---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-042715"
form_type: "8-K"
ticker: "NPWR"
cik: "0001845437"
company_name: "NET Power Inc."
filed_at: "2023-05-24T23:59:59+00:00"
generated_at: "2026-06-14T16:10:04.693392+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-23-042715
- form_type: 8-K
- ticker: NPWR
- cik: 0001845437
- company_name: NET Power Inc.
- filed_at: 2023-05-24T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1845437/000121390023042715/0001213900-23-042715-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1845437/000121390023042715/ea179115-8k425_riceacq2.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-042715
- JSON: https://secwatch.observer/filing/0001213900-23-042715.json
- Plain text: https://secwatch.observer/filing/0001213900-23-042715.txt

## Key facts
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1845437/000121390023042715/0001213900-23-042715-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.