Rice Acquisition Corp. II (NYSE: RONI) today announced an additional $50 million to its PIPE in connection to its business combination with clean natural gas producer NET Power, bringing the total committed capital to approximately $560 million.
The PIPE commitment comes from SK Group, which also announced its intent to establish a NET Power-SK joint venture to pursue the origination and development of utility-scale NET Power plants across Asia.
As part of the joint venture, SK will utilize NET Power’s patented oxy-combustion supercritical CO2 power cycle with SK’s regional footprint and project development expertise to deploy clean, reliable, low-cost power across key markets. The parties expect to each own a 50% stake in the common equity of the joint venture, which is subject to negotiation and execution of definitive documentation.
Following today’s new commitments, Rice II now expects the business combination to provide NET Power with $895 million in gross proceeds. But, the company anticipates that it will only need $200 million from the business combination and the PIPE to fully fund corporate operations through commercialization of SN1, which is expected to be operational in 2026. The anticipated net proceeds above $200 million are expected to support SN1 capital needs and future commercial origination efforts.
Rice II originally brought about $335 million into the deal from its current trust and supplemented this with a $100 million investment by the Rice family and affiliates and $135 million from OXY Investment and others all at $10 per share. The SPAC then announced in April that it had secured an additional $275 million in PIPE financing as Occidental (NYSE: OXY) increased its commitment by $250 million, bringing its total investment to $350 million, and the Rice family committed an additional $25 million to the PIPE, bringing their total investment to $125 million.
Assuming no redemptions, the combined company is expected to have a market capitalization in excess of $2 billion.
The SPAC announced its $1.5 billion business combination with NET Power in December 2022. Durham, North Carolina-based NET Power has developed technology to create natural gas-fired plants that capture nearly 100% of their potential CO2 emissions.
Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....
1RT Acquisition Corp. (NASDAQ:ONCHU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ONCHU”, Wednesday, July 2, 2025. The new SPAC plans to target company in the digital asset ecosystem involved in the creation, storage, exchange or management of such assets, whether...
D. Boral ARC Acquisition II Corp. (NASDAQ:ARBCU) has filed for a $250 million SPAC to give underwriter D. Boral a second in-house SPAC to pursue deals with. The new SPAC offers investors a 1/2 warrant and an initial 18-month time frame to complete a deal. D. Boral II’s sponsor may automatically extend this once by...
Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...