Spring Valley Acquisition Corp. II Completes $230 Million Initial Public Offering

Spring Valley Acquisition Corp. II (the “Company”), a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, today announced the closing of its initial public offering of 23,000,000 units at a price of $10.00 per unit, which includes the exercise in full by the underwriters of their overallotment option to purchase an additional 3,000,000 units. Total gross proceeds from the offering were $230 million before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

The units began trading on The Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbol “SVIIU” on October 13, 2022. Each unit consists of one Class A ordinary share of the Company, one right to receive one-tenth of one Class A ordinary share of the Company and one-half of one redeemable public warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares, rights and warrants are expected to be listed on the Nasdaq under the symbols “SVII,” “SVIIR” and “SVIIW,” respectively.

While the Company may pursue an initial business combination target in any business or industry, the Company intends to target companies in the sustainability industry, including renewable energy, resource optimization, environmental services, and grid infrastructure, which complement the backgrounds of the Company’s management team. The Company is led by its Chief Executive Officer and Chairman, Chris Sorrells, and Chief Financial Officer, Rob Kaplan. The Company’s primary sponsor is an affiliate of Pearl Energy Investment Management, LLC (“Pearl”), an investment firm that focuses on partnering with experienced management teams to invest in the North American energy and sustainability sectors. Pearl typically targets opportunities requiring $25 million to $150 million of equity capital.

Citigroup Global Markets, Inc. and Guggenheim Securities, LLC acted as joint book-running managers for the offering.

The offering was made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained from: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146, or Guggenheim Securities, LLC, 330 Madison Avenue, New York, New York 10017, or by accessing the Securities and Exchange Commission’s (“SEC”) website, www.sec.gov.

A registration statement relating to the offering has been filed with, and declared effective by, the SEC on October 12, 2022. Copies of the registration statement, as amended, can be accessed through the SEC’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including the anticipated use of the net proceeds from the offering. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the offering filed with the SEC and the preliminary prospectus included therein. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

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