CO2 Energy Transitions (ticker: NOEM) is a SPAC — a blank check company with no operations, revenues, or identified acquisition target. Its sole purpose is to identify and merge with a private company in the energy sector, thereby taking that company public. CO2 Energy Transitions raised $69M in its November 2024 IPO, with proceeds held in trust invested in U.S. government securities. The company has until May 2026 to complete an acquisition, with an option to extend to 24 months if the sponsor deposits additional funds. If no deal closes, the trust is liquidated and public shareholders receive approximately $10.00 per share. The sponsor's economics come from founder shares and 265,000 private placement units purchased at $10.00 each, which become valuable if a deal closes and the post-combination stock trades above the effective cost basis. Each IPO unit also includes a warrant to buy shares at $11.50 post-deal. CO2 Energy Transitions is targeting private energy companies with enterprise values between $100M and $1B, with a focus on energy transition-related businesses, including traditional oil and gas, power sector decarbonization, lower-carbon liquid fuels (such as biodiesel, hydrogen, and sustainable aviation fuel), and energy transition services. No acquisition target has been identified.