NET Power and Rice Acquisition II added $275 million of PIPE commitments to support their proposed business combination.
Occidental has increased its commitment to the PIPE by $250 million, bringing its total investment to $350 million, while the Rice family has committed an additional $25 million to the PIPE, bringing their total investment to $125 million.
The new commitments bring the expected gross proceeds of the business combination to $845 million for NET Power, consisting of approximately $345 million from the SPAC’s trust account (assuming no redemptions), and approximately $500 million from the PIPE raised at $10 per share. Again, assuming no redemptions, the combined company is expected to have a market capitalization in excess of $2 billion.
NET Power has developed a technology that delivers clean, reliable, and low-cost power from natural gas. The deal with Rice II was announced in December. Read more.
