(Finance) – AleAnna Energya company that aims to become one of the main Italian producers of conventional and renewable natural gas, e Swiftmerge Acquisition Corp.a SPAC listed on the Nasdaq, have entered into a definitive business combination agreement. The business combination is expected to close in the third or fourth quarter of 2024 and, once completed, the combined company will be renamed AleAnna and listed on Wall Street.
Founded in 2007AleAnna operates in Italy and is led by a team of industry experts with experience at Shell and Eni, we read in a note. AleAnna has focused its development strategy on selected high-quality onshore conventional gas resources. This includes theimportant Longanesi deposit, located in the Po Valley, which represents the largest natural gas discovery made in Italy in the last 20 years. Five initial drilled and tested wells are expected to begin production in the first quarter of 2025. The company also develops biomethane projects, the ultimate renewable natural gas (RNG), near its conventional plants.
AleAnna says it has exciting prospects at Gradizza and Trava, with plans for initial production in 2026. Additionally, AleAnna holds 13 additional exploration prospects expected to be developed over the next decade, approximately 1.4 million net acres of resource potential and a total of 22 concessions, permits and applications pending.
“This is an exciting time for AleAnna and her team,” he commented Marco Bruna 30-year veteran of the energy industry and CEO by AleAnna – With the Longanesi development’s upcoming initial production, AleAnna is positioned to expand its conventional and renewable production. We are excited about our team’s impressive track record and capabilities, the near-term production potential from our conventional discoveries and prospects, and our rapidly growing RNG business. The proposed business combination and listing will enable us to accelerate our growth, our strategy and, most importantly, our mission to responsibly advance the clean energy transition.”
Existing AleAnna shareholders will contribute 100% of their existing holdings into the combined company. In preparation for the execution of the merger agreement, AleAnna’s existing investors recently invested more than $60 million in cash, bringing the cumulative investment in AleAnna to date at nearly $175 million. The recent investment is expected to provide sufficient funding to complete the Longanesi field connection, initial RNG asset acquisitions, cover transaction expenses and provide overall corporate liquidity.