TIDMRSE
RNS Number : 5398O
Riverstone Energy Limited
10 February 2021
LEI: 213800HAZOW1AWRSZR47
Riverstone Energy Limited
REL to invest $10 million in DCRB PIPE Transaction
London, UK (10 February 2021). RIGL Holdings, LP ("Riverstone"),
the Manager of Riverstone Energy Limited ("REL"), has announced the
signing of an agreement for REL to purchase $10 million of
Decarbonization Plus Acquisition Corporation ("DCRB") (NASDAQ:
DCRB) common stock in a private placement transaction (the "PIPE")
at $10 per share. The PIPE is concurrent with DCRB's announced
merger with Hyzon Motors Inc. ("Hyzon" or the "Company"), the
industry-leading global supplier of zero-emissions hydrogen fuel
cell powered commercial vehicles. REL is investing in this PIPE
alongside existing and new investors, including blue chip
institutional investors.
Hyzon, headquartered in Rochester, New York, is a
differentiated, pure-play, independent mobility company with an
exclusive focus on hydrogen in the commercial vehicle market. The
Company's proven and proprietary hydrogen fuel cell technology
enables zero emission, fleet based, commercial transport at
competitive performance as measured against both traditional fuel
sources and other alternative vehicle power sources. Through its
partnerships with market-leading suppliers and manufacturers, and
the Company's commercial relationships with retailers, consumer
goods companies, natural resource firms and governments, Hyzon has
rapidly expanded its commercial reach with supply agreements to
customers around the world. With a demonstrated technology
advantage, leading fuel cell performance and a history of rapid
innovation, Hyzon is catalyzing the adoption of hydrogen heavy
vehicles.
This investment, along with the recent decarbonisation
investments in FreeWire (a leading provider of battery-integrated
DC fast chargers) and Loanpal (a leading sustainable home
improvement fintech provider including residential solar),
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 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 12
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
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.
Forward Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended (the "Securities Act"), and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements, other
than statements of present or historical fact included in this
press release, regarding DCRB's proposed acquisition of Hyzon as
well as the combined company's strategy, future operations, plans
and objectives of management are forward-looking statements. When
used in this press release, the words "could," "should," "will,"
"may," "believe," "anticipate," "intend," "estimate," "expect,"
"project," the negative of such terms and other similar expressions
are intended to identify forward-looking statements, although not
all forward-looking statements contain such identifying words.
These forward-looking statements are based on current expectations
and assumptions about future events and are based on currently
available information as to the outcome and timing of future
events. Except as otherwise required by applicable law, REL and
DCRB disclaim any duty to update any forward-looking statements,
all of which are expressly qualified by the statements in this
section, to reflect events or circumstances after the date of this
press release. REL and DCRB caution you that these forward-looking
statements are subject to numerous risks and uncertainties, most of
which are difficult to predict and many of which are beyond the
control of either REL, DCRB or Hyzon. In addition, REL and DCRB
caution you that the forward-looking statements contained in this
press release are subject to the following factors: (i) the
occurrence of any event, change or other circumstances that could
delay the business combination or give rise to the termination of
the Business Combination Agreement and Plan of Reorganization,
dated as of February 8, 2021, by and among DCRB, DCRB Merger Sub
Inc., and Hyzon, any PIPE investor's subscription agreement, and
the other agreements related to the business combination (including
catastrophic events, acts of terrorism, the outbreak of war,
COVID-19 and other public health events), as well as management's
response to any of the foregoing; (ii) the outcome of any legal
proceedings that may be instituted against DCRB, Hyzon, their
affiliates or their respective directors and officers following
announcement of the transactions; (iii) the inability to complete
the business combination due to the failure to obtain approval of
the stockholders of DCRB, regulatory approvals, or other conditions
to closing in the transaction agreement; (iv) the risk that the
proposed business combination disrupts DCRB's or Hyzon's current
plans and operations as a result of the announcement of the
transactions; (v) Hyzon's ability to realize the anticipated
benefits of the business combination, which may be affected by,
among other things, competition, the pace and depth of hydrogen
vehicle adoption generally, and the ability of Hyzon to accurately
estimate supply and demand for its vehicles, and to grow and manage
growth profitably following the business combination; (vi) risks
relating to the uncertainty of the projected financial information
with respect to Hyzon, including the conversion of pre-orders into
binding orders; (vii) costs related to the business combination and
the PIPE investment; (viii) changes in applicable laws or
regulations, governmental incentives and fuel and energy prices;
(ix) the possibility that Hyzon may be adversely affected by other
economic, business, and/or competitive factors; (x) the amount of
redemption requests by DCRB's public stockholders; and (xi) such
other factors affecting DCRB that are detailed from time to time in
DCRB's filings with the Securities and Exchange Commission (the
"SEC"). Should one or more of the risks or uncertainties described
in this press release, or should underlying assumptions prove
incorrect, actual results and plans could different materially from
those expressed in any forward-looking statements. Additional
information concerning these and other factors that may impact the
operations and projections discussed herein can be found in DCRB's
final prospectus for its initial public offering, which was filed
with the SEC on October 21, 2020, and its periodic filings with the
SEC, including its Quarterly Report on Form 10-Q for quarterly
period ended September 30, 2020. DCRB's SEC filings are available
publicly on the SEC's website at www.sec.gov.
Important Information for Investors and Stockholders
In connection with the proposed business combination, DCRB will
file a proxy statement with the SEC. Additionally, DCRB will file
other relevant materials with the SEC in connection with the
business combination. Copies may be obtained free of charge at the
SEC's web site at www.sec.gov. Security holders of DCRB are urged
to read the proxy statement and the other relevant materials when
they become available before making any voting decision with
respect to the proposed business combination because they will
contain important information about the business combination and
the parties to the business combination. The information contained
on, or that may be accessed through, the websites referenced in
this press release is not incorporated by reference into, and is
not a part of, this press release.
Participants in the Solicitation
DCRB and its directors and officers may be deemed participants
in the solicitation of proxies of DCRB's stockholders in connection
with the proposed business combination. Security holders may obtain
more detailed information regarding the names, affiliations and
interests of certain of DCRB's executive officers and directors in
the solicitation by reading DCRB's final prospectus for its initial
public offering, which was filed with the SEC on October 21, 2020,
and the proxy statement and other relevant materials filed with the
SEC in connection with the business combination when they become
available. Information concerning the interests of DCRB's
participants in the solicitation, which may, in some cases, be
different than those of their stockholders generally, will be set
forth in the proxy statement relating to the business combination
when it becomes available.
For further details, see www.RiverstoneLLC.com
Neither the contents of Riverstone Energy Limited's nor
Riverstone Holdings' websites 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.
Media Contacts
For Riverstone Energy Limited:
Jingcai Zhu
+1 212 271 6261
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END
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