REL to invest $20 million in DCRC PIPE Transaction

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

[phone]

 

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