Rain Enhancement Technologies, Inc. (RET), a company specializing in rainfall generation technology, has announced a business combination with Coliseum Acquisition Corp., a special purpose acquisition company (SPAC). According to a company statement, once the merger is finalized, the combined entity will be listed on Nasdaq under the ticker symbol "RAIN." The transaction values RET at $45 million.
RET develops ionization rainfall generation technology, which aims to address global water scarcity issues affecting various sectors. The company’s technology, which has demonstrated efficacy in trials, including a six-year study in Oman showing a 16% increase in rainfall, leverages natural physics to stimulate rainfall. This approach is intended to provide a scalable and sustainable solution to the growing global water supply-demand gap, projected to reach 40% by 2030.
The merger aims to bolster RET’s financial position, enabling it to scale its technology and expand its market presence. Chris Riley, an experienced executive with a background in technology sectors, will continue to lead RET. Riley's extensive leadership experience includes significant roles at DataRobot, Automation Anywhere, and Dell, where he successfully managed large-scale business operations and growth initiatives.
RET’s strategy includes building relationships with private organizations, government entities, and major agricultural companies, creating a pipeline of potential customers. The company has secured exclusive licenses for relevant intellectual property and plans to collaborate with leading engineers, scientists, and climatologists to enhance its technology further.
“The world desperately needs enhanced water resources in order to meet massive and rapidly growing demand,” said Chris Riley, CEO of RET. “Entering into this agreement to merge with Coliseum represents a decisive step towards delivering on our vision to be a pioneering force in the water and climate adaptation space. RET aims to accelerate our growth plans and commercialize a robust rain enhancement platform, in part by leveraging the added financial strength we anticipate from going public.”
“We are confident that RET’s innovative rainfall ionization platform is uniquely positioned to meet the massive market demand from private industries and governments around the globe,” said Charles Wert, CEO of Coliseum. “With the necessary capital, we believe RET can successfully scale and lead this emerging and critical market sector.”
The transaction is subject to customary closing conditions and shareholder approvals. RET’s goal is to become a leading force in the water and climate adaptation market, addressing the critical need for enhanced water resources globally.
