Net Power, Rice SPAC announce upsized PIPE commitment from Occidental

Net Power, LLC and Rice Acquisition Corp. II (RONI) announced an additional $275 million of PIPE commitments in connection with their proposed business combination. Occidental (OXY) has increased its commitment to the PIPE by $250 million, bringing its total investment to $350 million, while the Rice family has committed an additional $25 million to the PIPE, bringing their total investment to $125 million. The new commitments bring the expected gross proceeds of the business combination to $845 million for NET Power, consisting of approximately $345 million from RONI’s trust account (assuming no redemptions), and approximately $500 million from the PIPE raised entirely at $10.00 per share of common stock. Assuming no RONI shareholders exercise their redemption rights, the combined company is expected to have a market capitalization in excess of $2.0 billion. Following this additional commitment, Occidental’s ownership stake in the combined company will increase to approximately 39%, assuming no redemptions.