NET Power LLC, whose technology is designed to reduce carbon emissions from natural gas, on Wednesday agreed to combine with Rice Acquisition Corp. II to advance solutions in a transaction worth an estimated $1.46 billion.

Rice Acquisition, a special purpose acquisition company (SPAC), is focused on supply-side carbon dioxide (CO2) reductions.

Once the transaction is completed, expected by mid-2023, NET Power CEO Ron DeGregorio would be succeeded by Danny Rice, former CEO of Rice Energy Inc., which was acquired by EQT Corp.

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“Today, around 60% of global power generation comes...