Ares Management-backed Aria Energy and Archaea Energy went public via a SPAC merger with Rice Acquisition in a $1.15bn deal.

Ares Management-backed Aria Energy, a provider of renewable energy, and Archaea Energy, a company engaged in developing renewable natural gas, went public via a SPAC merger with Rice Acquisition, a special purpose acquisition company, in a $1.15bn deal. Rice Acquisition’s heavily oversubscribed and upsized PIPE obtained $300m in commitments led by institutional investors including The Baupost Group, BNP Paribas, CIBC, Goldman Sachs Asset Management, and Wellington Management. “We are on a mission to transform the role of RNG in empowering organizations to decarbonize and achieve their sustainability goals. In Aria, we found an irreplicable asset base and a team who shares our vision to harness the power of RNG and help both landfill owners/operators and investment-grade buyers of RNG meet their sustainability targets. The new capital raised will accelerate the combined Company’s growth and solidify its leadership in the industry," Nicholas Stork, Archaea Co-Founder and CEO. On September 9, 2021; Rice Acquisition announced stockholder approval of business combination with Aria Energy and Archaea Energy.