TIDMRSE
RNS Number : 9698B
Riverstone Energy Limited
15 June 2021
LEI: 213800HAZOW1AWRSZR47
Riverstone Energy Limited
REL to invest $20 million in DCRC PIPE Transaction
London, UK (15 June 2021). RIGL Holdings, LP ("Riverstone"), the
Manager of Riverstone Energy Limited ("REL"), has announced the
signing of an agreement for REL to purchase $20 million of
Decarbonization Plus Acquisition Corporation III ("DCRC") (NASDAQ:
DCRC) common stock in a private placement transaction (the "PIPE")
at $10 per share. The PIPE is concurrent with DCRC's announced
merger with Solid Power Inc. ("Solid Power" or the "Company"), an
industry-leading producer of all-solid-state batteries for electric
vehicles. REL is investing in this PIPE alongside existing and new
investors, including blue chip institutional investors.
With eight years of technology development and three years of
manufacturing development, Solid Power has been working to deliver
on one objective - produce better performing all-solid-state
batteries using low-cost, industry standard processes. Solid Power
manufactures its batteries on the company's pilot production line,
which essentially mirrors lithium-ion manufacturing processes,
while eliminating certain expensive and timely steps. Solid Power's
all-solid-state batteries could provide a near 500-mile vehicle
range on a single charge, which is 50 to 75 percent greater than
any commercially available lithium-ion battery today. The safety
profile of Solid Power's batteries is also improved over
traditional lithium-ion as a result of its truly all-solid cell
architecture. Solid Power's partners Ford and BMW expect to
integrate the company's batteries in future electric vehicles.
This investment, along with the recent decarbonisation
investments in FreeWire (a leading provider of battery-integrated
DC fast chargers), Loanpal (a leading sustainable home improvement
fintech provider including residential solar) and Hyzon (the
industry-leading global supplier of zero-emissions hydrogen fuel
cell powered commercial vehicles), 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 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
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$42 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, Riverstone has committed approximately
US$43 billion to more than 200 investments in North America, South
America, Europe, Africa, Asia, and Australia.
For further details, see www.RiverstoneLLC.com
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, 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 presentation, regarding
DCRC's proposed acquisition of Solid Power, DCRC's ability to
consummate the transaction, the benefits of the transaction and the
combined company's future financial performance, as well as the
combined company's strategy, future operations, estimated financial
position, estimated revenues and losses, projected costs,
prospects, 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 management's 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, DCRC and Solid Power 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. DCRC and Solid
Power 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 DCRC or
Solid Power. In addition, DCRC cautions 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 agreements
related thereto; (ii) the outcome of any legal proceedings that may
be instituted against DCRC or Solid Power following announcement of
the transactions; (iii) the inability to complete the business
combination due to the failure to obtain approval of the
shareholders of DCRC, or other conditions to closing in the
transaction agreement; (iv) the risk that the proposed business
combination disrupts DCRC's or Solid Power's current plans and
operations as a result of the announcement of the transactions; (v)
Solid Power's ability to realize the anticipated benefits of the
business combination, which may be affected by, among other things,
competition and the ability of Solid Power to grow and manage
growth profitably following the business combination; (vi) costs
related to the business combination; (vii) changes in applicable
laws or regulations; (viii) rollout of Solid Power's business and
the timing of expected business milestones, (ix) the effects of
competition on Solid Power's business, (x) supply shortages in the
materials necessary for the production of Solid Power's products,
(xi) risks related to original equipment manufacturers and other
partners being unable or unwilling to initiate or continue business
partnerships on favorable terms, (xii) the termination or reduction
of government clean energy and electric vehicle incentives, (xiii)
delays in the construction and operation of production facilities,
(xiv) the amount of redemption requests made by DCRC's public
stockholders, (xv) changes in domestic and foreign business,
market, financial, political and legal conditions, and (xvi) the
possibility that Solid Power may be adversely affected by other
economic, business, and/or competitive factors. 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 DCRC's periodic filings with the
SEC, including DCRC's final prospectus for its initial public
offering filed with the SEC on March 25, 2021. DCRC's SEC filings
are available publicly on the SEC's website at www.sec.gov.
Important Information and Where to Find It
In connection with the proposed business combination, DCRC will
file a registration statement on Form S-4 (the "Registration
Statement") with the Securities and Exchange Commission (the
"SEC"). The Registration Statement will include a proxy
statement/prospectus of DCRC. Additionally, DCRC 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 DCRC are urged to read the
proxy statement/prospectus 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
DCRC and its directors and officers may be deemed participants
in the solicitation of proxies of DCRC'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 DCRC's executive officers and directors in
the solicitation by reading DCRC's final prospectus for its initial
public offering filed with the SEC on March 25, 2021, and the proxy
statement/prospectus and other relevant materials filed with the
SEC in connection with the business combination when they become
available. Information concerning the interests of DCRC'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/prospectus relating to the business
combination when it becomes available.
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
Natasha Fowlie
+1 212 271 6261
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END
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June 15, 2021 07:35 ET (11:35 GMT)
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