Former Rice Energy Inc. CEO Daniel Rice is doubling down on the energy transition with the debut of a second sustainability-focused blank-check firm.

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Rice Acquisition Corp. II (RAC II) raised $345 million in its initial public offering (IPO), which closed last week. The company, founded and led by Rice, plans to use the proceeds to acquire assets in the energy transition sector.

The special-purpose acquisition entity laid out its plans in a filing with the Securities and Exchange Commission (SEC).

The focus is “on supply-side solutions and innovations that enable the economy to decarbonize” in various sectors. Among other things, RAC II cited the renewable fuels sector, along with “sustainable chemical production and feedstocks, carbon capture, utilization and storage...