NET Power And Rice Acquisition Corp. II Secure $50M PIPE Commitment From SK Group And Announce Intent To Form Joint Venture To Accelerate Deployment Of NET Power Plants In Asia

• NET Power adds another strategic investor in SK and increases total committed capital to $560 million for the proposed business combination with RONI
• NET Power-SK proposed Joint Venture expected to leverage SK's regional expertise to catalyze development of NET Power plants in Asia

NET Power, LLC ("NET Power") and Rice Acquisition Corp. II (NYSE:RONI) ("RONI") today announced a $50 million PIPE commitment from SK Group ("SK") in connection with NET Power's and RONI's proposed business combination. The groups also announced their intent to establish a NET Power-SK Joint Venture to pursue the origination and development of utility-scale NET Power plants across Asia.

The proposed NET Power-SK Joint Venture is expected to utilize NET Power's patented oxy-combustion supercritical CO2 power cycle with SK's regional footprint and project development expertise to deploy clean, reliable and low-cost power across key Asian markets. Project origination and development work are expected to include activities such as site selection, supply and offtake contracting, financing and permitting.

Danny Rice, the incoming CEO of NET Power, emphasized the importance of decarbonizing Asian power generation to achieve global emissions goals. "Asian power generation, which is primarily fueled by coal, accounts for nearly 25% of global emissions," he said. "We believe that NET Power possesses the most cost-effective technology for decarbonizing fossil fuel-based power generation, and we are thrilled to partner with SK to deploy our NET Power plants on a large scale throughout Asia. SK is one of the largest and most respected conglomerates globally, and combining our expertise with their resources could accelerate our deployment in one of the largest markets for NET Power, and undoubtedly the most critical market for the planet."

"NET Power's technology is expected to help SK accomplish our pledge to achieve carbon net-zero across all businesses by 2050. Deploying NET Power plants throughout Asia is an important step forward in decarbonizing the region and ending a prevailing dependence on high-carbon intensity baseload power generation," said SK Inc. Materials President Young-wook Lee.

The new investment from SK brings the expected investment in NET Power to $895 million, consisting of approximately $345 million from RONI's trust account (assuming no redemptions), approximately $540 million from the PIPE raised entirely at $10.00 per share of common stock and $10 million from interim financing from an existing owner of NET Power to support its operations through the closing of the business combination. Assuming no RONI shareholders exercise their redemption rights, the combined company is expected to have a market capitalization in excess of $2.0 billion.

NET Power and SK expect to each own a 50% stake in the common equity of the NET Power-SK Joint Venture, which is subject to negotiation and execution of definitive documentation.

As previously disclosed, NET Power expects to need only $200 million of net proceeds from the business combination and the PIPE to fully fund corporate operations through commercialization of SN1, which is expected to be operational in 2026. The anticipated net proceeds above $200 million are expected to support SN1 capital needs and future commercial origination efforts.

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