North Carolina-based NET Power Inc., fueled by a powerhouse group of natural gas and oil investors, began trading publicly on Friday, with “ample capital” to build a backlog of utility-scale power plant projects as soon as 2026.

Rice Acquisition Corp. II and NET Power LLC completed their merger last Thursday (June 8), which launched the public company on the New York Stock Exchange (NYSE) under the ticker symbols NPWR and NPWR WS. The stock reached $14.61/share on its first day of trading, versus $10.34 a week earlier when it had traded as a special purpose acquisition company.

“This deal sets NET Power on a path to accelerate the buildout and commercialization of our technology and bring the world the trifecta of clean, affordable and reliable energy,” said CEO Danny...