Daniel Rice, former CEO of shale gas producer Rice Energy, is launching his second blank-check company focused on energy transition opportunities.
Rice Acquisition Corp. II, the latest Rice-led special purpose acquisition company or SPAC, recently filed for an IPO to raise $300 million targeting a transaction in the “broadly defined energy transition or sustainability arena,” according to a company release on June 15.
“We plan to concentrate our search on supply-side solutions and innovations that enable the economy to decarbonize,” the company said in its filing with the U.S. Securities and Exchange Commission.
Possible sectors include renewable fuels, sustainable chemical production and feedstocks, carbon capture, utilization and storage technology and equipment, applications, infrastructure and technology focused on reducing the carbon intensity of fuels, energy production methods and industrial processes.
Citing the sale of Rice Energy to EQT for $8.2 billion in 2017, the company noted that the track record of its management team, which in addition to Rice as CEO includes Kyle Derham and James Wilmot Rogers, demonstrate their ability to successfully establish, build and grow large scale businesses in growing industries while generating peer leading returns for shareholders and contributing to lower U.S. emissions.
Earlier this year, the management team also completed the business combination of its previous SPAC with Aria Energy LLC and Archaea Energy LLC. The transaction, worth over $1 billion, created a renewable natural gas platform focused on the capture and conversion of waste emissions from landfills.
The IPO of Rice Acquisition Corp. II is expected to close on June 18, subject to customary closing conditions. The offering comprises 30 million units, upsized from an initial offer of 25 million units, priced at $10 per unit.
The units will be listed on the New York Stock Exchange under the ticker symbol “RONI U” and consist of one Class A ordinary share and one-fourth of one redeemable warrant.
Citigroup and Barclays are joint book-running managers for the offering. AmeriVet Securities and Academy Securities are co-managers.
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