin, dated October 6, 2022. (5)+

 10.24

 Form of New Registration Rights Agreement (5)

 10.25

 Loan Agreement, dated as of January 29, 2023, by and between the Company and Eternal (13)

 10.26

 Form of Voting and Support Agreement, dated as of December 30, 2023, by and among the Company, GreenRock, and the GreenRock Shareholders party thereto (8)

 10.27

 Sponsor Support Agreement, dated as of December 30, 2023, by and among the Company, GreenRock and the sponsor. (8)

 10.28

 Loan Agreement, dated as of November 1, 2023, by and between ClimateRock and Eternal BV. (10)

 10.29

 Amended and Restated Promissory Note issued to the sponsor, dated November 3, 2023. (10)

 10.3

 Agreement, dated as of November 1, 2023, by and between the Company and Eternal BV. (10)

 10.31

 Promissory Note, dated as of May 2, 2023, by and between the Company and the sponsor (11)

 10.32

 Loan Agreement, dated as of April 12, 2023, by and between the Company and Eternal BV. (12)

 Code of Ethics. (1)

 Insider Trader Policies and Procedures, adopted April 27, 2022. *

 31.1

 Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

 31.2

 Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

 32.1

 Certification of the Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

 32.2

 Certification of the Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

 Policy Related to Recovery of Erroneously Awarded Compensation, adopted October 2, 2023. *

 99.1

 Audit Committee Charter. *

 99.2

 Compensation Committee Charter. *

 99.3

 Nominating and Corporate Governance Committee Charter. (1)

 101.INS

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 *

 Filed herewith.

 **

 Furnished herewith

 ***

 The exhibits to this exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Registrant agrees to furnish supplementally a copy of all omitted information to the SEC upon its request.

 +

 Portions of the exhibit, including certain private and confidential information has been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The Registrant hereby agrees to furnish a copy of any omitted portion to the SEC upon request

 (1)

 Incorporated by reference to the Company's Registration Statement on Form S-1 (File No. 333-263542), filed with the SEC on March 14, 2022.

 (2)

 Incorporated by reference to Amendment No. 1 to the Company's Registration Statement on Form S-1/A (File No. 333-263542), filed with the SEC on April 6, 2022.

 (3)

 Incorporated by reference to Amendment No. 2 to the Company's Registration Statement on Form S-1/A (File No. 333-263542), filed with the SEC on April 15, 2022.

 (4)

 Incorporated by reference to the Company's Current Report on Form 8-K, filed with the SEC on May 3, 2022.

 (5)

 Incorporated by reference to the Company's Current Report on Form 8-K, filed with the SEC on October 13, 2022.

 (6)

 Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 filed with the SEC on November 9, 2022.

 (7)

 Incorporated by reference to Amendment No. 1 to the Company's Quarterly Report on Form 10-Q/A for the quarterly period ended September 30, 2022 filed with the SEC on December 21, 2022.

 (8)

 Incorporated by reference to the Company's Current Report on Form 8-K, filed with the SEC on January 5, 2024.

 (9)

 Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on August 3, 2023.

 (10)

 Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, filed with the SEC on November 14, 2023.

 (11)

 Incorporated by reference to the Company's Current Report on Form 8-K, filed with the SEC on May 3, 2023.

 (12)

 Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023, filed with the SEC on May 8, 2023.

 (13)

 Incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 17, 2023.

 SIGNATURE

 Pursuant to the requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.

 By:

 /s/ Per Regnarsson

 Name: Per Regnarsson

 Title: Chief Executive Officer

 (Principal Executive Officer)

 Pursuant to the requirements of the Securities
Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and
on the dates indicated.

 Name

 Position

 Date

 /s/ Charles Ratelband V

 Director and Executive Chairman

 Charles Ratelband V

 /s/ Abhishek Bawa

 Chief Financial Officer

 Abhishek Bawa

 /s/ Niels Brix

 Niels Brix

 /s/ Randolph Sesson, Jr.

 Randolph Sesson, Jr.

 /s/ Caroline Harding

 Caroline Harding

 /s/ Sean Kidney

 Sean Kidney

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