Bloomberg Law
Dec. 19, 2022, 11:45 AM

Four Firms Lead NET Power’s $1.5 Billion Clean-Energy SPAC

Rick Mitchell
Rick Mitchell
Freelance Correspondent

At least four law firms are working on technology company NET Power, LLC’s go-public merger with a special purpose acquisition company targeting the clean-power market.

Mintz PC is advising Durham, North Carolina-based NET Power, while Kirkland & Ellis is advising the SPAC, Rice Acquisition Corp. II. The SPAC is backed by energy industry veteran Daniel Rice, who led natural gas explorer Rice Energy, Inc., according to a statement.

Vinson & Elkins served as legal counsel to the capital markets advisers and placement agents in the transaction. White & Case said it’s representing Occidental Petroleum, NET Power’s largest shareholder.

NET Power says its proprietary process eliminates almost all the carbon dioxide emitted during power generation from natural gas. Rice told Bloomberg News that replacing thousands of US coal- and natural gas-fired power plants with that technology could be both good for the environment and profitable. He estimated the clean-power market could be worth $150 billion.

After the transaction’s expected close in 2023’s second quarter, the combined company, valued at around $1.49 billion, will be named NET Power Inc. It’s expected to be listed on the New York Stock Exchange, with Rice joining as CEO.

NET Power is expected to reap around $535 million in cash from the transaction. That includes $100 million from the Rice family and $225 million of commitments from Occidental Petroleum, Constellation Energy Corp, and 8 Rivers, the statement said.

Kirkland said its team advising Rice Acquisition Corp. was led by corporate partners Cyril Jones, David Feirstein, and Jennifer Gasser.

White & Case said its team advising Occidental Petroleum was led by Capital Markets partner A.J. Ericksen and M&A partner Emery Choi, both in Houston.

To contact the correspondent on this story: Rick Mitchell in Paris at

To contact the editor on this story: Chris Opfer in New York at