Occidental-backed NET Power combining with Rice Acquisition Corp. II

Rice Acquisition Corp. II said Wednesday it will combine with NET Power LLC in a deal valued at about $1.46 billion. The company will be named NET Power Inc. for trading on the NYSE under the symbol NPWR after it closes as expected in the second quarter. NET Power CEO Ron DeGregorio will be succeeded by Danny Rice, current director of RAC II and former CEO of Rice Energy Inc. NET Power plans to commercialize its technology for cleaner and low-cost power from natural gas. Occidental Petroleum plans to invest $100 million in a private offering of public equity (PIPE). The Rice Family is also committing $100 million. Constellation Energy Corp. is investing $5 million. NET Power’s existing shareholders include Occidental, Constellation, 8 Rivers Capital, LLC and Baker Hughes .

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