Durham energy firm NET Power nears merger, raising ‘at least $670 million’

DURHAM – NET Power, the Durham-based company looking to build a clean energy plant, says its merger with Rice Acquisition Corp. is likely to happen as soon as Thursday and will raise “at least $670 mllion” as part of the deal.In April, NET power secured an additional $275 million in capital.

Backing NET Power, which plans to build a plant in Texas costing as much as $950 million, are Occidental, which has invested previously, and the Rice family.

Pending formal closing, NET Power expects to begin trading on the NYSE with the symbol “NPWR” as of Friday.

“Upon completion of the merger, NET Power will have an initial enterprise value of approximately $1.5 billion and a market capitalization in excess of $2.0 billion,” the company says. “The gross proceeds from this transaction will provide NET Power with ample capital to fully fund its corporate operations and grow its backlog of utility-scale power plant projects, with plant deliveries beginning in 2026.”

Danny Rice of Rice Acquisition Corp has been designated as the chief executive officer.

“NET Power is uniquely positioned to deliver clean power technology that’s also reliable and affordable, and this highly successful capital raise in a turbulent market reflects the investment community’s belief in our technology and our vision to build a cleaner energy future while creating meaningful shareholder value,” Rice said in a statement.