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BFD Expert Voices - Climate Deals

BFD Expert Voices

This morning featured two more chunky merger announcements in the climate tech space, each valued at $1.5 billion.

Why it matters: The market volatility has impacted a lot of industries, but climate tech is weathering the economic storm and is even able to pull off something unthinkable in other sectors: the announcement of two SPAC deals in as many days. 

Of note: This morning's dual announcements come one day after nickel producer Lifezone unveiled its own $1 billion SPAC merger, suggesting the trend is playing out in climate tech — or at least commodities. 

Details: Deal No. 1 — Net Power, backed by Oxy and other major players in oil and gas, announced a SPAC merger that will list the company on the New York Stock Exchange. 

Net Power, based in Durham, N.C., is merging with Rice Acquisition Corp. II at an implied enterprise value of about $1.5 billion.

Oil and gas billionaires the Rice family invested $100 million. Occidental, which has invested aggressively in carbon-capture technologies, also committed $100 million via PIPE.

Meanwhile: Deal No. 2 — First Mode, which built a hydrogen fuel cell system for enormous mining haul trucks, is being acquired by mining giant Anglo American. 

Anglo American, a mining company based in London, is combining First Mode with Anglo's clean energy division, nuGen. 

The deal includes a $200 million equity investment from Anglo. It values the combined business at $1.5 billion.

Occidental, Anglo American anchor dual $1.5B deals

Net Power and First Mode announce merger agreements.

Anglo American nuGen facility in South Africa. Photo:  Felix Dlangamandla/Daily Maverick/Gallo Images via Getty Images

Mergers and acquisitions

This morning featured two more chunky merger announcements in the climate tech space, each valued at $1.5 billion.Why it matters: The market volatility has impacted a lot of industries, but climate tech is weathering the economic storm and is even able to pull off something unthinkable in other sectors: the announcement of two SPAC deals in as many days.

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Occidental, Anglo American anchor dual $1.5B deals

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