Eni-backed energy transition SPAC to list in London

London Stock Exchange. Author: jam_90s. License: Creative Commons, Attribution 2.0 Generic

March 9 (Renewables Now) - New Energy One Acquisition Corp Plc (NEOA), a new special purpose acquisition company (SPAC) backed by Italian oil and gas group Eni SpA (BIT:ENI) and targeting the energy transition sector, today unveiled plans to list on the London Stock Exchange, seeking to raise up to GBP 175 million (USD 229m/EUR 210m).

According to NEOA executive director Sanjay Mehta, the vehicle will be the first SPAC listed on the London Stock Exchange focused on the energy transition.

“In order to achieve the net zero targets that have been set globally, and recommitted at COP26 in Glasgow, we need to supercharge decarbonisation of industrial processes, decarbonisation of fossil fuels and produce transition fuels - blue hydrogen, green hydrogen, green ammonia at commercial scale and price point,” said Sanjay Mehta.

The sectors in which the SPAC sees opportunities for a business combination include the hydrogen value chain; green ammonia; carbon capture, utilisation and storage; new generation sources of clean fuels; digitalisation and energy efficiency; and distribution and transmission of clean fuels. It will pursue targets based in or related to Europe.

NEOA is sponsored by LiveStream LLC, an investment company created by Sanjay Mehta, and Eni International BV.

Eni will subscribe for at least 10% of NEOA's ordinary share capital, which may go up to GBP 25 million, and 25% of the sponsor capital. It will also have he right to subscribe for up to 15% and no more than GBP 41 million of the ordinary shares issued in a private investment in public equity (PIPE) transaction when a merger is completed.

In addition, Li You Investment Corp has also obtained the right to subscribe for ordinary shares of up to GBP 15 million in the future PIPE deal. This is an investment vehicle controlled by Chen Ching-Chih, whose family is the biggest shareholder of Wan Hai Lines Ltd (TPE: 2615), Eni said.

(GBP 1 = USD 1.309/EUR 1.202)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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