Rice Acquisition Corp., a blank-check company headed by Daniel Rice, has agreed to a business combination worth over $1 billion that it says will create the industry-leading renewable natural gas platform focused on the capture and conversion of waste emissions from landfills.

“Early in our acquisition search we identified landfill gas (LFG) as the most predictable, cost-effective, and environmentally beneficial feedstock to help organizations achieve their carbon neutrality goals,” said Rice, who serves as CEO of Rice Acquisition Corp., in a statement on April 7.

Last year, landfills in the U.S. produced about 1.9 Bcf/d in LFG emissions, roughly comprising of 50% methane and 35% CO₂. However, U.S. landfills are projected to grow to 13 billion tons of waste in place by 2050 from about 8 billion in 2020, which the Rice team said is expected to boost LFG emissions to 2.8 Bcf/d by 2050.

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