Dan Rice’s Net-Zero CO2 Co. Gets $50M Investment from South Korea

Last December, Rice Acquisition Corp II, a special purpose acquisition company (SPAC) started by the Rice brothers (Danny, Toby, and Derek), announced a deal to acquire NET Power--an electric power developer with revolutionary new technology to capture every last molecule of carbon dioxide from natural gas-fired power plants (see Dan Rice Buys Co. that Builds Zero-Carbon Gas-Fired Electric Plants). The deal is not yet consummated but is getting close. In April, we told you that two of the investors in the venture, Occidental Petroleum and the Rice boys themselves, were kicking in a combined extra $275 million to help close the deal (see Dan Rice’s New “Net-Zero” CO2 Company Gets Extra $275M Investment). On Friday, the deal got another $50 million cash infusion from South Korea.

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