NEXT Renewable Fuels to go public with $666M valuation following SPAC merger

In Texas, Reuters reports NEXT Renewable Fuels will merge with a newly-formed subsidiary of Industrial Tech Acquisitions II Inc. into a special purpose acquisition company (SPAC), also known as a blank-check firm that will then go public in a deal that should value the new company at $666 million. The deal will provide an injection of up to $176 million in cash when it closes during the second quarter of next year. The new company, NXTCLEAN Fuels Inc, will take over the development of the 50,000 barrel per day biorefinery in Oregon NEXT Renewable Fuels has been promoting