Sustainability SPAC Rice Acquisition II files for a $250 million IPO

Rice Acquisition II, the second blank check company led by former Rice Energy execs targeting energy transition and sustainability, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.

The Carnegie, PA-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. Affiliates of Rice Investment Group, including members of management and owners of the sponsor, have indicated on up to 7.5% of the units in the offering. At the proposed deal size, Rice Acquisition II would command a market value of $313 million.

The company is led by CEO and Director Daniel Rice IV, who is a Partner at Rice Investment Group and recently served as CEO of Rice Energy until its acquisition by EQT in 2017. He is joined by CFO and Director Kyle Derham, who is also a Partner at Rice Investment Group and previously served as VP of Corporate Development and Finance at Rice Energy and Rice Midstream. Management's previous SPAC, Rice Acquisition (RICE.U; +9% from $10 offer price), went public this past October.

Rice Acquisition II plans to target the energy transition or sustainability arena, focusing on supply-side solutions and innovations that enable the economy to decarbonize in sectors including renewable fuels and carbon capture, among others.

Rice Acquisition II was founded in 2021 and plans to list on the NYSE under the symbol RONI.U. Citi and Barclays are the joint bookrunners on the deal.