Direct Air

NET Power and Rice Acquisition Corp. II Announce Upsized PIPE Commitments from Occidental and Rice Family

Retrieved on: 
Monday, April 24, 2023
Environment, Utilities, Oil, Gas, Alternative Energy, Green Technology, Energy, Exercise, SN1, Direct Air, NET Power Demonstration Facility, PIPE, NET, Carbon, FEED, NYSE, Rice, Transport, CO2, Renewable energy, Occidental

NET Power, LLC (“NET Power”) and Rice Acquisition Corp. II (NYSE: RONI) (“RONI”) today announced an additional $275 million of PIPE commitments in connection with their proposed business combination.

Key Points: 
  • NET Power, LLC (“NET Power”) and Rice Acquisition Corp. II (NYSE: RONI) (“RONI”) today announced an additional $275 million of PIPE commitments in connection with their proposed business combination.
  • In support of the plant, NET Power expects Occidental will be a key offtaker of the clean power generated by SN1.
  • Incoming NET Power CEO Danny Rice said, “We’re confident that NET Power’s patented power plant technology is the only technology that can deliver all-in-one clean, reliable and low-cost power, and the more time we spend with the NET Power team and the technology, the more excited we get.
  • The net proceeds above $200 million are expected to support SN1 capital needs and future commercial origination efforts.