NET Power and Rice Acquisition II today announced a $50 million PIPE commitment from SK Group to support their proposed business combination. The groups also announced their intent to establish a NET Power-SK Joint Venture to pursue the origination and development of utility-scale NET Power plants across Asia.
This latest financing follows the addition last month of $275 million in PIPE commitments.
The new investment from SK brings the expected investment in NET Power to $895 million, consisting of $345 million from the SPAC’s trust account, less any redemptions, approximately $540 million from the PIPE raised at $10. per share, and $10 million from interim financing from an existing owner of NET Power to support its operations through the closing of the business combination.
Assuming no shareholders in Rice II redeem stock, the combined company is expected to have a market capitalization in excess of $2 billion.
NET Power and SK each expect to own a 50% stake. Read more.
