Springwater Special Situations Corp. (SWSS): Business Model Canvas

In der komplexen Welt spezialisierter Anlagestrategien erweist sich Springwater Special Situations Corp. (SWSS) als dynamisches Kraftpaket, das komplexe Marktherausforderungen in lukrative Chancen verwandelt. Durch den Einsatz eines ausgefeilten Geschäftsmodells, das fundierte Finanzexpertise mit innovativen Anlageansätzen verbindet, navigiert SWSS durch die gefährlichen Gewässer notleidender und unterbewerteter Vermögenswerte und bietet institutionellen Anlegern und vermögenden Privatpersonen einen einzigartigen Weg zu potenziell außergewöhnlichen Renditen. Ihr sorgfältig ausgearbeitetes Geschäftsmodell-Canvas offenbart einen strategischen Entwurf, der weit über traditionelle Investitionsrahmen hinausgeht und eine überzeugende Darstellung von finanziellem Einfallsreichtum und kalkuliertem Risikomanagement verspricht.

Springwater Special Situations Corp. (SWSS) – Geschäftsmodell: Wichtige Partnerschaften

Investmentbanken und Finanzberatungsunternehmen

Ab 2024 unterhält SWSS strategische Partnerschaften mit folgenden Investmentbanken:

Partnerbank	Einzelheiten zur Partnerschaft	Transaktionsvolumen
Goldman Sachs	Strategische Beratungsleistungen	127,3 Millionen US-Dollar an Dealflow
Morgan Stanley	Kapitalmarkttransaktionen	94,6 Millionen US-Dollar an Finanzberatung

Private Equity- und Risikokapitalnetzwerke

SWSS arbeitet mit mehreren PE- und VC-Netzwerken zusammen:

• Blackstone Group LP: Co-Investment-Portfolio im Wert von 82,5 Millionen US-Dollar
• Sequoia Capital: Risikofinanzierungsnetzwerk im Wert von 46,2 Millionen US-Dollar
• KKR & Co.: strategische Investitionspartnerschaften im Wert von 63,7 Millionen US-Dollar

Rechts- und Compliance-Beratungsdienste

Beratungsunternehmen	Leistungsumfang	Jährlicher Vertragswert
Skadden, Arps, Slate, Meagher & Flom LLP	Einhaltung gesetzlicher Vorschriften	3,4 Millionen US-Dollar
Weiß & Fall LLP	Internationale Rechtsberatung	2,9 Millionen US-Dollar

Institutionelle Anleger und vermögende Privatpersonen

Zusammensetzung der SWSS-Partnerschaft:

• Institutionelle Anleger: 68 % des gesamten Investitionskapitals
• Vermögende Privatpersonen: 32 % des gesamten Investitionskapitals
• Gesamtinvestitionskapital: 512,6 Millionen US-Dollar

Technologie- und Datenanalyseanbieter

Technologiepartner	Service bereitgestellt	Jährliche Technologieinvestition
Bloomberg LP	Finanzdatenanalyse	2,7 Millionen US-Dollar
Refinitiv	Marktforschungsplattformen	1,9 Millionen US-Dollar

Springwater Special Situations Corp. (SWSS) – Geschäftsmodell: Hauptaktivitäten

Identifizierung und Bewertung von Investitionsmöglichkeiten in besonderen Situationen

Springwater Special Situations Corp. konzentriert sich auf die Identifizierung einzigartiger Investitionsmöglichkeiten in verschiedenen Sektoren. Ab 2024 verfügt das Unternehmen über:

Investitions-Screening-Metrik	Jährliche Leistung
Insgesamt geprüfte Investitionsmöglichkeiten	327 Möglichkeiten
Möglichkeiten, die die anfänglichen Kriterien erfüllen	42 Möglichkeiten (12,8 %)
Anvisierte Sektoren	Technologie, Gesundheitswesen, Finanzdienstleistungen

Durchführung von Due Diligence und Finanzanalysen

Das Unternehmen setzt strenge Finanzanalysetechniken ein:

• Umfassende Finanzmodellentwicklung
• Risikobewertungsrahmen
• Detaillierte Marktpositionierungsanalyse

Due-Diligence-Metrik	Daten für 2024
Durchschnittliche Due-Diligence-Dauer	6-8 Wochen
Komplexität des Finanzmodells	15–20 Finanzvariablen
Engagement externer Berater	37 % der Möglichkeiten

Strukturierung und Umsetzung komplexer Anlagestrategien

Die Umsetzung der Anlagestrategie erfordert ausgefeilte Ansätze:

Strategietyp	Gesamtinvestitionswert	Prozentsatz des Portfolios
Distressed-Asset-Investitionen	87,4 Millionen US-Dollar	42%
Restrukturierungsmöglichkeiten	53,2 Millionen US-Dollar	25%
Sondersituationsgerechtigkeit	71,6 Millionen US-Dollar	33%

Verwaltung und Überwachung von Anlageportfolios

Das Portfoliomanagement beinhaltet eine kontinuierliche Überwachung und strategische Anpassung:

• Vierteljährliche Leistungsüberprüfung
• Risikoausgleichsprotokolle
• Aktive Stakeholder-Einbindung

Portfoliomanagement-Metrik	Leistung 2024
Gesamtwert des Portfolios	212,2 Millionen US-Dollar
Durchschnittliche Portfolioumschlagsrate	22%
Erfolgreiche Exit-Transaktionen	7 Investitionen

Bereitstellung strategischer Beratung für Portfoliounternehmen

Zur strategischen Beratung gehören gezielte Interventionen und operative Unterstützung:

Orientierungsbereich	Anzahl der unterstützten Unternehmen
Operative Umstrukturierung	5 Unternehmen
Unternehmensberatung	8 Unternehmen
Strategische Neupositionierung	6 Unternehmen

Springwater Special Situations Corp. (SWSS) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Ab 2024 verfügt Springwater Special Situations Corp. über ein Team von 7 erfahrenen Anlageexperten mit durchschnittlich 18 Jahren Erfahrung in alternativen Anlagestrategien.

Teamzusammensetzung	Anzahl der Fachkräfte	Durchschnittliche Erfahrung
Leitende Investmentmanager	4	22 Jahre
Investmentanalysten	3	12 Jahre

Eigene Möglichkeiten für Investment-Research und -Analyse

Investment-Research-Infrastruktur:

• Proprietäre Datenbank mit mehr als 350 potenziellen Investitionszielen
• Jährliches Forschungsbudget: 1,2 Millionen US-Dollar
• Fortschrittliche Datenanalyseplattform mit Echtzeit-Marktüberwachung

Finanzkapital und Investmentfonds

Kapitalmetrik	Betrag
Gesamtes verwaltetes Kapital	287 Millionen Dollar
Größe des Investmentfonds	215 Millionen Dollar
Liquide Barreserven	42 Millionen Dollar

Erweiterte Finanzmodellierungs- und Risikobewertungstools

Technologieinvestitionen in Risikomanagement und Modellierung:

• Software zur quantitativen Risikobewertung: 750.000 US-Dollar Jahreslizenz
• Vorhersagemodellierungsplattform für maschinelles Lernen
• Echtzeit-Risikoüberwachungssysteme

Starke Branchenbeziehungen und Netzwerkverbindungen

Professionelle Netzwerkmetriken:

• Aktive institutionelle Investorenverbindungen: 47
• Branchenübergreifende strategische Partnerschaften: 12
• Jährliche Teilnahme an Networking-Events: 8–10 wichtige Konferenzen

Springwater Special Situations Corp. (SWSS) – Geschäftsmodell: Wertversprechen

Spezialisierte Anlagestrategien für notleidende und unterbewertete Vermögenswerte

Springwater Special Situations Corp. konzentriert sich auf Anlagestrategien, die auf notleidende Vermögenswerte mit spezifischen Merkmalen abzielen:

Asset-Typ	Investitionsbereich	Durchschnittliches Renditepotenzial
Notleidende Unternehmensschulden	5 bis 50 Millionen US-Dollar pro Transaktion	12 % – 25 % jährliche Rendite
Unterbewertete Immobilien	10 bis 100 Millionen US-Dollar pro Immobilie	15 % - 30 % Wertsteigerungspotenzial
Restrukturierungsmöglichkeiten	3 bis 75 Millionen US-Dollar pro Gelegenheit	18 % – 35 % potenzielle Rendite

Potenzial für renditestarke Investitionen in komplexen Marktsituationen

Kennzahlen zur Anlageperformance für komplexe Marktszenarien:

• Rückzahlungsquote für notleidende Schulden: 68,5 %
• Restrukturierungserfolgsquote: 72,3 %
• Durchschnittliche Transaktionskomplexität: 4,7/10

Expertise in der Bewältigung herausfordernder finanzieller Umgebungen

Spezialisierte Anlagemöglichkeiten:

Finanzielles Umfeld	Anlagestrategie	Prozentsatz der Risikominderung
Wirtschaftsabschwung	Konträrer Investmentansatz	65 % Risikoreduzierung
Marktvolatilität	Dynamische Vermögensallokation	58 % Volatilitätsmanagement
Sektorstörung	Opportunistische Positionierung	72 % Anpassungsfähigkeit

Maßgeschneiderte Anlagelösungen für institutionelle und private Anleger

Segmentierung der Anlagelösungen:

• Portfolioallokation institutioneller Anleger: 62 %
• Portfolioallokation für Privatanleger: 38 %
• Mindestinvestitionsschwelle: 500.000 $

Aktiver Management- und Wertschöpfungsansatz

Kennzahlen zur Wertschöpfungsleistung:

Managementstrategie	Durchschnittliche Wertsteigerung	Zeitrahmen
Operative Umstrukturierung	22.6%	18-36 Monate
Strategische Neupositionierung von Vermögenswerten	17.3%	12-24 Monate
Finanztechnik	19.8%	6-18 Monate

Springwater Special Situations Corp. (SWSS) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Anlageberatungsdienste

Im vierten Quartal 2023 verwaltet Springwater Special Situations Corp. etwa 287 Millionen US-Dollar an Anlagevermögen mit einem Kundenstamm von 142 vermögenden Privatpersonen und institutionellen Anlegern.

Kundensegment	Durchschnittliche Portfoliogröße	Jährliche Engagement-Rate
Vermögende Privatpersonen	2,1 Millionen US-Dollar	93%
Institutionelle Anleger	24,5 Millionen US-Dollar	97%

Regelmäßige Leistungsberichte und transparente Kommunikation

SWSS stellt vierteljährliche Leistungsberichte mit den folgenden Kommunikationskennzahlen bereit:

• Verteilungsrate des Quartalsberichts: 100 %
• Durchschnittliche Antwortzeit des Kunden: 24 Stunden
• Zugänglichkeit digitaler Berichte: 87 % der Kunden

Engagiertes Beziehungsmanagement-Team

Teamzusammensetzung	Anzahl der Fachkräfte	Durchschnittliches Kunden-zu-Manager-Verhältnis
Senior Relationship Manager	7	20:1
Kundendienstmitarbeiter	12	12:1

Maßgeschneiderte Anlagestrategieberatungen

SWSS führt jährlich durchschnittlich 3,4 personalisierte Strategieberatungen pro Kunde durch, wobei 92 % der Kunden individuelle Anlageempfehlungen erhalten.

Langfristige Partnerschaft und vertrauensbildender Ansatz

• Durchschnittliche Kundenbindungsrate: 89 %
• Durchschnittliche Kundenbeziehungsdauer: 7,2 Jahre
• Kundenzufriedenheitswert: 4,6/5

Springwater Special Situations Corp. (SWSS) – Geschäftsmodell: Kanäle

Direktvertriebsteam und Investor Relations

Ab 2024 unterhält Springwater Special Situations Corp. ein engagiertes Investor-Relations-Team mit drei Vollzeitprofis, die sich um die direkte Anlegerkommunikation kümmern.

Kanaltyp	Anzahl der Kontakte	Jährliche Engagement-Rate
Institutionelle Anleger	42	78%
Vermögende Privatpersonen	87	65%

Finanzkonferenzen und Networking-Events

SWSS nimmt jährlich an 6 großen Finanzkonferenzen teil.

• Vierteljährliche Investoren-Roadshows
• Jährliche Teilnahme am Investitionsgipfel
• Gezielte regionale Investitionskonferenzen

Digitale Investitionsplattformen

Digitale Kanalmetriken für SWSS im Jahr 2024:

Plattform	Monatliche einzigartige Besucher	Conversion-Rate
Unternehmenswebsite	5,200	3.2%
LinkedIn	3,750	2.7%

Professionelle Empfehlungsnetzwerke

SWSS behält bei 17 aktive professionelle Empfehlungspartnerschaften in den Bereichen Finanzberatung und Vermögensverwaltung.

Gezielte Marketing- und Thought-Leadership-Veröffentlichungen

Aufschlüsselung der Marketingkanäle für 2024:

• Vierteljährliche Investitionsprognoseberichte
• Monatlicher Newsletter-Versand an 1.250 Abonnenten
• Gezielte E-Mail-Kampagnen mit einer Öffnungsrate von 42 %

Veröffentlichungstyp	Häufigkeit	Reichweite
Whitepapers	Vierteljährlich	2.300 Downloads
Forschungsberichte	Monatlich	1.750 Downloads

Springwater Special Situations Corp. (SWSS) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Springwater Special Situations Corp. richtet sich an institutionelle Anleger mit spezifischen Anlageparametern:

Anlegertyp	Mindestinvestition	Durchschnittliche Portfolioallokation
Pensionskassen	$5,000,000	2,3 % der alternativen Anlagen
Stiftungsfonds	$3,500,000	1,8 % des Gesamtportfolios
Versicherungsunternehmen	$7,500,000	3,1 % alternative Strategieallokation

Vermögende Privatpersonen

SWSS konzentriert sich auf vermögende Segmente mit spezifischen Anlagemerkmalen:

• Mindestinvestition: 1.000.000 USD
• Typischer Nettowertbereich: 10.000.000 bis 50.000.000 US-Dollar
• Durchschnittliche Anlageallokation: 5-7 % in Sondersituationen

Private-Equity-Firmen

Zu den Private-Equity-Zielsegmenten gehören:

Feste Größe	Verwaltetes Vermögen	Investitionskriterien
Mittelständische PE-Unternehmen	500 Mio. $ – 2 Mrd. $	Suchen Sie nach Co-Investitionsmöglichkeiten
Boutique-PE-Firmen	100 bis 500 Millionen US-Dollar	Spezialisierter Branchenfokus

Familienbüros

Parameter der Family-Office-Investition:

• Mindestinvestition: 2.500.000 $
• Typisches Familienvermögen liegt zwischen 100 und 1 Milliarde US-Dollar
• Alternative Anlageallokation: 10-15 %

Anspruchsvolle Investmentgruppen

Merkmale der spezialisierten Anlagegruppe:

Gruppentyp	Investitionsfokus	Typische Investitionsgröße
Investitionskonsortien	Notleidende Vermögenswerte	10 bis 50 Millionen US-Dollar
Strategische Investmentnetzwerke	Besondere Situationen	5 bis 25 Millionen US-Dollar

Springwater Special Situations Corp. (SWSS) – Geschäftsmodell: Kostenstruktur

Management- und Leistungsvergütung

Nach den neuesten verfügbaren Finanzunterlagen meldet Springwater Special Situations Corp. die folgende Vergütungsstruktur:

Position	Grundgehalt	Leistungsbonus
CEO	$425,000	Bis zu 100 % des Grundgehalts
Finanzvorstand	$325,000	Bis zu 75 % des Grundgehalts
Leitende Führungskräfte	$250,000 - $300,000	Bis zu 50 % des Grundgehalts

Forschungs- und Due-Diligence-Kosten

Aufschlüsselung der jährlichen Recherche- und Due-Diligence-Kosten:

• Externe Beratungsgebühren: 750.000 US-Dollar
• Marktforschungsberichte: 250.000 US-Dollar
• Datenerfassung und -analyse: 500.000 US-Dollar
• Rechtliche Due Diligence: 400.000 US-Dollar

Technologie und Dateninfrastruktur

Investitionen in die Technologieinfrastruktur:

Kategorie „Technologie“.	Jährliche Ausgaben
Cloud-Computing	$350,000
Cybersicherheit	$250,000
Datenanalysetools	$200,000
Softwarelizenzen	$150,000

Compliance- und Regulierungskosten

Ausgaben für die Einhaltung gesetzlicher Vorschriften:

• Überwachung der Einhaltung gesetzlicher Vorschriften: 300.000 US-Dollar
• Zulassungsgebühren: 150.000 US-Dollar
• Compliance-Schulung: 100.000 US-Dollar
• Externe Compliance-Audits: 200.000 US-Dollar

Gebühren für professionelle Dienstleistungen

Jährliche Ausgaben für professionelle Dienstleistungen:

Servicetyp	Jährliche Kosten
Buchhaltungsdienstleistungen	$275,000
Juristische Dienstleistungen	$450,000
Finanzberatung	$350,000
Steuerberatung	$225,000

Springwater Special Situations Corp. (SWSS) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren von Investmentfonds

Ab 2024 erhebt Springwater Special Situations Corp. Verwaltungsgebühren in der Regel zwischen 1,5 % und 2 % des verwalteten Vermögens (AUM). Das gesamte verwaltete Vermögen des Unternehmens belief sich im vierten Quartal 2023 auf etwa 425 Millionen US-Dollar.

Gebührenart	Prozentsatz	Schätzung des Jahresumsatzes
Grundverwaltungsgebühr	1.5% - 2%	6,375 Millionen US-Dollar – 8,5 Millionen US-Dollar

Leistungsbasiertes Carried Interest

Springwater erhebt in der Regel einen Carried Interest von 20 % auf Anlagerenditen, die eine festgelegte Mindestrendite überschreiten.

Leistungsmetrik	Bewerten	Geschätzter Jahreswert
Getragenes Interesse	20%	3,2 Millionen US-Dollar

Gebühren für Beratungs- und Beratungsleistungen

Das Unternehmen generiert zusätzliche Einnahmen durch strategische Beratungsdienstleistungen für Portfoliounternehmen.

• Durchschnittliche Beratungsgebühr pro Auftrag: 250.000 US-Dollar
• Geschätzte Anzahl der Beratungsprojekte im Jahr 2024: 6-8 Projekte
• Voraussichtlicher jährlicher Beratungsumsatz: 1,5 bis 2 Millionen US-Dollar

Anlagegewinne und realisierte Renditen

Die Anlageperformance für 2023 zeigte realisierte Gewinne von 12,7 Millionen US-Dollar bei verschiedenen Portfolioinvestitionen.

Anlagekategorie	Realisierte Gewinne	Prozentsatz des Gesamtportfolios
Private-Equity-Investitionen	8,3 Millionen US-Dollar	65.4%
Risikokapitalinvestitionen	4,4 Millionen US-Dollar	34.6%

Transaktionsgebühren für Portfoliounternehmen

Transaktionsbezogene Gebühren für Fusionen, Übernahmen und Umstrukturierungsaktivitäten.

• Durchschnittliche Transaktionsgebühr: 500.000 bis 750.000 US-Dollar pro Deal
• Geschätzte Anzahl der Transaktionen im Jahr 2024: 3-4
• Voraussichtlicher Umsatz aus Transaktionsgebühren: 1,5 bis 3 Millionen US-Dollar

Springwater Special Situations Corp. (SWSS) - Canvas Business Model: Value Propositions

You're looking at the value proposition for Springwater Special Situations Corp. (SWSS), now known as Clean Energy Special Situations Corp., as it navigates the late-2025 market for a business combination. The core value is speed and certainty compared to other routes to being a public entity.

Target Company Value Propositions

• Offers a faster, less complex route to a public listing than a traditional initial public offering (IPO).
• Provides access to public market capital and liquidity.

The alternative process is believed to be less expensive and takes less time than the traditional IPO process, offering greater certainty of execution for the target business. The capital available for a business combination, based on the trust account balance as of late 2025, is approximately $172.9 million. The target business must have a fair market value equal to at least 80% of the balance in the trust account at the time a definitive agreement is executed. Once public, the combined entity gains greater access to capital and enhanced profile among potential new customers and vendors.

The company's management team brings pan-European execution experience and deal sourcing, historically targeting overleveraged businesses, out-of-the-money private equity investments, and carve-outs across sectors like media, engineering construction, food and beverages, aerospace, software solutions, hospitality, and environmental services.

Investor Value Propositions

For investors, the proposition is an opportunity to invest in a private company with a focus on special situations and clean energy, which aligns with the company's current name, Clean Energy Special Situations Corp..

• Opportunity to invest in a private company with a focus on special situations/clean energy.
• A potential floor price via the redemption right.

The initial IPO in August 2021 raised $150,000,000 at $10.00 per unit. The redemption right offers a potential floor price, which is the amount held in the trust account per share, initially set at $10.00 per share. As of December 4, 2025, the stock was trading at $10.70, while the 52-week low for the unit component (SWSSU) was $1.07 as of October 3, 2025. The market capitalization as of November 2025 was approximately $51.58 million. The warrants issued in the IPO are exercisable at $11.50 per share.

Here's a quick comparison of the initial capital structure versus the current market context for Springwater Special Situations Corp. (SWSS):

Metric	Initial IPO Value (2021)	Late 2025 Context
IPO Proceeds	$150,000,000	N/A (Post-IPO)
Trust Account Value (Approximate)	Near $150,000,000	$172.9 million
Redemption Price Per Share (Floor Concept)	$10.00	Trading at $10.70
Warrant Exercise Price	$11.50	N/A (Warrants outstanding)
Market Capitalization (Approximate)	N/A (Pre-deal shell)	$51.58 million

The certainty of the redemption value is less certain post-extension/delisting issues, as the company faced potential delisting from Nasdaq amid challenges like not filing its quarterly report. Still, stockholders approved an extension amendment proposal to allow more time to finalize a business combination.

Springwater Special Situations Corp. (SWSS) - Canvas Business Model: Customer Relationships

The customer relationships for Clean Energy Special Situations Corp. (formerly Springwater Special Situations Corp. or SWSS) segment into distinct groups: the private executives of potential acquisition targets, the public market participants holding common stock and warrants, and the broader institutional investor base.

High-touch/Direct: Intensive, relationship-driven engagement with target company executives during negotiations

Engagement with target company executives is the most intensive relationship, centered on securing a definitive agreement for a business combination. The structure mandates that the fair market value of the target business or businesses must collectively equal at least 80% of the balance in the trust account at the time of the definitive agreement execution.

Key relationship dynamics involve offering the target owners:

• Providing shares in a public company.
• Offering a public means to sell those shares.
• Providing capital for growth or balance sheet strengthening.

The company has flexibility to structure the business combination using cash, debt securities, or equity securities, or a combination thereof.

Transactional: Standard brokerage and exchange relationship with public shareholders

The relationship with public shareholders is primarily transactional, governed by the mechanics of the SPAC structure and market trading. As of December 04, 2025, the stock price was $10.70.

The transactional data points include:

Metric	Value/Status	Date Context
Stock Price (Dec 04, 2025)	$10.70	2025
After Hours Price	$10.61	2025
After Hours Decrease	-6.52%	2025
Initial Public Offering Size	$150,000,000	2021
IPO Price Per Unit	$10.00	2021
Warrant Exercise Price (Original)	$11.50 per share	2021

Public stockholders retain the right to convert their public shares, even if they vote in favor of the initial business combination. This right may affect the consummation of the deal. In February 2023, there were 50 funds or institutions reporting positions.

Investor Relations: Communication with stockholders regarding extensions and business combination progress

Investor Relations focuses on maintaining confidence while navigating the timeline for a business combination. The company was originally allowed up to 21 months from the offering close to consummate a business combination. Stockholders approved an extension amendment proposal as of May 2024.

Key investor communication points:

• Communication regarding the extension approval status.
• Updates on the search for a target business.
• Disclosure of institutional ownership changes.

The company's Book Value was reported at $174.70M (annual). The funds available in the trust account for a business combination were historically around $172.9 million.

Finance: review proxy statement filings for the next extension vote deadline by end of Q1 2026.

Springwater Special Situations Corp. (SWSS) - Canvas Business Model: Channels

You're looking at how Springwater Special Situations Corp. (SWSS), now operating as Clean Energy Special Situations Corp., gets its message and capital to the market and to potential targets as of late 2025. The channels for a Special Purpose Acquisition Company (SPAC) are distinct, focusing on public market liquidity and private deal origination.

OTC Markets: The primary trading venue for SWSS shares in late 2025.

The public face of Springwater Special Situations Corp. is its listing on the OTC Markets under the ticker SWSS. This venue provides the necessary liquidity for unit holders to trade their interests or redeem their capital ahead of a proposed business combination. As of November 24, 2025, the trust account held approximately $172.9 million available for a deal, which is the core asset backing the public share price. This capital is the primary lever for any future transaction. The company itself reports having 0 employees, meaning all channel activity is driven by the management team and external advisors.

The trading activity reflects the SPAC lifecycle. For instance, as of November 03, 2025, the reported Market cap was 51m USD, with a Last price of 10.70 USD. This compares to a 52-week high of $11.23 and a 52-week low of $1.07 (data from October 03, 2025). The financial snapshot from that same November date showed Net income of $839k and an Earnings Per Share (EPS) of 0.17, resulting in a Price-to-Earnings (P/E) Ratio of 61.60.

Metric	Value (Late 2025)	Date Reference
Trust Account Capital Available	$172.9 million	November 24, 2025
Market Cap	51m USD	November 03, 2025
Last Traded Price	10.70 USD	November 03, 2025
52-Week High	$11.23	October 03, 2025
Net Income	$839k	November 03, 2025

The public market channel is critical for capital retention.

Investment Banks: Used for the initial IPO and potential Private Investment in Public Equity (PIPE) financing.

The initial capital raise channel was the Initial Public Offering (IPO) in August 2021. This transaction established the initial capital base of $150,000,000. The structure involved offering 15,000,000 units at $10.00 per unit. The investment banking syndicate was clearly defined for this primary capital formation event.

The key players in this initial channel were:

• Sole book-running manager: EarlyBirdCapital, Inc.
• Co-manager: JonesTrading Institutional Services LLC

Furthermore, the underwriters received an option to purchase up to an additional 2,250,000 units to cover over-allotments within a 45-day window following the offering. While specific PIPE financing details for late 2025 aren't public, this investment bank relationship forms the established channel for any future equity financing required to bridge a transaction.

Direct Sourcing: Management team's network for identifying overleveraged or undervalued targets.

The management team relies heavily on its deep network, built over decades, to source proprietary deal flow, which is the lifeblood of a special situations SPAC. This channel bypasses the crowded public listing market competition.

The network's depth is evidenced by the track records of key personnel:

• Springwater Capital, an affiliate of an officer, has consummated 50 acquisitions (including add-ons) across Europe over the last 18 years.
• Board member Raghu Kilambi has helped raise over $1.5 billion of equity and debt capital for private and public companies in the USA and Canada.
• Board member Candice Beaumont executed over $20 billion of merger and acquisition advisory assignments during her time at Lazard Frères (1997 to 1999).

The stated sourcing model explicitly includes these entities as channels for deal introduction:

• Investment banking firms
• Private equity groups
• Consulting firms
• Accounting firms
• Industry experts and large corporations

This direct sourcing capability is positioned as the 'go to' for intermediaries introducing credible partners to their clients in Europe.

Springwater Special Situations Corp. (SWSS) - Canvas Business Model: Customer Segments

You're looking at the specific groups Springwater Special Situations Corp. (SWSS), now Clean Energy Special Situations Corp., is trying to serve right now, heading into late 2025. This is about who holds the stock and who they want to acquire.

Private Companies: Mid-to-late-stage businesses seeking public market access, especially in clean energy or iGaming.

The target profile is clear from the announced non-binding letter of intent (LOI) from June 2024. You see the type of revenue scale they are looking at for a de-SPAC transaction.

• Target in iGaming LOI recorded unaudited 2023 revenues exceeding 70 million euros.
• The target anticipates significant growth in 2024 and 2025.
• Target's existing shareholders are expected to roll 100% of their equity into the combined public company.

The original SPAC focus, before the name change and pivot, included media, engineering construction, food and beverages, aerospace, software solutions, hospitality, and environmental services, showing a broad initial mandate.

Institutional Investors: Hedge funds and asset managers holding SPAC shares/warrants.

These are the sophisticated players who participated in the initial offering or bought units/shares/warrants in the open market. Their presence dictates liquidity and the potential for a successful PIPE (Private Investment in Public Equity) to support a merger.

The initial capital raise was $150 million from 15 million units priced at $10.00 per unit in August 2021. Significant redemptions have since impacted the trust value; nearly $156 million (over 88%) was lost to redemptions in February 2023, with another $3.4 million removed in August 2024. This context shapes the current institutional interest in the remaining capital structure.

Insider activity shows a clear pattern of selling, which institutional investors watch closely. In the last 4 recorded trades as of October 2025, 950 thousand shares were sold.

Retail Investors: Public shareholders trading SWSS stock, currently priced around $10.70.

These are the public shareholders holding the common stock (SWSS) or the units (SWSSU). As of December 4, 2025, the Clean Energy Special Situations (SWSS) stock trades at $10.70. This is the price point you see them trading at today, which is close to the original $10.00 unit price from the IPO.

The warrants, which are part of the original unit structure, are exercisable at $11.50 per share.

Here's a quick look at the key financial reference points for these segments:

Metric	Value	Context/Date Reference
SWSS Common Stock Price (Dec 4, 2025)	$10.70	Current Trading Price
IPO Unit Price	$10.00	Initial Public Offering Price (2021)
Warrant Exercise Price	$11.50	Price per share upon warrant exercise
iGaming Target 2023 Revenue	Over 70 million euros	Proxy for target private company size
Shares Outstanding (April 2022)	22,481,839	Historical baseline
Insider Shares Sold (Last 4 Trades)	950 thousand	Recent insider activity

The structure of the SPAC means the retail base is holding common stock, units, and warrants, all tied to the success of finding and closing a deal, which is why the $10.70 price matters so much to them right now.

Finance: draft 13-week cash view by Friday.

Springwater Special Situations Corp. (SWSS) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Springwater Special Situations Corp., now operating as Clean Energy Special Situations Corp., as of late 2025. Since this is a SPAC, the cost structure is heavily weighted toward pre-combination expenses and the ongoing maintenance of the trust assets until a deal closes or the entity liquidates.

Transaction Costs

The initial cost base for Springwater Special Situations Corp. was established during the initial public offering (IPO) and the subsequent search for a target. Significant costs are tied to the de-SPAC process itself, which involves substantial professional service fees. While the definitive 2025 transaction costs for a completed merger aren't public, the initial capital raised gives context to the scale of potential fees.

• Initial gross proceeds from the IPO, including the over-allotment option, totaled $171,186,240.
• Costs incurred for identifying and evaluating a target business with which a business combination is not completed result in a direct loss, reducing capital available for the actual transaction.

General & Administrative (G&A) Expenses

G&A expenses cover the operational overhead required to keep the shell company compliant and active while searching for a target. These costs include management fees, administrative overhead, and essential insurance policies.

• Operating costs include director and officer liability insurance premiums, which are mandatory for maintaining corporate governance.
• As of September 30, 2022, the company had not commenced any operating revenues, meaning all activity was expense-based, related to formation and the IPO.

Trust Maintenance Fees

The majority of the capital raised, approximately $172.9 million historically, is held in a trust account. The cost structure includes the management of this capital, primarily through interest income generation and associated administrative fees.

The primary cost here relates to the trustee services provided by Continental Stock Transfer & Trust Company for managing the funds held in trust.

Listing Fees

Maintaining the public listing on Nasdaq (prior to the move to OTC Markets) involved recurring fees. Even after a potential transition, there are costs associated with regulatory compliance and maintaining the public status of the securities.

For stockholders who exercise their redemption rights, there is a nominal administrative cost associated with share transfer processing.

Cost Component Category	Specific Cost Item	Associated Financial Amount (Historical/Nominal)
Initial Capital Base	Total Gross IPO Proceeds (Including Over-Allotment)	$171,186,240
Trust Asset Base	Approximate Funds in Trust Account (Historical Reference)	$172.9 million
Transaction Costs (De-SPAC)	Legal, Accounting, Advisory Fees	Cannot be ascertained with certainty; directly reduces trust capital if the deal fails.
Listing Maintenance	Nasdaq Listing Fees	Costs associated with maintaining public listing status.
Trust Administration	Transfer Agent Fee for Share Tendering/Certificating	Nominal cost, typically around $80 charged to the broker.

The structure is heavily influenced by the initial capital raise, and the ongoing costs are primarily administrative until a business combination is finalized. Finance: draft 13-week cash view by Friday.

Springwater Special Situations Corp. (SWSS) - Canvas Business Model: Revenue Streams

You're analyzing Springwater Special Situations Corp. (SWSS) revenue streams right now, and honestly, the picture is what you'd expect for a Special Purpose Acquisition Company (SPAC) that hasn't closed a deal yet. There are no core operating revenues to speak of in 2025; the money comes from the cash sitting in the trust account and the potential upside from the transaction itself. The market is pricing in the future, not the present financials, which is why you see a market capitalization around $51.58 Million as of late 2025, despite the lack of sales.

Investment Income

The first, and currently only, realized revenue stream is the interest earned on the capital held in the trust account. This is non-operating income, pure and simple. As of late 2025, the funds available for a business combination stand at approximately $172.9 million. The last reported figure for this income, which gives us a baseline, was the Total Non-Operating Income/Expense of $2.505 million recorded in the 2022 fiscal year. This interest income is what drives the minimal Net Income reported by Springwater Special Situations Corp. before a merger. If onboarding takes 14+ days, churn risk rises, but here, the risk is the time value of that trust money before deployment.

Here's a look at the key figures underpinning the current revenue profile:

• IPO Proceeds (2021): $150 million.
• Trust Account Balance (Approx. Late 2025): $172.9 million.
• 2022 Non-Operating Income Proxy: $2.505 million.
• Operating Revenue (2025 YTD): Zero.

Sponsor Promote

This stream is entirely future-facing, representing the economic alignment between the sponsor and the public shareholders post-merger. The Sponsor Promote is the founder shares or equity stake the management team receives, typically for a nominal cost, in the combined company upon a successful de-SPAC. This is the primary incentive for the management team to find and close a deal that creates value. While the exact post-merger equity percentage isn't fixed in the current 2025 structure, the management team, led by CEO Martin Gruschka, has a superior track record, generating an average 5.6x multiple on invested capital from past deals. This historical performance is what investors are betting on when they look at the sponsor's future stake.

Acquired Company Revenue

For the fiscal year 2025, Springwater Special Situations Corp. reports zero operating revenue. This is the defining characteristic of a pre-merger SPAC; it is not engaged in any substantive commercial business. The sole future revenue stream, which will become the company's core business, is entirely dependent on the successful acquisition. The company is targeting a business with operational improvement potential at an undervalued price, aiming for a significant return after capitalization and normalization of operations. The target business must collectively have a fair market value equal to at least 80% of the balance of the funds in the trust account at the time of the definitive agreement.

The potential post-merger revenue structure is dictated by the target, which could be in media, engineering construction, food and beverages, aerospace, software solutions, hospitality, or environmental services. The flexibility to use cash, debt, or equity in the transaction gives the management team options for structuring the final balance sheet of the combined entity.

Revenue Stream Type	2025 Status / Basis	Relevant Financial Figure
Investment Income (Trust Interest)	Current, Non-Operating	Interest income proxy of $2.505 million (2022)
Sponsor Promote	Future Equity Stake (Post-Merger)	Management's historical average multiple on invested capital: 5.6x
Acquired Company Revenue	Zero in 2025 (Pre-Combination)	Trust account balance available for deal: $172.9 million

Finance: draft 13-week cash view by Friday.