NET Power, a startup developing zero-emission power stations using the Allam-Fetvedt Cycle technology, reported a USD 50 million private investment in public equity (PIPE) commitment from SK Group in connection to its proposed business combination with Rice Acquisition Corp II in December 2022 . This brings the expected total investment in NET Power to USD 895 million.

Furthermore, the companies also reported their intent to establish a NET Power-SK Joint Venture to pursue the development of utility-scale NET Power plants across Asia. The proposed JV would combine NET Power’s patented oxy-combustion supercritical CO2 power cycle with SK’s regional footprint and project development expertise to provide reliable and low-cost power across key Asian markets.

Analyst QuickTake: In April 2023, the company also received an additional USD 275 in PIPE commitments. The new funds stemmed from Occidental, which increased its commitment to the PIPE by USD 250 million, and the Rice family, which increased its investment by USD 25 million. This brought their total commitments to the PIPE to USD 350 million and USD 125 million, respectively. Following the closing of the business combination, which is set to take place in Q2 2022, NET Power is expected to have a market capitalization of over USD 2 billion. NET Power intends for the PIPE to fund the commercialization of its first utility-scale natural gas-fired power plant , which is set to be operational in 2026.