REG - New Energy One Acqn. New Energy One-NEOW - Statement regarding potential business combination

New Energy One AcquisitionAnnouncement

23/06/2023 16:15

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RNS Number : 7881D  New Energy One Acquisition Corp.  23 June 2023

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FOR IMMEDIATE RELEASE.

 

23 June 2023

 

New Energy One Acquisition Corporation Plc

("NEOA" or the "Company")

Statement regarding potential business combination

 

The Board of NEOA notes the recent speculation that NEOA is in discussions
about a potential combination with a portfolio of carbon capture and storage
projects (the "CCS Assets") owned by Eni S.p.A. ("Eni") (the "Potential
Business Combination"). Eni International B.V., a wholly-owned subsidiary of
Eni, is a sponsor of NEOA.

NEOA confirms that it is in very preliminary discussions with Eni in
connection with the Potential Business Combination.

On 14 June 2023, NEOA's shareholders approved an extension to the deadline by
which NEOA may complete a business combination to 15 March 2024.

On 25 May 2023, NEOA announced that it believes that the carbon capture,
storage and utilisation ("CCUS") business provides the most compelling
opportunities within the Energy Transition sector. NEOA's ambition is to
create:

·   amongst the first pure-play publicly listed CCUS companies; and

·   a business operating across the CCUS value chain, incorporating carbon
management, capture, utilisation, transportation and storage.

Discussions in relation to the Potential Business Combination are at a very
preliminary stage and neither the transaction perimeter nor a valuation has
been agreed at this point, nor have the potential financing requirements for
NEOA been determined. There is no certainty that the Potential Business
Combination will be agreed or complete.

Assuming discussions on the Potential Business Combination progress, further
details of the information required under paragraph 5.6.18DR(2) of the Listing
Rules, including a description of the CCS Assets that are agreed as the
subject of the Potential Business Combination, all material terms of the
Potential Business Combination, the proposed timetable for the Potential
Business Combination and an indication of how the assets that are the subject
of the Potential Business Combination have been or will be valued by NEOA,
will be disclosed in a further announcement as soon as such information is
known.

 

 Enquiries:
 FGS Global       EnergyOne-LON@fgsglobal.com
 Kendall Bitonte  kendall.bitonte@fgsglobal.com
 Imaan Kara       imaan.kara@fgsglobal.com
                  +44 (0)20 7251 3801

 

Important Notice:

 

This announcement may include statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements may be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "projects", "anticipates", "expects",
"intends", "may", "will" or "should" or, in each case, their negative or other
variations or comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. Forward-looking statements may
and often do differ materially from actual results. Any forward-looking
statements reflect the Company's current view with respect to future events
and are subject to risks relating to future events and other risks,
uncertainties and assumptions relating to the Company's business, results of
operations, financial position, liquidity, prospects, growth and strategies.
Forward-looking statements speak only as of the date they are made.

 

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