DURHAM – Its merger complete, Durham clean energy firm NET Power is scheduled to begin trading today on the NYSE after the merger with Rice Acquisition Corp through a so-called SPAC merger.
Rice Acquisition is a publicly traded special purpose acquisition company. NET Power had been privately held.
The company, which launched in 2010, expects to generate some $2 billion in value as part of the deal.
Backed by investors such as Occidental, Baker Hughes, Constellation and 8 Rivers, NET Power is now led by CEO Danny Rice, who formerly led Rice Energy. Rice has previous SPAC experience, having led Archaea Energy public via such a deal in 2021. He later served as chairman of Archaea which was sold to BP for some $4 billion.
Occidental, Baker Hughes, Constellation and 8 Rivers have put all their equity into the new venture, the company said. It also noted that Occidental had provided $10 million in interim financing while the merger proceeded.
NET Power shares will trade under the symbol “NPWR.”
Its patented technology produces what the company says is “proven near-zero emission” from natural gas that results in the “world’s first scalable solution that achieves the energy trifecta: clean, affordable, reliable energy.”
The company plans to use part of the capital raised through the merger to build a production plant.
“This deal sets NET Power on a path to accelerate the buildout and commercialization of our technology and bring the world the trifecta of clean, affordable, and reliable energy,” Rice said of the merger. “Rapid deployment of decarbonized baseload power around the world is critical to addressing climate change and NET Power’s technology offers a path forward. I’m excited to join the team and lead the global deployment of this critical technology.”