Kirkland Counsels Rice on Completed SPAC with NET Power

Kirkland & Ellis advised Rice Acquisition Corp. II (NYSE: RONI), a publicly traded special purpose acquisition company, in the completion of its business combination with NET Power, LLC, an energy generation company whose proprietary technology delivers clean, affordable, reliable energy. The combined company will operate as NET Power Inc. and its Class A common stock and warrants to purchase Class A common stock will start trading on the New York Stock Exchange today, June 9, 2023, under the ticker symbol “NPWR” and “NPWR WS,” respectively.

As a result of the business combination, NET Power received gross proceeds of more than $675 million, consisting of more than $135 million from RONI’s trust account and approximately $540 million in PIPE capital from strategic and financial investors.

Read NET Power’s press release

The Kirkland team was led by corporate partners David Feirstein, Cyril Jones and Jennifer Gasser; capital markets partners Matt Pacey, Lanchi Huynh and Noah Allen; tax partners Mike Beinus and Vivek Ratnam; and included assistance from corporate associates Adam Wojcik, Brennon Nelson and Tyler Ambrose; and capital markets associates Erin Meziere, Ben Sharp and Hope Rovner.