Skip to main content

Mintz Counsels NET Power On Completed SPAC Business Combination With Rice Acquisition Corp. II

BOSTON – Mintz advised NET Power, LLC, an energy company whose proprietary technology delivers clean, affordable, and reliable energy, in the completion of its previously announced business combination with Rice Acquisition Corp. II (NYSE: RONI), a publicly traded special purpose acquisition company. The combined company will operate as NET Power Inc. (“NET Power”) and its Class A common stock and warrants to purchase Class A common stock commenced trading on the New York Stock Exchange on 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 Mintz team that advised NET Power, LLC was led by corporate Members Thomas R. Burton, III (Chair of the firm’s Energy & Sustainability Practice), Ayaz R. Shaikh (Chair of the firm’s Projects & Infrastructure Practice) and Jeffrey P. Schultz, and Of Counsel Kristopher L. Kirkwood.

Mintz has been at the forefront of SPAC transactions since the early 2000s. Having led the first-ever New York Stock Exchange SPAC transaction, the firm’s interdisciplinary team draws upon decades of experience guiding clients in a broad spectrum of industries through the intricacies of SPAC financings. Notably, Mintz has handled over 60 SPAC and reverse merger transactions, including several recent SPACs for multi-billion-dollar value companies. Find more information here.

Mintz pioneered one of the first legal practices in the US focused solely on energy innovation and sustainability, and remains a leading law firm in the Energy & Sustainability space. The firm’s first-to-market position affords an unparalleled standing and uniquely situates us in the industry. Mintz’s team of 50+ sector-focused practitioners annually advises hundreds of U.S. and international clients spanning the ecosystem from emerging companies to global corporations, family offices to major venture capital, private equity and infrastructure funds, and project lenders to developers, sponsors, and strategic investors. Find more information here.

Mintz’s Projects & Infrastructure team brings decades of experience guiding project sponsors, developers, owners, investors, and lenders through the development, financing, acquisition or sale of energy and infrastructure projects. The team focuses on innovative projects across the Clean Energy and Sustainable Infrastructure sectors that require ingenuity and expertise to close successfully. Find more information here.