By Michael Susin

New Energy One Acquisition Corp. confirmed on Friday that is in talks with Italian energy group Eni regarding a potential combination with a portfolio of carbon-capture and storage projects.

In a statement responding to press speculation, the London-listed group said that discussions are at a very preliminary stage, and that neither the transaction nor a valuation has been agreed.

Sky News reported on Thursday that New Energy One Acquisition was in advanced talks to merge with U.K. carbon-capture and storage projects Bacton and HyNet in a deal that could be valued at around 1 billion pounds ($1.27 billion) and would create one of the most significant energy transition-focused groups to date listed in London.

Eni International B.V., a wholly-owned subsidiary of Eni, is a sponsor of New Energy One Acquisition.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

June 23, 2023 11:54 ET (15:54 GMT)

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