NET Power Takes Another Step – Signs Deal with Lummus Technology

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 Rice deal to buy NET Power closed in early June, with Danny Rice (former CEO of Rice Energy) becoming the new CEO of NET Power (see NET Power Completes $1.5B Merger with Rice Acquisition Corp.). During a recent quarterly update, Rice said the project, known as Project Permian, would be delayed to “between the second half of 2027 and the first half of 2028” (see NET Power Delays World’s 1st NatGas Plant with Zero Emissions). The project was supposed to come online in 2026. We have some progress to report.

---

To view this content, log into your member account. (Not a member? Join Today!)