TIDMRSE
RNS Number : 8172V
Riverstone Energy Limited
16 December 2021
REL ANNOUNCES CLOSING OF BUSINESS COMBINATION BETWEEN SOLID
POWER, INC. AND DECARBONIZATION PLUS ACQUISITION CORPORATION
III
16 December 2021
-- Solid Power announced closing of its business combination with DCRC on 8 December 2021
-- Solid Power became the only pure-play solid-state battery
company to trade on the public markets
-- Solid Power common stock and warrants began trading on Nasdaq
Global Select Market on 9 December 2021 under the symbols "SLDP"
and "SLDPW," respectively
-- Gross proceeds to Solid Power from the transaction of $542.9
million from fully committed $195 million PIPE and $347.9 million
of cash held in trust net of redemptions; only 0.6% of shares held
by public stockholders of DCRC were redeemed
-- Of the shares voted at the special meeting of DCRC's
stockholders, over 99.9% voted to approve the business
combination
Riverstone Energy Limited ("REL") announces the closing of the
previously announced business combination between Solid Power, Inc.
("Solid Power"), an industry leading developer of all solid state
battery cells for electric vehicles, and Decarbonization Plus
Acquisition Corporation III ("DCRC"), a special purpose acquisition
corporation sponsored by an affiliate of REL. Solid Power announced
the closing on 8 December 2021 and the combined company's common
stock and warrants began trading on the Nasdaq Global Select Market
under the ticker symbols "SLDP" and "SLDPW," respectively, on 9
December 2021.
Solid Power received gross proceeds from the transaction of
approximately $542.9 million from its fully committed $195 million
PIPE and the receipt of approximately $347.9 million of cash from
DCRC's trust account net of redemptions. Of the shares voted at the
special meeting of DCRC stockholders on 7 December 2021, over 99.9%
voted to approve the business combination. In addition, only 0.6%
of shares held by DCRC's public stockholders were redeemed.
On 23 March 2021, REL made a $0.5 million investment in DCRC's
sponsor in connection with DCRC's initial public offering.
On 15 June 2021, REL committed an additional $20 million to the
PIPE that was raised in connection with the business combination
transaction.
Prior to the business combination, REL purchased 1.66 million
shares of Solid Power, which converted to shares of the combined
company in connection with the business combination.
This investment, along with the recent decarbonisation
investments in Decarbonization Plus Acquisition Corporation II
& IV, FreeWire Technologies, GoodLeap and Hyzon Motors,
demonstrates REL's continued efforts to increase its exposure to
the global energy transition thematic while also providing the
opportunity to create value for its shareholders.
About Solid Power:
Solid Power is an industry-leading developer of all-solid-state
rechargeable battery cells
for electric vehicles and mobile power markets. Solid Power
replaces the flammable
liquid electrolyte in a conventional lithium-ion battery with a
proprietary sulfide-based
solid electrolyte. As a result, Solid Power's all-solid-state
battery cells are expected to
be safer and more stable across a broad temperature range,
provide an increase in
energy density compared to the best available rechargeable
battery cells, enable less
expensive, more energy-dense battery pack designs and be
compatible with traditional
lithium-ion manufacturing processes.
For more information, visit https://solidpowerbattery.com/ .
About Riverstone Energy Limited:
REL is a closed-ended investment company that invests
exclusively in the global energy industry across all sectors. REL
aims to capitalise on the opportunities presented by Riverstone's
energy investment platform. REL's ordinary shares are listed on the
London Stock Exchange, trading under the symbol RSE. REL has 13
active investments spanning decarbonisation, oil and gas, renewable
energy and power in the Continental U.S., Western Canada, Gulf of
Mexico and Europe.
For further details, see www.RiverstoneREL.com .
Neither the contents of Riverstone Energy Limited's website nor
the contents of any website accessible from hyperlinks on the
websites (or any other website) is incorporated into, or forms part
of, this announcement.
LEI: 213800HAZOW1AWRSZR47
About Riverstone Holdings LLC:
Riverstone is an energy and power -- focused private investment
firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre,
Jr. with approximately US$41 billion of capital raised. Riverstone
conducts buyout and growth capital investments in the E&P,
midstream, oilfield services, power, and renewable sectors of the
energy industry. With offices in New York, London, Houston, Mexico
City, Amsterdam and Menlo Park, Riverstone has committed nearly
US$43 billion to more than 200 investments in North America, Latin
America, Europe, Africa, Asia, and Australia.
For further details, see www.RiverstoneLLC.com
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END
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(END) Dow Jones Newswires
December 16, 2021 02:00 ET (07:00 GMT)
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