Filed
by Rice Acquisition Corp. II pursuant to Rule 425
under
the Securities Act of 1933, as amended,
and
deemed filed pursuant to Rule 14a-12
under
the Securities Exchange Act of 1934, as amended
Subject
Company: Rice Acquisition Corp. II (File No. 001-40503)
On
June 5, 2023, Rice Acquisition Corp. II (“RONI”) and NET Power, LLC (“NET Power”) issued the press release set
forth below, and RONI posted the presentation set forth below on its website at https://ricespac.com/rac-ii, both of which relate to
the proposed business combination involving RONI and NET Power (the “Business Combination”).
*
* * * *
NET
Power and Rice Acquisition Corp. II Announce Gross Proceeds of At Least $670 million and Expect to Close Business Combination on June
8, 2023
| ● | Gross
proceeds raised of at least $670 million, including a minimum of approximately $130 million
of cash-in-trust (representing approximately 40% of total cash-in-trust) |
| | |
| ● | Business
combination expected to close on June 8, 2023, with NET Power expected to begin trading on
the New York Stock Exchange under ticker symbol “NPWR” on June 9, 2023 |
| ● | Gross
proceeds from the transaction will be used to fund corporate operations through planned commercialization
in 2026 and accelerate deployments of NET Power’s patented technology, including funding
for SN1 |
June
5, 2023 – DURHAM, NC – NET Power, LLC (“NET Power”), an energy company whose proprietary technology
delivers clean, affordable, reliable energy, and Rice Acquisition Corp. II (NYSE: RONI) (“RONI”), a publicly traded special
purpose acquisition company, today announced that they expect to close their previously announced business combination on June 8, 2023.
The closing is subject to receipt of RONI shareholder approval, with the RONI extraordinary general meeting of shareholders to be held
on June 6, 2023. The combined company will operate as NET Power Inc. and its Class A common stock is expected to start trading on the
New York Stock Exchange on June 9, 2023, under the ticker symbol “NPWR.”
The
transaction is expected to raise at least $670 million in gross proceeds through a combination of an approximately $540 million fully
committed PIPE and at least $130 million of cash held in trust. The cash held in trust accounts for a maximum of approximately 60% in
preliminary redemption elections and assumes none of such preliminary redemption requests are withdrawn. Redemption requests may be withdrawn
until Tuesday, June 6, 2023 at 11:00 am Eastern Time.
Upon
completion of the merger, NET Power will have an initial enterprise value of approximately $1.5 billion and a market capitalization in
excess of $2.0 billion. The gross proceeds from this transaction will 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 beginning in 2026.
Danny
Rice, incoming NET Power CEO, states: “NET Power is uniquely positioned to deliver clean power technology that’s also reliable
and affordable, and this highly successful capital raise in a turbulent market reflects the investment community’s belief in our
technology and our vision to build a cleaner energy future while creating meaningful shareholder value.”
Advisors
Guggenheim
Securities, LLC is acting as lead financial advisor to RONI in connection with the business combination with NET Power. Barclays Capital
Inc. is also serving as financial advisor to RONI. Kirkland & Ellis LLP is serving as legal counsel to RONI. Credit Suisse Securities
(USA) LLC is acting as financial advisor and capital markets advisor to NET Power. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
is serving as legal counsel to NET Power. Barclays Capital Inc., Citigroup Global Markets Inc. and Janney Montgomery Scott LLC are acting
as capital markets advisors to RONI. Barclays Capital Inc. and Citigroup Global Markets Inc. are acting as lead placement agents and
Credit Suisse Securities (USA) LLC is acting as co-placement agent on the PIPE. Vinson & Elkins L.L.P. is serving as legal counsel
to certain of the financial advisors, capital markets advisors and the placement agents.
About
NET Power
NET
Power is a clean energy technology company whose mission is to globally deploy affordable and reliable zero-emissions energy. The Company
invents, develops, and licenses clean power generation technology. Founded in 2010 and headquartered in Durham, North Carolina, NET Power
has received strategic investments from key industry partners including 8 Rivers, Constellation, Occidental, Baker Hughes and SK Group.
For more information, please visit https://netpower.com/.
About
Rice Acquisition Corp. II
Rice
Acquisition Corp. II is led by Danny Rice and Kyle Derham, former executives of Rice Energy, Inc. (“RICE”) and Rice Midstream
Partners (“RMP”). In 2018 and 2019, RICE and RMP merged with EQT Corporation (NYSE: EQT) and EQT’s midstream affiliates
for over $10 billion to become the largest U.S. natural gas producer. Rice Acquisition Corp. led a 2021 business combination with Archaea
Energy LLC and Aria Energy LLC to create Archaea Energy, Inc. (formerly NYSE: LFG), an industry-leading renewable natural gas platform
that BP p.l.c. (NYSE: BP) acquired for a cash consideration of $4.1 billion in December 2022, generating a 2.6x return on investment
for LFG PIPE investors in approximately one year. Danny Rice currently serves on the board of EQT. The RONI website is https://ricespac.com/rac-ii/.
Important
Information about the Transaction and Where to Find It
This
press release relates to, among other matters, a proposed business combination transaction involving NET Power and RONI. In connection
with the transaction, RONI has filed with the U.S. Securities and Exchange Commission (“SEC”) a registration statement on
Form S-4 (File No. 333-268975), including a proxy statement and prospectus (the “Proxy Statement/Prospectus”). This document
is not a substitute for the Proxy Statement/Prospectus. The definitive Proxy Statement/Prospectus was filed with the SEC on May 10, 2023
and has been sent to all RONI shareholders as of April 18, 2023 (the record date for voting on the proposed transaction). RONI filed
a supplement to the Proxy Statement/Prospectus on May 26, 2023, and RONI has filed other documents regarding the proposed transaction
with the SEC and may continue to do so. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SECURITY HOLDERS OF RONI AND OTHER INTERESTED
PARTIES ARE URGED TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL
BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, INCLUDING AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR
ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT RONI, NET POWER, THE TRANSACTION AND RELATED
MATTERS. Investors and security holders of RONI may obtain free copies of the Proxy Statement/Prospectus and other documents that
are filed or will be filed with the SEC by RONI through the website maintained by the SEC at www.sec.gov or at RONI’s
website at www.ricespac.com/rac-ii.
Participants
in the Solicitation
RONI
and NET Power and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from
RONI’s shareholders in connection with the transaction. A list of the names of such directors and executive officers and information
regarding their interests in the proposed transaction between RONI and NET Power are contained in the Proxy Statement/Prospectus. You
may obtain free copies of these documents as described in the preceding paragraph.
No
Offer or Solicitation
This
press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of
the business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities,
nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except
by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Forward-Looking
Statements
This
press release contains forward-looking statements within the meaning of the federal securities laws. Statements that do not relate strictly
to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained
in this press release specifically include statements regarding (i) the PIPE, including commitments to the PIPE, and (ii) the proposed
transaction between NET Power and RONI, including the date on which it will be consummated, and the combined company. These forward-looking
statements generally are identified by the words “believe,” “project,” “expect,” “seek,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,”
“plan,” “may,” “should,” “could,” “will,” “would,” “will
be,” “will continue,” “will likely result” and similar expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject
to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in
this communication, including but not limited to: (i) conditions to the completion of the proposed business combination and PIPE investment,
including shareholder approval of the business combination, may not be satisfied or may not be satisfied on the anticipated schedule;
(ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement
between the parties or the termination of any PIPE investor’s subscription agreement; (iii) the effect of the announcement or pendency
of the proposed business combination on NET Power’s business relationships, operating results, and business generally; (iv) risks
that the proposed business combination disrupts NET Power’s current plans and operations; (v) risks related to diverting management’s
attention from NET Power’s ongoing business operations; (vi) potential litigation that may be instituted against RONI or NET Power
or their respective directors or officers related to the proposed transaction or the business combination agreement or in relation to
NET Power’s business; (vii) the amount of the costs, fees, expenses and other charges related to the proposed business combination
and PIPE investment; (viii) risks relating to the uncertainty of the projected financial information with respect to NET Power or the
combined company; (ix) NET Power’s history of significant losses; (x) the combined company’s ability to manage future growth
effectively; (xi) the combined company’s ability to utilize its net operating loss and tax credit carryforwards effectively; (xii)
NET Power’s ability to continue as a going concern if the transactions contemplated herein are not completed; (xiii) the capital-intensive
nature of NET Power’s business model, which may require the combined company to raise additional capital in the future; (xiv) barriers
the combined company may face in its attempts to deploy and commercialize its technology; (xv) the complexity of the machinery NET Power
relies on for its operations and development; (xvi) the combined company’s ability to establish and maintain supply relationships;
(xvii) risks related to NET Power’s arrangements with third parties for the development, commercialization and deployment of technology
associated with NET Power’s technology; (xviii) risks related to NET Power’s other strategic investors and partners; (xix)
the combined company’s ability to successfully commercialize its operations; (xx) the availability and cost of raw materials; (xxi)
the ability of NET Power’s supply base to scale to meet the combined company’s anticipated growth; (xxii) risks related to
NET Power’s or the combined company’s ability to meet its projections; (xxiii) the combined company’s ability to expand
internationally; (xxiv) the combined company’s ability to update the design, construction and operations of the NET Power technology;
(xxv) the impact of potential delays in discovering manufacturing and construction issues; (xxvi) the possibility of damage to NET Power’s
Texas facilities as a result of natural disasters; (xxvii) the ability of commercial plants using NET Power’s technology to efficiently
provide net power output; (xxviii) the combined company’s ability to obtain and retain licenses; (xxix) the combined company’s
ability to establish an initial commercial scale plant; (xxx) the combined company’s ability to license to large customers; (xxxi)
the combined company’s or NET Power’s ability to accurately estimate future commercial demand; (xxxii) the combined company’s
ability to adapt to the rapidly evolving and competitive natural and renewable power industry; (xxxiii) the combined company’s
ability to comply with all applicable laws and regulations; (xxxiv) the impact of public perception of fossil fuel derived energy on
the combined company’s business; (xxxv) any political or other disruptions in gas producing nations; (xxxvi) the combined company’s
ability to protect its intellectual property and the intellectual property it licenses; (xxxvii) the ability to meet stock exchange listing
standards following the consummation of the proposed business combination; (xxxviii) changes to the proposed structure of the proposed
business combination that may be required or appropriate; (xxxix) the impact of the global COVID-19 pandemic on any of the foregoing
risks; and (xl) such other factors as are set forth in RONI’s filings with the SEC, including but not limited to those described
under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Proxy Statement/Prospectus
filed on May 10, 2023, and in its other filings made with the SEC from time to time, which are available via the SEC’s website
at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they
are made. Readers are cautioned not to put undue reliance on forward-looking statements, and NET Power and RONI assume no obligation
and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Neither NET Power nor RONI gives any assurance that either NET Power or RONI, or the combined company, will achieve its expectations.
NET
Power Investor Contact:
Bryce
Mendes
bryce.mendes@netpower.com
NET
Power Media Contact:
Sam
Fabens
sfabens@voxglobal.com
*
* * * *
*
* * * *
Important
Information about the Business Combination and Where to Find It
This
communication relates to, among other matters, a proposed business combination involving RONI and NET Power. In connection with the Business
Combination, RONI has filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form
S-4 (File No. 333-268975), including a proxy statement and prospectus (the “Proxy Statement/Prospectus”). This document is
not a substitute for the Proxy Statement/Prospectus. The definitive Proxy Statement/Prospectus was filed with the SEC on May 10, 2023
and has been sent to all RONI shareholders as of April 18, 2023 (the record date for voting on the proposed Business Combination). RONI
filed a supplement to the Proxy Statement/Prospectus on May 26, 2023, and RONI has filed other documents regarding the proposed Business
Combination with the SEC and may continue to do so. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SECURITY HOLDERS OF RONI AND OTHER
INTERESTED PARTIES ARE URGED TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE
FILED OR WILL BE FILED WITH THE SEC IN CONNECTION WITH THE BUSINESS COMBINATION, INCLUDING AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS,
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT RONI, NET POWER, THE
BUSINESS COMBINATION AND RELATED MATTERS.
Investors
and security holders of RONI may obtain free copies of the Proxy Statement/Prospectus and other documents that are filed or will be filed
with the SEC by RONI through the website maintained by the SEC at www.sec.gov or at RONI’s website at www.ricespac.com/rac-ii.
Forward-Looking
Statements
This
communication contains forward-looking statements within the meaning of the federal securities laws. Statements that do not relate strictly
to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained
in this press release specifically include statements regarding (i) the PIPE, including commitments to the PIPE, and (ii) the proposed
Business Combination and the combined company. These forward-looking statements generally are identified by the words “believe,”
“project,” “expect,” “seek,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“could,” “will,” “would,” “will be,” “will continue,” “will likely
result” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause
actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i)
conditions to the completion of the proposed business combination and PIPE investment, including shareholder approval of the business
combination, may not be satisfied or may not be satisfied on the anticipated schedule; (ii) the occurrence of any event, change or other
circumstance that could give rise to the termination of the business combination agreement between the parties or the termination of
any PIPE investor’s subscription agreement; (iii) the effect of the announcement or pendency of the proposed business combination
on NET Power’s business relationships, operating results, and business generally; (iv) risks that the proposed business combination
disrupts NET Power’s current plans and operations; (v) risks related to diverting management’s attention from NET Power’s
ongoing business operations; (vi) potential litigation that may be instituted against RONI or NET Power or their respective directors
or officers related to the proposed Business Combination or the business combination agreement or in relation to NET Power’s business;
(vii) the amount of the costs, fees, expenses and other charges related to the proposed business combination and PIPE investment; (viii)
risks relating to the uncertainty of the projected financial information with respect to NET Power or the combined company; (ix) NET
Power’s history of significant losses; (x) the combined company’s ability to manage future growth effectively; (xi) the combined
company’s ability to utilize its net operating loss and tax credit carryforwards effectively; (xii) NET Power’s ability to
continue as a going concern if the Business Combination is not completed; (xiii) the capital-intensive nature of NET Power’s business
model, which may require the combined company to raise additional capital in the future; (xiv) barriers the combined company may face
in its attempts to deploy and commercialize its technology; (xv) the complexity of the machinery NET Power relies on for its operations
and development; (xvi) the combined company’s ability to establish and maintain supply relationships; (xvii) risks related to NET
Power’s arrangements with third parties for the development, commercialization and deployment of technology associated with NET
Power’s technology; (xviii) risks related to NET Power’s other strategic investors and partners; (xix) the combined company’s
ability to successfully commercialize its operations; (xx) the availability and cost of raw materials; (xxi) the ability of NET Power’s
supply base to scale to meet the combined company’s anticipated growth; (xxii) risks related to NET Power’s or the combined
company’s ability to meet its projections; (xxiii) the combined company’s ability to expand internationally; (xxiv) the combined
company’s ability to update the design, construction and operations of the NET Power technology; (xxv) the impact of potential
delays in discovering manufacturing and construction issues; (xxvi) the possibility of damage to NET Power’s Texas facilities as
a result of natural disasters; (xxvii) the ability of commercial plants using NET Power’s technology to efficiently provide net
power output; (xxviii) the combined company’s ability to obtain and retain licenses; (xxix) the combined company’s ability
to establish an initial commercial scale plant; (xxx) the combined company’s ability to license to large customers; (xxxi) the
combined company’s or NET Power’s ability to accurately estimate future commercial demand; (xxxii) the combined company’s
ability to adapt to the rapidly evolving and competitive natural and renewable power industry; (xxxiii) the combined company’s
ability to comply with all applicable laws and regulations; (xxxiv) the impact of public perception of fossil fuel derived energy on
the combined company’s business; (xxxv) any political or other disruptions in gas producing nations; (xxxvi) the combined company’s
ability to protect its intellectual property and the intellectual property it licenses; (xxxvii) the ability to meet stock exchange listing
standards following the consummation of the proposed business combination; (xxxviii) changes to the proposed structure of the proposed
business combination that may be required or appropriate; (xxxix) the impact of the global COVID-19 pandemic on any of the foregoing
risks; and (xl) such other factors as are set forth in RONI’s filings with the SEC, including but not limited to those described
under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Proxy Statement/Prospectus
filed on May 10, 2023, and in its other filings made with the SEC from time to time, which are available via the SEC’s website
at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they
are made. Readers are cautioned not to put undue reliance on forward-looking statements, and NET Power and RONI assume no obligation
and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Neither NET Power nor RONI gives any assurance that either NET Power or RONI, or the combined company, will achieve its expectations.
Participants
in the Solicitation
RONI
and NET Power and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from
RONI’s shareholders in connection with the Business Combination. A list of the names of such directors and executive officers and
information regarding their interests in the Business Combination are contained in the Proxy Statement/Prospectus. You may obtain free
copies of these documents as described in the preceding paragraph.
No
Offer or Solicitation
This
communication shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of
the Business Combination. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities,
nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except
by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
8
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