Sept 9 (Reuters) - Blank-check firm Rice Acquisition Corp
said its planned $1.15 billion merger with Aria Energy
LLC and Archaea Energy LLC was approved by its stockholders on
Thursday, that will create the largest public renewable gas
company in the United States.
Renewable natural gas (RNG), produced from animal farms and
landfills, has seen a surge in demand this year as climate
conscious investors push for cleaner energy sources.
RNG is selling at a premium to market rates and numerous
companies, like oil major Chevron Corp and power
provider NextEra Energy, have announced projects
focusing on this renewable gas.
Rice Acquisition, led by former EQT Corp director
Daniel Rice, raised about $215 million in its IPO in October
The deal with Aria and Archaea, expected to close on or
around Sept. 15, creates a platform focused on the capture and
conversion of waste emissions from landfills into low-carbon
RNG, electricity, and green hydrogen, Rice Acquisition said.
The combined company is expected to be the largest producer
of RNG by volume starting next year, when its project Assai in
Pennsylvania comes online.
Upon deal closure, the combined company will be named
Archaea Energy Inc and will be listed on the New York Stock
Exchange under the ticker symbol "LFG".
(Reporting by Rithika Krishna in Bengaluru; Editing by Shailesh