NET Power Inc. announced that it has received $540 million in funding from Rice Acquisition Corp. II, Occidental Petroleum Corporation, 8 Rivers Capital, LLC, Constellation Energy Corporation, Baker Hughes Company and other investors

On June 8, 2023, NET Power Inc. closed the transaction. The company issued 54,044,995 shares of Class A Common Stock for aggregate consideration of $540,449,950 in the transaction. The transaction included participation from returning, Occidental Petroleum Corporation for additional $10 million, Baker Hughes Company and other strategic and financial investors.