Completes Merger with Rice Acquisition Corp. II to Accelerate Clean Natural Gas Power Generation
Summary
NET Powers proven technology generates near zero-emissions utility-scale power, delivering the worlds first scalable solution that achieves the energy trifecta: clean, affordable, reliable energy Combined company expected to have enterprise value of approximately $1.5 billion, Class A common stock will commence trading on the New York Stock Exchange under ticker symbol NPWR on June 9, 2023 Transaction provides more than $675 million in gross proceeds, including $540 million in PIPE capital from financial and strategic investors, as well as more than $135 million of cash-in-trust Proceeds from the transaction will be used to fund corporate operations through planned commercialization in 2026 and accelerate deployments of NET Powers patented technologyJune 8, 2023 DURHAM, NC NET Power, LLC, an energy company whose proprietary technology delivers clean, affordable, reliable energy, and Rice Acquisition Corp. II (NYSE: RONI) (RONI), a publicly traded special purpose acquisition company, today announced the completion of their previously announced business combination (the Business Combination). We are pleased to collaborate with NET Power as its partner in the global deployment of this technology in the years to come.Guggenheim Securities, LLC acted as lead financial advisor to RONI in connection with the Business Combination. Founded in 2010 and headquartered in Durham, North Carolina, NET Power has received strategic investments from key industry partners including 8 Rivers, Constellation, Occidental, Baker Hughes and SK Group. (NYSE: BP) acquired for a cash consideration of $4.1 billion in December 2022, generating a 2.6x return on investment for LFG PIPE investors in approximately one year. These forward-looking statements generally are identified by the words believe, project, expect, seek, anticipate, estimate, intend, strategy, future, opportunity, plan, may, should, could, will, would, will be, will continue, will likely result and similar expressions.