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Riverstone Energy Ltd on Monday said it has sold all its shares in the Louisville, Colorado-based producer of all solid-state batteries for electric vehicles, Solid Power Inc. The London-based energy infrastructure and energy transition credit investor said the sale generated $25.9 million in gross proceeds, representing a 62% increase on the net asset value of Solid Power at the end of June, which was $16.0 million. Following the completion of the transaction, Riverstone said it will hold net cash of around $276 million. It expects to return a ‘substantial proportion’ of this to shareholders, net of reasonable provisions for running costs in the expected managed wind-down period. The cash will be returned through a pro-rata compulsory redemption of ordinary shares, which will be announced in early October. Riverstone Energy said it paid an adjustment payment to the investment manager RIGL Holdings LP after it started the managed wind-down, in accordance with the investment management agreement. The adjustment payment was calculated using the net asset value of Solid Power at the end of June. Therefore, Riverstone Energy said no further adjustment payments will be due to the investment manager from the sale of the Solid Power shares. Shares in Riverstone Energy were down marginally, by under 0.1%, at 919.99 pence in London on Monday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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