Rice Acquisition Corp. (RICE) shares have soared 6.94% at $18.50 in today’s premarket session and added 12.92% to finish the last trading session at $17.30.
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The shares of Rice Acquisition Corp. have had an incredible increase of 71.29% in the last five days. Additionally, they have gained 63.67% over the last thirty days. The stock price has added 61.68% over the last three months and has gained 59.74 percent so far this year.
Rice Acquisition Corp (RICE), one of the largest natural gas producer in the US, announced to lead a merger between two renewable energy companies, Thursday. RICE stock has seen an incredible 6.94% surge following the news.
What happened
RICEdeclared it aim to the public to lead a merger between Aria Energy and Archaea Energy to initiate the expansive U.S. renewable natural gas (RNG) objectives. The business combination willtake the approximate valuation of the companies to $1.15 billion and is predicted to close in the third quarter of 2021.
The Archea Energy Name will be sustained for the merger, with emphasis on diminishing carbon emissions through gas conversion, and green hydrogen.
Aria Energy emphasizes on converting feedstock to RNG and specializes in the Land Fill Gas (LFG) sector. Archea reported RNG produced from the merged companies will be expected to increase 70% in volume, agreed under a fixed-price with investors and customers.
Conclusion
RICE offered a better-than-expected outlook for the current quarter, and are anticipated to produce a decent profit as their stock price surged 71.29% after announcing leading the merger between Aria energy and Archaea, a renowned company in the lucrative Natural gas market. Furthermore, an emphasis on reduced carbon emissions has further raised investor interest.
