Carbon capture SPAC CO2 Energy Transition Corp. files for an $80 million IPO

CO2 Energy Transition Corp., a blank check company targeting the carbon capture, utilization, and storage industry, filed on Thursday with the SEC to raise up to $80 million in an initial public offering.

The Houston, TX-based company plans to raise $80 million by offering 8 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, CO2 Energy Transition Corp. would command a market value of $112 million.

CO2 Energy Transition Corp. is led by CEO and Chairman E. Will Gray II, the CEO of New Era Helium and former Managing Partner of Solis Partners. 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 Corp. was founded in 2021 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: COETU.RC). The company filed confidentially on December 21, 2022. EF Hutton is the sole bookrunner on the deal.