NET Power and Rice Acquisition II completed their business combination. NET Power stock and warrants started trading today on the NYSE under the ticker symbols NPWR and NPWR WS.
NET Power has an initial enterprise value of approximately $1.5 billion and a market capitalization in excess of $2 billion. Proceeds from the transaction are expected to provide NET Power with ample capital to fully fund its corporate operations and grow its backlog of utility-scale power plant projects, with plant deliveries expected to begin in 2026.
NET Power received more than $675 million, consisting of more than $135 million from the SPAC’s trust account and approximately $540 million in a PIPE. Additionally, Occidental provided $10 million in interim financing to support NET Power’s operations through the closing of the merger.
Existing strategic investors in NET Power, including Occidental, Baker Hughes, Constellation and 8 Rivers (a subsidiary of SK Group), have rolled 100% of their equity into the combined company.
Since the deal was announced in December, NET Power upsized the PIPE from $225 million to $540 million. Read more.
