NEW YORK, Dec 22 (Reuters) – Rain Enhancement
Technologies Inc, a developer of programs that enhance rainfall in
arid areas, has agreed to mix with particular goal
acquisition firm (SPAC) dMY Technology Group VI, the
corporations instructed Reuters.
Led by Mike Nefkens, the previous president of Hewlett Packard
Enterprise Services, Rain Enhancement Technologies – to be identified
as Rainwater Tech – plans to commercialize a technique referred to as
ground-based ionization that makes clouds drop extra rain.
The merger values Rainwater Tech at $200 million, with dMY
VI utilizing the $241 million it raised via its preliminary public
providing in October 2021 to capitalize the corporate.
More than 2.3 billion folks reside in water-stressed areas,
that means they do not have sufficient to meet customary wants, in accordance
to the United Nations. This quantity will rise as a warming world
creates drought circumstances in extra locations, and local weather change
impacts the water cycle, influencing climate patterns and
depositing in many areas much less rainfall than historic norms.
The firm’s mast, that creates the ionization, could be set
up in round 4 months and produces the consequences in a radius of
greater than 50 miles from the antenna, Nefkens instructed Reuters in an
interview, with Rainwater Tech charging a recurring subscription
for the infrastructure and related information.
It plans to begin promoting the know-how in 2023, focusing on
companies, insurance coverage corporations, farmers and governmental
businesses as potential prospects.
“This is just not a know-how which creates rain out of blue
sky, however it’s about maximizing the quantity of rain when the
circumstances are proper,” Nefkens stated.
This would be the fifth blank-check car backed by dMY
Technology Group which has discovered a accomplice in the final
two-and-a-half years, together with quantum computing firm IONQ
Inc and information analytics agency Planet Labs.
“We are seeing a rotation in investor sentiment from issues
that are good to have in the direction of issues which we will not reside
with out,” stated Niccolo de Masi, CEO of dMY VI.
“There are options to vitality. There is not any back-up to
water.”
(Reporting by David French in New York
Editing by Mark Potter)