Livestream and Eni plan to raise more than $230 million for the energy transition

Livestream and Eni plan to raise more than $230 million for the energy transition

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American video streaming platform Livestream and Italian oil company Eni are set to list their company NEOA (New Energy One Acquisition) on the London stock exchange (LSE) and raise $230 million to change the course of energy production. 

Eni has agreed to finance 17.5 million pounds of the capital increase as the initial public offering (IPO), with the option to grow to 25 million pounds.

NEOA, the Uk’s biggest special purpose acquisition company (SPAC) focusing on the energy transition, is backed by LiveStream and Eni.

A SPAC is a shell business that generates money through an IPO in order to combine with a firm, which then becomes actively listed.

Eni is investing extensively in sustainable industries as it transitions away from oil and gas, having boosted its climate aspirations last year with a pledge to be environmentally safe by 2050.

Following a recent market rout, European markets rallied on Wednesday as buyers bought beaten-down firms. Following Russia’s invasion of Ukraine, Unilever rose 1.0 percent after becoming the first major European grocery chain to halt imports and exports from the country.

Adidas (ADDYY) rose 8.2 percent after the German sportswear maker said it expected sales to improve in China.

In choppy trade, stock markets plummeted, and oil prices rose 4% to $127 per barrel. UniCredit, Italy’s second-largest bank, rose 7.3 percent, while BNP Paribas (BNPQY), a French bank, rose 7.6 percent.

Volkswagen (VOWG)’s business Porsche will halt manufacturing of its electric Taycan vehicle until the end of next week at the group’s Stuttgart-Zuffenhausen facility.

Due to Russia’s invasion of western Ukraine, European carmakers are having difficulty obtaining critical wire harnesses. UniCredit’s stock soared up to 8%, outpacing the sector’s recovery.

The FTSE 100 in London gained on Wednesday, boosted by advances in financial companies following Prudential’s positive results report.

Prudential rose 5.8% after the Asia-focused insurer reported a 16 percent increase in its operating profit for 2021. On Tuesday, major QSRs like McDonald’s and Starbucks halted sales of their most well-known products in Russia.

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