DURHAM – NET Power, fresh off its merger in June to form a public company, reports it still has $649 million in cash on hand after the June 8 deal that generated $670 million to fuel its energy plant strategy.
NET Power trades on the NYSE under the symbol NPWR. Its first quarterly financial report was issued early Monday.
Its merger with Rice Acquisition Corp. II created the new company and led to the naming of Danny Rice – formerly with Rice Acquisition – as its CEO.
NET Power’s 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.
“Our first quarter as a public company is an important milestone for NET Power,” Rice said in a statement.
“We’ve created an integrated corporate strategy that unites the technology, commercial and deployment goals to set the vision for where we intend to be by 2030. First, we will develop and prove the technology at utility scale. Second, we will build the commercial backlog of customers and plants. Finally, we will prepare the Company to enter manufacturing mode by the end of this decade. Thanks to the proceeds from the go-public transaction, we are well capitalized to achieve these goals and deliver the Energy Trifecta [clean, affordable, reliable energy].”
NET Power is currently developing its first project in Texas.