CO2 Energy Transition, a blank check company targeting the carbon capture, utilization, and storage industry, raised $60 million by offering 6 million units at $10. Each unit consists of one share of common stock, one right to receive one-eighth of a share upon the completion of an initial business combination, and one warrant, exercisable at $11.50.
The SPAC began trading on Thursday, 11/21, and closed its first day just below issue at $9.98.
CO2 Energy Transition is led by CEO Brady Rodgers, whose current roles include serving as CEO of Antelope Energy Partners and Native State CCS, and Chairman Charles Fox, the co-founder and CEO of oil and gas producer Windy Cove Energy II, and Pure Earth Plasma Holdings. The SPAC plans to target the carbon capture, utilization, and storage industry, focusing on businesses with enterprise values between $150 million and $250 million, sound environmental and regulatory performance criteria, and significant growth potential, among other characteristics.
CO2 Energy Transition plans to list on the Nasdaq under the symbol NOEMU. Kingswood Capital Markets acted as sole bookrunner on the deal.
