NET Power has completed its merger with Rice Acquisition Corp II, raising $675 million to expand its backlog of power plant projects and roll out natural gas power plants that produce zero emissions by capturing carbon dioxide, water, and nitrogen without producing air pollutants. Existing NET Power investors, including Constellation, 8 Rivers, Occidental, and Baker Hughes, have decided to roll 100% of their stake into the new company.
Ladies and gentlemen, gather round, for we have some exciting news from the world of energy. NET Power, the North Carolina-based company that’s been dabbling in the dark arts of zero-emission electricity, has decided to grace the New York Stock Exchange with its presence. They’ve completed their merger with special purpose acquisition company Rice Acquisition Corp II and started trading under the ever-so-catchy ticker symbol NPWR. I suppose when you’re worth $1.5 billion, you can afford to splash out on a fancy ticker symbol.
But wait, there’s more! This merger has conjured up a cool $675 million, with $135 million from Rice’s trust account and a whopping $540 million from private investment in public equity (PIPE) capital from strategic and financial investors. Occidental has even chipped in $10 million in interim funding to keep NET Power’s gears turning until the transaction is complete. With all this cash in hand, the company plans to expand its backlog of power plant projects, with deliveries expected to start in 2026.
Now, you may be wondering, “What’s all the fuss about?” Well, it’s not every day that a company comes along promising to revolutionize the energy industry with natural gas power plants that produce zero emissions. That’s right, folks – this isn’t your grandpa’s energy company. NET Power has developed a brand-new process for capturing carbon dioxide, water, and nitrogen without producing pesky air pollutants. It’s like some kind of alchemy, but for energy.
Existing NET Power investors, including Constellation, 8 Rivers, Occidental, and Baker Hughes, are so enamored with this wizardry that they’ve decided to roll 100% of their stake into the new company. If that’s not a vote of confidence, I don’t know what is.
As for who’s going to lead this brave new venture into the world of clean, affordable, and reliable energy, former Rice Energy CEO and RAC II Director Danny Rice has agreed to take the reins as CEO of the combined company. I suppose it’s only fitting that a man named Rice would take charge of a company that merged with Rice Acquisition Corp II. Serendipity at its finest.
In a quote that’ll surely go down in history, Rice said, “This deal sets NET Power on a path to accelerate the build-out and commercialization of our technology and bring the world the trifecta of clean, affordable and reliable energy.” Talk about setting the bar high. But with a technology that has the potential to transform the energy economy and play a major role in the fight against climate change, who can blame him for being optimistic?
So, there you have it. NET Power is making waves in the energy industry, promising a future where we can have our energy cake and eat it too. With a market capitalization of over $2 billion, investors are clearly eager to see what kind of sorcery this company has up its sleeve. Let’s just hope it lives up to the hype and continues to pave the way toward a cleaner, healthier, and more sustainable future for all.