NEXT Renewable Fuels to go public in $666 MM SPAC deal
(Reuters) - NEXT Renewable Fuels Inc said on Monday it would go public in a blank-check deal that values the combined company at $666 MM, amid soaring demand for renewable diesel and sustainable aviation fuel.
NEXT Renewable produces low-carbon fuels from organic feedstock and is currently developing a refinery in Oregon with a capacity of 50,000 bpd.
"NXT is advancing toward becoming one of the largest US-based suppliers of clean fuels ... pursuing potential vertical expansion into other clean fuels," Chief Executive Christopher Efird said.
The Houston-based company will merge with a newly-formed subsidiary of Industrial Tech Acquisitions II Inc, and the combined company will trade as NXTCLEAN Fuels Inc after the deal closes.
The deal, which is expected to close in the second quarter of 2023, will provide up to $176 MM in cash to the new company.
A special purpose acquisition company (SPAC), also known as a blank-check firm, raises money in an initial public offering for the purpose of merging with a private company and taking it public.
(Reporting by Sourasis Bose in Bengaluru; Editing by Vinay Dwivedi)
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