CTR to Spin Off Mineral Assets into American Critical Resources, Targeting IPO on NYSE/Nasdaq by Next July

Published: Nov 7, 2025 14:02

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California-based lithium developer Controlled Thermal Resources (CTR) plans to spin off its mineral assets into a new publicly traded company named American Critical Resources by July next year, with a planned listing on either the NYSE or Nasdaq. CEO Rod Colwell stated the IPO aims to attract U.S. government investment, noting that "federal capital appears to favor public companies."

The company must first commercialize its direct lithium extraction (DLE) technology to meet supply commitments to Stellantis and General Motors. Its Salton Sea project, which targets initial lithium production by 2028 and was added to a fast-track permitting list, recently faced a lawsuit from environmental groups over water usage concerns. Multiple U.S. states are currently competing to achieve the first commercial-scale deployment of DLE technology.

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