NET Power Inc.

Net Power is an energy technology and project development company that provides low-carbon gas power solutions. Established in 2010, the company focuses on converting natural gas into clean, firm power at the lowest cost. Historically, its primary business has been developing the Oxy-Combustion Cycle, a novel oxy-combustion power generation system. This system is designed to produce reliable and affordable electricity from natural gas while capturing CO2 and reducing air pollutants like SOX, NOX, and other particulates. The Oxy-Combustion Cycle was first demonstrated at a 50 MWth facility in La Porte, Texas. Construction of this facility began in 2016, testing started in 2018, and it was connected to the Texas grid in the fall of 2021. In 2024, the La Porte Demonstration Facility underwent significant upgrades to prepare for validation testing of commercial-scale turbo expander components, with the first of four planned phases of this program commencing in late 2024. In 2023, Net Power initiated the front-end engineering and design (FEED) process for its first utility-scale power plant using the Oxy-Combustion Cycle, named SN1, intended for the Permian Basin of West Texas (Project Permian). Initial long-lead materials for SN1 were purchased in 2024. After FEED completion in December 2024, the estimated cost was higher than expected. Consequently, in the first quarter of 2025, the company began a post-FEED optimization and value engineering process. Further long-lead equipment releases were suspended in March 2025, though value engineering and some development work continued into the third quarter of 2025. A market analysis of the Oxy-Combustion Cycle in the third quarter of 2025 indicated that while value-engineering efforts on Project Permian identified significant cost reductions, they were not sufficient to achieve economic competitiveness in the current market within an acceptable timeframe.