Press Release

Kirkland Represents Rice Acquisition Corp. II on $1.459 Billion Combination with NET Power

Kirkland & Ellis advised Rice Acquisition Corp II (NYSE: RONI), a special purpose acquisition company focused on supply-side decarbonization solutions, on its business combination with NET Power, LLC to accelerate deployment of NET Power’s proprietary technology that delivers clean, reliable, and low-cost power from natural gas. The transaction represents pro forma enterprise value of $1.459 billion and includes $235 million of committed investments -- with participation from the Rice family, Occidental, Constellation, 8 Rivers, Hite Hedge, and NGP -- are expected to fund corporate operations through planned commercialization in 2026. The transaction is expected to close in the second quarter of 2023 and the combined Company will be listed on the NYSE under the ticker symbol “NPWR”.

Read the transaction press release   

The Kirkland team was led by corporate partners Cyril Jones, David Feirstein and Jennifer Gasser, capital markets partners Lanchi Huynh, Matt Pacey and Noah Allen, technology & IP transactions partners Daniel Lewis and Rory Wellever, IP partner Ellisen Turner, and executive compensation partners Stephen Jacobson and Jabir Yusoff.