A london-listed SPAC vehicle advised by Amber Rudd, the U.K.'s former home secretary, is in talks to merge with a portfolio of carbon capture and storage (CCS) projects part-owned by Eni, the Italian energy giant.
Sky News reports that New Energy one Acquisition Corporation is in advanced discussions about a combination with the Bacton and HyNet projects, which together will be capable of storing 20 million tons of carbon annually by 2030.
A formal deal remains some way off, according to the report. Key details, including a precise valuation and the composition of the assets to be included in the merger, have yet to emerge.
However, one energy sector banker said on Thursday that if completed, the combination would result in the public listing in London of one of the most significant energy transition-focused companies to date. Read more.