NET Power Completes Merger with Rice Acquisition Corp. II to Accelerate Clean Natural Gas Power Generation
Vinson & Elkins acted as legal advisor to Barclays Capital Inc. (“Barclays”), Citigroup Global Markets Inc. (“Citigroup”), Credit Suisse Securities (USA) LLC (“Credit Suisse”), and Guggenheim Securities, LLC (“Guggenheim”) in connection with the closing of a business combination between Rice Acquisition Corp. II (“RAC II”) and Net Power, LLC (“NET Power”), with the surviving entity operating as Net Powers Inc.
Net Power is an energy company whose proprietary technology delivers clean, reliable, and low-cost energy. Barclays acted as financial advisor and capital markets advisor to RAC II and as lead placement agent. Citigroup acted as capital markets advisor to RAC II and as lead placement agent. Credit Suisse acted as financial advisor and capital markets advisor to NET Power, LLC and as co-placement agent. Guggenheim acted as lead financial advisor to RAC II. The transaction provides more than $675 million in gross proceeds, including $540 million in PIPE capital. The combined company, Net Powers Inc., is expected to have an enterprise value of approximately $1.5 billion and a market capitalization of $2.0 billion.
The Vinson & Elkins team was led by partners Ramey Layne and Brenda Lenahan, with assistance from partners Steve Gill and Robert Kimball and associates Johnathan Nixon, Jake Lubenow and Kelli Westmoreland. Other key team members included counsel Rajesh Patel and associate Alexa Chally, partner David D’Alessandro, counsel Regina Ibarra and senior associate Brian DeShannon, partner Matt Dobbins and associates Kelly Rondinelli and Hannah Flesch, partner Sean Becker and associate Peter Goetschel, associate John Larbalestier, partner Mike Tomsu and associate Steve Weinberger, partner Jason McIntosh, counsel Allyson Seger, and associate Adi Louzon, and partners Rebecca Fike and Fry Wernick, counsel Elizabeth McIntyre and senior associate Brian Howard.
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