Blank-check firm Rice Acquisition Corp. said its planned $1.15 billion merger with Aria Energy LLC and Archaea Energy LLC was approved by its stockholders on Sept. 9 that will create the largest public renewable gas company in the U.S.
Renewable natural gas (RNG), produced from animal farms and landfills, has seen a surge in demand this year as climate conscious investors push for cleaner energy sources.
RNG is selling at a premium to market rates and numerous companies, like oil major Chevron Corp. and power provider NextEra Energy, have announced projects focusing on this renewable gas.
Rice Acquisition, led by former EQT Corp. director Daniel Rice, raised about $215 million in its IPO in October last year.
The deal with Aria and Archaea, expected to close on or around Sept. 15, creates a platform focused on the capture and conversion of waste emissions from landfills into low-carbon RNG, electricity, and green hydrogen, Rice Acquisition said.
The combined company is expected to be the largest producer of RNG by volume starting next year, when its project Assai in Pennsylvania comes online.
Upon deal closure, the combined company will be named Archaea Energy Inc and will be listed on the New York Stock Exchange under the ticker symbol “LFG”.
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