Sustainable energy-focused SPAC Rice Acquisition II prices upsized $300 million IPO

Rice Acquisition II, the second blank check company led by former Rice Energy execs targeting energy transition and sustainability, raised $300 million by offering 30 million units at $10. The SPAC had originally filed to raise $250 million.

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, indicated on up to 7.5% of the units in the offering.

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; +70% from $10 offer price), went public this past October, and in April announced its plan to acquire biomass-derived renewable natural gas producer Archea Energy.

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.

The Carnegie, PA-based company plans to list on the NYSE under the symbol RONI.U. Citi, and Barclays acted as joint bookrunners on the deal.