Rice Acquisition Corp. II secures $50M PIPE from SK and signs JV term sheet for Asia power plants

NET Power Inc.

SK (Tillandsia) agrees to buy 5M shares of Class A common stock at $10/share, $50M total.
Non-binding term sheet for 50/50 joint venture to develop NET Power plants in Asia; each to contribute $5M initially.
Exclusive negotiation period runs until Oct 31, 2023; no competing JV discussions allowed.
2.5M of the shares subject to 1-year lock-up unless JV agreements are not executed.
SK is affiliate of 8 Rivers Capital, already an existing PIPE investor and NET Power equity holder.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NET Power Inc. entered into SK PIPE Subscription Agreement with Tillandsia, Inc. ("SK") valued at $50.0 million (effective 2023-05-18).

Action: entry
Agreement: equity purchase
Counterparty: Tillandsia, Inc. ("SK")
Value: $50.0 million
Effective: 2023-05-18

Exact text from the filing

On May 18, 2023, RONI and Tillandsia, Inc. ("SK") entered into a subscription agreement (the "SK PIPE Subscription Agreement"), pursuant to which, among other things, SK agreed to subscribe for and purchase, and RONI has agreed to issue and sell to SK, 5,000,000 shares of Class A Common Stock for a purchase price of $50.0 million

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NET Power Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-042715

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