Rice Acquisition II and NET Power today announced a definitive agreement to enter into a business combination at an implied pro forma enterprise value of $1.459 billion.
NET Power has developed a technology that delivers clean, reliable, and low-cost power from natural gas.
If the deal is approved as expected in the second quarter of 2023, NET Power would list on the NYSE under the ticker symbol NPWR.
Assuming no redemptions, the transaction is expected to provide NET Power with approximately $535 million of cash, net of transaction fees, consisting of $347 million cash in trust — of which $10 million is subject to a non-redemption agreement — and $225 million in PIPE commitments.
Total committed investment of $235 million is comprised of $100 million from the Rice Family and affiliates through a $90 million PIPE commitment and $10 million non-redemption agreement, and PIPE commitments of $100 million from Occidental, $5 million from 8 Rivers, $5 million from Constellation, and $25 million from other investors. Read more.
