Leuschen is a co-founder and senior managing director of Riverstone Holdings, which the S-1 states is not involved in the latest SPAC. (Source: Shutterstock)
Serial energy-focused SPAC creator David Leuschen has filed an S-1 to IPO an eighth special purpose acquisition corporation, CH4 Natural Solutions Acquisition.
Citigroup is the sole book-running manager. Expectations are to raise $250 million. CH4 units are to trade as MTNE.U on the New York Stock Exchange, according to the filing with the Securities and Exchange Commission (SEC).
Leuschen is a co-founder and senior managing director of Riverstone Holdings, which the S-1 states is not involved in the latest SPAC.
He reported in the S-1 that CH4 Natural Solutions intends to buy and build a company that would “benefit from accelerated methane-mitigation initiatives at scale.”
In addition to Leuschen, the SPAC’s sponsors consist of Wyoming-based Impact Ag Partners and a New York-based blogger, Lauren Singer, 33, whose “Trash is for Tossers” documents her zero-waste lifestyle.
Singer’s venture fund, Overview Capital, invests in businesses focused on reducing methane and other emissions, according to the S-1.
The first seven SPACs
Past SPACs Leuschen led include former EOG Resources chief Mark Papa’s Silver Run Acquisition Corp., which bought Delaware Basin-focused producer Centennial Resources from private-equity firm NGP Energy Capital Management and is now part of Permian Resources.
The second Silver Run SPAC bought Midcontinent-focused Alta Mesa Holdings, which was dissolved post-Chapter 11 bankruptcy.
Leuschen and others involved in the deal reached a settlement in a class-action lawsuit involving the deal on Jan. 6, according to the newest SPAC’s S-1.
Leuschen then formed the non-SPAC blank-check Vista Oil & Gas, which bought Argentina-focused Pampa Energía and Pluspetrol Resources. Vista Energy is an operator in the Vaca Muerta oil and gas play.
A third SPAC, Silver Run III, became Decarbonization Plus Acquisition and bought Hyzon Motors, a hydrogen-powered vehicle manufacturer. An ongoing lawsuit claims the SPAC made “misleading statements regarding that merger,” the S-1 states.
Leuschen’s fourth, Decarbonization Plus II, bought Tritium Holdings, a manufacturer of direct-current fast chargers for EVs. Tritium is in the process of being folded.
Another, Decarbonization Plus III, bought Solid Power, a producer of solid-state batteries for electric vehicles. Leuschen and others are defendants in a lawsuit that alleges “breach of fiduciary duty and unjust enrichment,” according to the S-1.
Decarbonization Plus IV bought Hammerhead Resources, a Montney Shale-focused E&P that was sold to fellow Canadian producer Crescent Point Energy, now known as Veren Inc., in 2023.
The seventh SPAC, Agriculture & Natural Solutions Acquisition, bought Australian Food & Agriculture Co.
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