What happened Rice Acquisition (NYSE: RICE) announced a business combination with two renewable energy companies Thursday. The news sent the stock of the special purpose acquisition company (SPAC) soaring more than 40% at the market open. Shares pared those gains, but remained up 31.1% as of 10:20 a.m. EDT. So what Rice announced it plans to lead a business combination of Aria Energy and Archaea Energy to create the leading U.S. renewable natural gas (RNG) platform. The merger will value the combined company at $1.15 billion, and is expected to close in the third quarter of 2021. It will take the Archaea Energy name, and focus on reducing carbon emissions through landfill gas conversion, CO2 sequestration, and green hydrogen. A landfill-to-energy facility that produces renewable natural gas. Image source: Getty Images. Now what Aria Energy is one of North America's largest companies in the landfill gas (LFG) sector, converting the feedstock to RNG. Archaea believes it currently has higher demand through its existing partnerships than the entire RNG production in the market today. It said RNG volume from the newly combined company will be 60%, and possibly more than 70%, contracted under fixed-price arrangements with investment-grade customers. The contracted business should limit earnings volatility. Additionally, U.S. landfill waste is expected to grow for the next 20 to 30 years, creating up to 60 years of LFG feedstock availability, the companies said in a joint statement. 10 stocks we like better than Rice Acquisition Corp.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Rice Acquisition Corp. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source