Riverstone Energy Buys Interest in Samsung Ventures Battery Portfolio
August 17 2021 - 4:35AM
Dow Jones News
By Adria Calatayud
Riverstone Energy Ltd. said Tuesday that it has bought an
interest in one of Samsung Ventures' battery-technology-focused
portfolios, which includes a stake in Solid Power Inc., for $30
million.
The London-listed energy investor said the Samsung Portfolio
consists of seven unrealized investments with the majority of value
deriving from around 1.7 million shares in Solid Power. Riverstone
affiliates purchased an interest for $3 million, the investor
said.
Solid Power, a producer of batteries for electric vehicles, in
June agreed to go public through a combination with a
special-purpose acquisition company, Decarbonization Plus
Acquisition Corp. III.
Riverstone said it owns founder shares and warrants in the SPAC
and has a commitment to purchase $20 million of common stock in a
private-placement transaction at $10 a share. Based on this
valuation, the Samsung portfolio's shares in Solid Power would be
valued at $64 million, Riverstone said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
August 17, 2021 04:25 ET (08:25 GMT)
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