Houston Energy Transition Tech SPAC Goes Public with IPO
Houston-based CO2 Energy Transition Corp., a Special Purpose Acquisition Company (SPAC) with a focus on carbon capture, utilization, and storage (CCUS), recently completed its Initial Public Offering (IPO), raising $69 million. This SPAC aims to target mid-sized CCUS companies valued between $150 million and $250 million.
In its IPO, CO2 Energy Transition Corp. sold 6 million units at $10 each. Each unit includes one share of common stock, one warrant to purchase an additional share at $11.50 per share, and the right to receive one-eighth of a share of common stock based on specific business conditions.
The underwriter, Kingswood Capital Partners LLC, exercised its option to purchase an additional 900,000 units to cover over-allotments. The total gross proceeds from the IPO amounted to $69 million, enabling the company to pursue CCUS opportunities.
CO2 Energy Transition Corp.’s CEO, Brady Rogers, leads the company as well as Carbon Capture Development Co. and Antelope Energy Partners LLC. Recent bipartisan support for carbon capture legislation highlights the government’s commitment to advancing technologies that reduce greenhouse gas emissions.
The completion of this IPO signifies an important step in the energy transition landscape, as CO2 Energy Transition Corp. seeks to make a meaningful impact in the CCUS sector.
