Houston SPAC CO2 Energy Transition filed IPO Targeting Carbon Capture

With energy transition in mind, Houston, Texas based SPAC “CO2 Energy Transition Corp” targeting the carbon capture, utilization, and storage industry filed to go public. The company plans to raise up to $80 million in an initial public offering by offering 8 million units at $10 the SEC filed showed. 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.

An example of Carbon Capture (from 2011)

The blank check company 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.

 “We intend to pursue an initial business combination with companies that have the following characteristics: excellent fit in carbon capture/transition strategy; $150-250 million in enterprise value; sound environmental and regulatory performance criteria; significant growth potential; and strong management team with energy transition experience.”

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 was founded in 2021 as a Delaware corporation, and has three employees. It 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.

Source: SEC

From The TradersCommunity Research Desk