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.
RELATED:
Daniel Rice-led SPAC Forms Leading Renewable Natural Gas Platform in Billion-dollar Merger
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”.
Recommended Reading
Classic Rock, New Wells: Permian Conventional Zones Gain Momentum
2024-12-02 - Spurned or simply ignored by the big publics, the Permian Basin’s conventional zones—the Central Basin Platform, Northwest Shelf and Eastern Shelf—remain playgrounds for independent producers.
Freshly Public New Era Touts Net-Zero NatGas Permian Data Centers
2024-12-11 - New Era Helium and Sharon AI have signed a letter of intent for a joint venture to develop and operate a 250-megawatt data center in the Permian Basin.
Blackstone Buys NatGas Plant in ‘Data Center Valley’ for $1B
2025-01-24 - Ares Management’s Potomac Energy Center, sited in Virginia near more than 130 data centers, is expected to see “significant further growth,” Blackstone Energy Transition Partners said.
Huddleston: Haynesville E&P Aethon Ready for LNG, AI and Even an IPO
2025-01-22 - Gordon Huddleston, president and partner of Aethon Energy, talks about well costs in the western Haynesville, prepping for LNG and AI power demand and the company’s readiness for an IPO— if the conditions are right.
E&P Highlights: Dec. 30, 2024
2024-12-30 - Here’s a roundup of the latest E&P headlines, including a substantial decline in methane emissions from the Permian Basin and progress toward a final investment decision on Energy Transfer’s Lake Charles LNG project.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.