Newly-formed Verde Clean Fuels emerged from the completion of the business combination between CENAQ energy and Bluescape Clean Fuels Intermediate Holdings. Verde shares and warrants began trading today on the Nasdaq under the symbols VGAS and VGASW.
CENAQ stockholder redemptions wiped out nearly $159 million from the SPAC's trust ahead of the merger vote. The combined company was then expected to receive the remaining funds from the trust along with $32 million from two PIPEs for aggregate proceeds of approximately $51 million, prior to transaction expenses.
The SPAC raised $172.5 million in an August 2021 IPO.
Verde developed and owns a proprietary syngas-to-gasoline (“STG+®”) technology which is designed to produce renewable gasoline utilizing waste feedstocks that are otherwise landfilled, according to a press release. The renewable gasoline can result in more than a 60% reduction in carbon intensity versus traditional hydrocarbon-based gasoline based on GREET-style Carbon Intensity analysis. Verde's process also can produce a lower carbon gasoline from flared or economically disadvantaged natural gas. Verde's multi-patented technology has been developed over the past 15 years and tested at its demonstration facility in New Jersey. Read more.
Source: CENAQ Energy and Bluescape Clean Fuels Close Merger to Become Verde Clean Fuels