RBio energy and Perception Capital III today announced a definitive business combination agreement.
Terms call for the holders of RBio Energy's outstanding shares to receive equity in Perception valued at approximately $350 million, subject to adjustments. Perception said it currently has over $42 million of cash in its trust account.
RBio Energy is a newly-formed company based in Washington state, with the intent to develop, acquire, and consolidate biorefinery, biogas, and biomass assets. RBio Energy's initial activities are expected to be focused on the US Pacific Northwest.
The SPAC was originally named Portage Fintech Acquisition, which rebranded as Perception Capital III following a change in sponsor and management last year. The new managing sponsor, Perception Capital Partners III-A, is affiliated with Perception Capital Partners, a private and public investment firm and serial sponsor of special spacs. Portage originally raised $240 million in a July 2021 ipo.