REG - Riverstone Energy Ld - Solid Power & DCRC Complete Business Combination
16/12/2021 08:05
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RNS Number : 8172V Riverstone Energy Limited 16 December 2021
REL ANNOUNCES CLOSING OF BUSINESS COMBINATION BETWEEN SOLID POWER, INC. AND
DECARBONIZATION PLUS ACQUISITION CORPORATION III
16 December 2021
· Solid Power announced closing of its business combination with
DCRC on 8 December 2021
· Solid Power became the only pure-play solid-state battery company
to trade on the public markets
· Solid Power common stock and warrants began trading on Nasdaq
Global Select Market on 9 December 2021 under the symbols "SLDP" and "SLDPW,"
respectively
· Gross proceeds to Solid Power from the transaction of $542.9
million from fully committed $195 million PIPE and $347.9 million of cash held
in trust net of redemptions; only 0.6% of shares held by public stockholders
of DCRC were redeemed
· Of the shares voted at the special meeting of DCRC's
stockholders, over 99.9% voted to approve the business combination
Riverstone Energy Limited ("REL") announces the closing of the previously
announced
(https://www.globenewswire.com/Tracker?data=1zWPIx_wfqm_9iVStcZezEDIDT2n_hplv9ssyh4I0cOv3CNWkz4XNHBEePNM_271_uLgldCWJBBkWQPZJvh3y_P7ACnnM6LWCTax8oEkgcAqsMydg8iFPEAAWvT8JgZOtGfkYpwRdvasLp7uKGRVo5CqU-y584dymmsTQoy2rprFyJa1eiXdhSTl8PRk6J3WPxNnNG946VzoL0lR9i9iYyXkSqbiLKeBezlwqyLMVBXuHJX3B1T9A2GsbB8EQ-Xz6RegoQwqTrRQlw0jMPVyQCrFLugj3ck2SIAxsAFOuN03r5yJnAOyDRPF7TMc2A2cwNcdprphUYVxnirCYgQjV4RdCAixr_l22iK5oSCzt4w=)
business combination between Solid Power, Inc. ("Solid Power"), an industry
leading developer of all solid state battery cells for electric vehicles, and
Decarbonization Plus Acquisition Corporation III ("DCRC"), a special purpose
acquisition corporation sponsored by an affiliate of REL. Solid Power
announced the closing on 8 December 2021 and the combined company's common
stock and warrants began trading on the Nasdaq Global Select Market under the
ticker symbols "SLDP" and "SLDPW," respectively, on 9 December 2021.
Solid Power received gross proceeds from the transaction of approximately
$542.9 million from its fully committed $195 million PIPE and the receipt of
approximately $347.9 million of cash from DCRC's trust account net of
redemptions. Of the shares voted at the special meeting of DCRC stockholders
on 7 December 2021, over 99.9% voted to approve the business combination. In
addition, only 0.6% of shares held by DCRC's public stockholders were
redeemed.
On 23 March 2021, REL made a $0.5 million investment in DCRC's sponsor in
connection with DCRC's initial public offering.
On 15 June 2021, REL committed an additional $20 million to the PIPE that was
raised in connection with the business combination transaction.
Prior to the business combination, REL purchased 1.66 million shares of Solid
Power, which converted to shares of the combined company in connection with
the business combination.
This investment, along with the recent decarbonisation investments in
Decarbonization Plus Acquisition Corporation II & IV, FreeWire
Technologies, GoodLeap and Hyzon Motors, demonstrates REL's continued efforts
to increase its exposure to the global energy transition thematic while also
providing the opportunity to create value for its shareholders.
About Solid Power:
Solid Power is an industry-leading developer of all-solid-state rechargeable
battery cells
for electric vehicles and mobile power markets. Solid Power replaces the
flammable
liquid electrolyte in a conventional lithium-ion battery with a proprietary
sulfide-based
solid electrolyte. As a result, Solid Power's all-solid-state battery cells
are expected to
be safer and more stable across a broad temperature range, provide an increase
in
energy density compared to the best available rechargeable battery cells,
enable less
expensive, more energy-dense battery pack designs and be compatible with
traditional
lithium-ion manufacturing processes.
For more information, visit https://solidpowerbattery.com/
(https://solidpowerbattery.com/) .
About Riverstone Energy Limited:
REL is a closed-ended investment company that invests exclusively in the
global energy industry across all sectors. REL aims to capitalise on the
opportunities presented by Riverstone's energy investment platform. REL's
ordinary shares are listed on the London Stock Exchange, trading under the
symbol RSE. REL has 13 active investments spanning decarbonisation, oil and
gas, renewable energy and power in the Continental U.S., Western
Canada, Gulf of Mexico and Europe.
For further details, see www.RiverstoneREL.com
(http://www.riverstonerel.com/) .
Neither the contents of Riverstone Energy Limited's website nor the contents
of any website accessible from hyperlinks on the websites (or any other
website) is incorporated into, or forms part of, this announcement.
LEI: 213800HAZOW1AWRSZR47
About Riverstone Holdings LLC:
Riverstone is an energy and power‐focused private investment firm founded in
2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with
approximately US$41 billion of capital raised. Riverstone conducts buyout
and growth capital investments in the E&P, midstream, oilfield services,
power, and renewable sectors of the energy industry. With offices in New
York, London, Houston, Mexico City, Amsterdam and Menlo Park, Riverstone
has committed nearly US$43 billion to more than 200 investments in North
America, Latin America, Europe, Africa, Asia, and Australia.
For further details, see www.RiverstoneLLC.com
(http://www.riverstonellc.com/)
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