Rice calls on shareholders to mull RNG venture
Rice Acquisition said August 17 it will hold a special meeting of stockholders to review the proposed combination of two renewable natural gas companies.
In April, Rice, an entity set up to acquire companies focused on the energy transition, said it was combining its business with Aria Energy, which specialises in gas drawn from landfills, and Archea Energy, which delivers pipeline-ready renewable natural gas (RNG).
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Rice is spending more than $1bn to bring the companies together to kickstart the development of RNG. The company will hold a special meeting September 9 for shareholders to weigh in on the combination.
Rice said that combing the two “will create the industry-leading renewable natural gas platform.”
Rice estimates that US emissions of landfill gas are expected to increase from 1.9bn ft3/d to 2.8bn ft3/d by 2050. If it can capture those emissions, which are comprised of about 50% methane, the company estimated it would have a similar environmental benefit as electrifying about three quarters of the US passenger vehicles on the road.
If approved, the combined company would be called Archea Energy.