SSNHZ Samsung Electronics Company Ltd (PK)

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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