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Next generation weather forecaster going public

By Kevin Donovan

14:30, 7 December 2021 app
Predictive weather app merging with SPAC Pine Technology in $420m SPAC IPO – Photo:

The Tomorrow Companies ( is being acquired by blank-cheque firm Pine Technology to go public in a $420m transaction valuing the predictive weather platform at $1.2bn (£907m).

The acquisition is funded by cash and includes $75m in private investment in public equity (PIPE) securities funded by Koch Strategic Platforms, National Grid Partners, JetBlue Technology Ventures, SoftBank’s SB Energy and Pine Technology.

Closing is scheduled for the first half of 2022. The combined entity will trade on the Nasdaq under the ticker “TMW”.

Pine Technology is an Aurora, Ohio-based special purpose acquisition company (SPAC) that went public on 18 February. Pine stock trades on the Nasdaq under the ticker “PTOC”.

Pine Technology stock opened up 1.13% to $9.88 per share after the opening bell after closing Monday’s session at $9.77.

“We are striving to become the SpaceX of weather.” ~ co-founder and CEO Shimon Elkabetz

Transaction details

PJT Partners is acting as financial advisor for, with Moelis & Co. acting as financial advisor to Pine Technology. JJT Partners and Moelis acted as joint placement agents for the PIPE securities.

Boston, Massachusetts-based will use the proceeds to bolster its weather forecasting products, including launching radar-equipped satellites.


44,030.15 Price
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+0.500% 1D Chg, %
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2,004.85 Price
-1.180% 1D Chg, %
Long position overnight fee -0.0198%
Short position overnight fee 0.0116%
Overnight fee time 22:00 (UTC)
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Oil - Crude

71.41 Price
+2.320% 1D Chg, %
Long position overnight fee -0.0204%
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Overnight fee time 22:00 (UTC)
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The company sees opportunity in weather security, citing $100bn in weather-related losses in 2020 and a weather and climate services market projected to be worth $190bn by 2030: “’s mission is to help countries and businesses prepare for the business impact of weather by automating decision-making and enabling climate adaptation at scale,” said in a prepared release.

The SpaceX of weather

“Looking ahead, our hypothesis as a business is that climate security is really becoming the new cyber security,” said’s CEO and Founder Shimon Elkabetz on a conference call announcing the acquisition. “We are striving to become the SpaceX of weather.”

“Just like every boardroom and CEO are highly concerned about their IT exposure, enterprises, organizations, municipalities, and agencies are also becoming very concerned about their climate exposure and searching for tools to mitigate their risk, especially with (environmental, social and governance) regulation defining the next wave of corporate innovation,” Elkabetz added.

“We cannot build a wall around Miami in an afternoon, but in an afternoon, we can deploy a software solution that will help us manage risk for the entire Miami region.”’s existing client base includes Delta Air Lines, Ford Motor, JetBlue Airways, National Grid, Uber and the US Air Force.

Read more: Starry to go public in Read more: Starry to go public in $1.66bn SPAC.66bn SPAC

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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