Decarbonization Plus Acquisition Corporation II Completes Initial Public Offering

Rhea-AI Summary

Decarbonization Plus Acquisition Corporation II has successfully closed its IPO, raising $402.5 million by offering 40,250,000 units at $10 each on February 4, 2021. Each unit consists of one Class A common stock share and one-third of a redeemable warrant, which allows purchase at $11.50 per share. The company aims to merge or acquire businesses focusing on decarbonizing high-emission sectors. The offering increases Riverstone's investment capacity, supporting efforts to combat climate change.

Positive

• Raised $402.5 million through IPO for future business combinations.
• Focus on decarbonization in high-emission sectors signifies strategic growth potential.
• Backed by Riverstone's extensive experience and investment in low-carbon initiatives.

Negative

• No guarantees of identifying suitable targets for business combinations.
• Potential risks associated with forward-looking statements regarding the utilization of IPO proceeds.

MENLO PARK, Calif., Feb. 8, 2021 /PRNewswire/ -- Decarbonization Plus Acquisition Corporation II (the "Company"), a blank check company sponsored by an affiliate of Riverstone Holdings LLC ("Riverstone"), today announced the closing of its initial public offering ("IPO") of 40,250,000 units (including the full exercise of the underwriters' option to purchase an additional 5,250,000 units) at a price of $10.00 per unit. The Company's units began trading on the Nasdaq Capital Market ("NASDAQ") under the ticker symbol "DCRNU" on February 4, 2021.  Each unit issued in the IPO consists of one share of the Company's Class A common stock and one-third of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of the Company's Class A common stock at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on NASDAQ under the symbols "DCRN" and "DCRNW," respectively.

The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with a target whose principal effort is developing and advancing a platform that decarbonizes the most carbon-intensive sectors. These include the energy and agriculture, industrials, transportation and commercial and residential sectors. The proceeds of the offering are to be used to fund such a business combination.

Robert Tichio, Chairman of the Company's Board and a Partner at Riverstone, said, "We are excited to announce another investment vehicle, focused on critical and innovate initiatives that advance a low-carbon future. We are grateful for the support received from like-minded investors, who firmly believe that there are tremendous environmental and investment opportunities ahead of us, as a multitude of industries seek to reduce their carbon footprint. We look forward to identifying and then consummating a business combination with an exceptional company that has the potential to significantly scale up solutions for climate change."

Erik Anderson, Chief Executive Officer, said, "We have tremendous interest in our vision of decarbonizing the most carbon-intensive sectors, including the energy, agriculture, industrial, transportation, commercial and residential sectors."

Mr. Anderson continued, "We remain committed to this purpose and are excited to once again provide a path to enable our ultimate target to scale up and make a meaningful contribution to the fight against climate change."

Pierre Lapeyre, Jr. and David Leuschen, Co-founders of Riverstone, said, "Decarbonization Plus Acquisition Corporation II represents a further expansion of our 15-year franchise in low-carbon investments. During that time, we have established a number of industry leading companies of scale and numerous related projects, with more than $5 billion of equity to date and two special purpose acquisition companies focused exclusively on decarbonization. The IPO adds to the breadth of Riverstone's efforts and underscores the support from long-term and new investors. We believe that decarbonization will be a multi-decade investment megatrend and that Riverstone is well positioned, with deep experience, to make a significant impact for the environment and our investors. Having raised $1.6 billion in new capital across our low-carbon portfolio over the last year alone, we are actively furthering our efforts to address climate change with this new investment."

Credit Suisse and Citigroup acted as joint book running managers for the offering.

The public offering was made only by means of a prospectus, copies of which may be obtained from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, by telephone at 1-800-221-1037, or by email at usa.prospectus@credit-suisse.com or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, at 1-800-831-9146 or by email at Prospectus@citi.com.

A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the "SEC") on February 3, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Erik Anderson

Erik Anderson is a leader in global innovation recognized throughout his career for his business acumen and leadership. As the Founder and Chief Executive Officer of WestRiver Group (WRG), Anderson is redefining the paradigm of capital allocation with a transformative business model. The equity platform is led by gender-balanced teams, which empirical evidence suggests is correlated with better returns.

Anderson is a dynamic entrepreneur who challenges and disrupts industries. He has received the Ernst & Young Entrepreneur of the Year Award, was named by Goldman Sachs as one of the Top 100 Most Intriguing Entrepreneurs and was awarded the Transformative CEO Award by The CEO Forum Group. Early in his career, Seattle's Puget Sound Business Journal recognized Anderson as one of the top "40 under 40" young achievers and emerging leaders. Erik is currently Executive Chairman of Singularity University and Topgolf Entertainment Group. In 2019 and 2018 he was ranked by Golf Inc. as the No. 3 Most Powerful Person in the golf industry.

Erik holds a master's and bachelor's degree in Industrial Engineering from Stanford University and graduated cum laude with a bachelor's degree in Management Engineering from Claremont McKenna College.

About Riverstone

Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with over $41 billion of equity capital raised to date. Riverstone conducts buyout, growth capital, and credit investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London, Houston, Menlo Park, Mexico City and Amsterdam, the firm has committed approximately $43 billion to more than 200 investments in North America, South America, Europe, Africa, Asia, and Australia.

Forward Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the use of proceeds from this offering and identifying a target in a particular industry and consummating a business combination. No assurance can be given that the Company will be able to identify a suitable target and use the proceeds from the offering to successfully consummate a business combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's prospectus for the Company's initial public offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts

Investor inquiries:
info@dcrbplus.com

Media:

Daniel Yunger / Brinton Williams
Kekst CNC
daniel.yunger@kekstcnc.com / brinton.williams@kekstcnc.com

Erik Anderson inquires:
Stephanie@wrg.vc

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SOURCE Decarbonization Plus Acquisition Corporation II

FAQ

What was the total amount raised in the DCRNU IPO?

Decarbonization Plus Acquisition Corporation II raised $402.5 million in its IPO.

What does each unit of DCRNU consist of?

Each unit consists of one share of Class A common stock and one-third of a redeemable warrant.

What is the purpose of Decarbonization Plus Acquisition Corporation II?

The company aims to merge or acquire businesses that focus on decarbonizing high-emission sectors.

Who sponsored the DCRNU IPO?

The IPO was sponsored by Riverstone Holdings LLC.

What are the expected trading symbols for DCRNU's shares and warrants?

The shares will trade under the symbol 'DCRN' and warrants under 'DCRNW'.