Rain Enhancement Technologies, Inc. and dMY Technology Group, Inc. VI announced that they have entered into a business combination agreement. Upon closing, the combined company is expected to retain the Rainwater Tech name. Once the business combination is completed, dMY VI will change its trading ticker from DMYS to the new ticker symbol “RANY.” Increasing water scarcity challenges are seen in nearly every populated area on the globe.

Crop yields are adversely impacted with inadequate access to water. Forest fires can disrupt whole states, unraveling centuries of natural carbon capture. Access to potable water has become a social justice and economic development issue not only in developing countries, but also in many developed nations.

As geopolitical events have unfolded over the past year, the world is increasingly focused on water's elemental role in human and animal survival, food inflation, supply chain disruption, and energy. Alternative technologies to increase water tables such as desalination and chemical cloud seeding possess considerable environmental, energy density, political, transportation and scalability challenges. Over the past few decades these alternatives have largely failed to prevent the acceleration of water scarcity all across America and Western Europe.