NET Power has an initial enterprise value of approximately $1.5 billion and a market capitalization in excess of $2 billion. Proceeds from the transaction are expected to provide NET Power with ample capital to fully fund its corporate operations and grow its backlog of utility-scale power plant projects, with plant deliveries expected to begin in 2026.
NET Power received more than $675 million, consisting of more than $135 million from the SPAC's trust account and approximately $540 million in a pipe. Additionally, Occidental provided $10 million in interim financing to support NET Power's operations through the closing of the merger.
Existing strategic investors in NET Power, including Occidental, Baker Hughes, Constellation and 8 Rivers (a subsidiary of SK Group), have rolled 100% of their equity into the combined company.
Since the deal was announced in December, NET Power upsized the PIPE from $225 million to $540 million. Read more.