NET Power (NPWR) Company Report

NPWR has signed a Letter of Intent with Entropy for a strategic partnership to accelerate the deployment of clean, reliable power generation using Entropy's proprietary amine-based solvent technology for 90%+ post-combustion carbon capture.
The company is progressing with Project Permian, located near Midland Odessa, targeting 60 MW for Phase I with the ability to scale up to 1 GW, expecting first power in 2028, with >90% carbon capture and an LCOE < $80/MWh.
A second clean firm power project in Northern MISO is advancing, targeting a Commercial Operations Date (COD) in 2029-2030, with Phase I capacity of 60-120 MW and future phases up to 400 MW+, also aiming for >90% carbon capture and an LCOE ~$100/MWh.
NPWR's strategy involves establishing clean firm power hubs between 2026-2030 and expanding them into multi-gigawatt campuses by 2030-2035.

Nov 14, 2025, 1:30 PM

Presentation

NET Power Announces Strategic Pivot and Entropy Partnership

NPWR

New Projects/Investments

M&A

NET Power (NPWR) is strategically pivoting to accelerate the deployment of clean, firm power by partnering with Entropy to utilize conventional gas turbines with post-combustion carbon capture (PCC) technology, alongside its long-term oxycombustion technology.
The company plans to develop projects at its existing sites, with the Project Permian in West Texas targeting first power in 2028 and the Northern MISO project targeting first power in 2029.
The first phase of the West Texas project is a 60-megawatt module designed for over 90% carbon capture and a target levelized cost of energy (LCOE) under $80 per megawatt hour.
The estimated total installed capital expenditure for the first phase of the West Texas project is between $375 million and $425 million, with NET Power's equity investment projected to be $75 million to $90 million.
This new strategy, leveraging proven technologies and long-term contracted cash flows, is expected to enable significant project financing, reducing the equity capital burden, and the company anticipates exiting the year with approximately $390 million to $400 million in cash.

Nov 14, 2025, 1:30 PM

Transcript

NET Power Pivots Strategy Towards Accelerated Clean Power Deployment

NPWR

New Projects/Investments

Guidance Update

NET Power is pivoting its strategy to accelerate the deployment of clean, firm power projects, focusing on conventional gas turbines with post-combustion carbon capture (PCC) technology, in addition to its long-term oxycombustion technology. This shift is driven by the urgent demand for reliable power for AI and data centers and the high cost and longer timeline of its initial oxycombustion facility.
The company has partnered with Entropy, which possesses the only operational natural gas CCS facility in North America, to combine NET Power's power generation and site origination with Entropy's PCC expertise.
NET Power's first clean power hub, Project Permian in West Texas, is structured around a 60-megawatt module with an expansion path to 1 gigawatt, targeting a Financial Investment Decision (FID) in H1 2026 and commercial operation in H2 2028 or H1 2029. This project aims for a Levelized Cost of Energy (LCOE) below $80 per megawatt hour for phase one.
The total installed capital expenditure for Phase One of the West Texas project is estimated between $375 million and $425 million, with NET Power's equity investment potentially ranging from $75 million to $90 million. The company expects to exit the year with approximately $390 million to $400 million in cash, enabling it to prudently invest in these projects.

Nov 14, 2025, 1:30 PM

Transcript

NET Power Announces Strategic Pivot to Accelerate Clean Power Deployment with New Partnership

NPWR

New Projects/Investments

Guidance Update

NET Power (NPWR) is strategically pivoting to accelerate market deployment by pursuing conventional gas power with Post-Combustion Carbon Capture (PCC) in addition to its long-term oxycombustion technology.
The company has signed a Letter of Intent (LOI) to partner with Entropy, which operates North America's only natural gas CCS facility, to deploy its proprietary PCC solutions in the U.S..
Initial deployment will target NET Power's existing sites, including Project Permian in West Texas, with the first phase aiming for a Commercial Operation Date (COD) in 2028.
The estimated total installed capital expenditure for the first West Texas facility is between $375 million and $425 million, with NET Power's equity contribution projected to be around $75 million to $90 million due to the bankability of the proven technologies.

Nov 14, 2025, 1:30 PM

Transcript

Net Power Reports Q3 2025 Results and Strategic Business Update

NPWR

Earnings

New Projects/Investments

Guidance Update

Net Power Inc. reported its Third Quarter 2025 results and announced an expanded business strategy to prioritize the development of clean power projects utilizing gas turbines with post-combustion carbon capture (PCC), while continuing to support its oxy-combustion technology.
The company signed a letter of intent with Entropy Inc. for the exclusive deployment of Entropy's PCC technology for power generation in the United States and joint project development.
Net Power is advancing its first clean firm power hub at Project Permian in West Texas, with Phase I utilizing gas turbines paired with Entropy's PCC technology. 60MW of gas turbines have been secured for 2028 delivery, with Final Investment Decision (FID) for Phase I expected in H1 2026 and targeted commercial operations in 2028.
A market analysis of its oxy-combustion technology revealed slower than anticipated acceptance, resulting in a non-cash impairment of other intangible assets on the Company’s balance sheet.
Net Power ended the quarter with approximately $424 million in cash, cash equivalents, and investments.

Nov 13, 2025, 9:17 PM

8-K

NET Power Inc. Reports Q2 2025 Results and Project Permian Improvements

NPWR

Earnings

New Projects/Investments

Product Launch

NET Power's Project Permian has achieved a significant reduction in its targeted Levelized Cost of Energy (LCOE) by approximately 33%, decreasing from >$150/MWh in May 2025 to <$100/MWh in August 2025.
The company's new integrated product, combining NET Power's oxy-combustion cycle with gas turbines, is projected to double power output while producing half the emissions of a standard 200MWe gas plant.
The value of the 45Q credit for Enhanced Oil Recovery (EOR) has increased from $60 to $85.
Key validation phases for Baker Hughes equipment at La Porte are progressing, with Phase 1 expected to be completed in 2025, Phases 2 and 3 in 2026, and Phase 4 in 2027.

Aug 12, 2025, 12:30 PM

Presentation

Net Power Inc. Reports Second Quarter 2025 Results and Business Update

NPWR

Earnings

New Projects/Investments

Net Power Inc. announced its financial and operational results for the second quarter ended June 30, 2025, reporting approximately $475 million in cash, cash equivalents, and investments at quarter-end.
The company completed a techno-economic analysis for integrating gas turbine capacity into its projects, which will be implemented at Project Permian, targeting a levelized cost of energy (LCOE) below $100/megawatt hour (MWh).
Further cost reductions for SN1 were identified, with a projected total installed cost of $1.6-1.9 billion, and recent tax legislation is expected to improve Project Permian's LCOE by approximately $20/MWh.
Technology validation work resumed at the La Porte test facility, achieving over 150 hours of testing in July, with Phase 1 testing expected to be completed in 2025 and Phase 2 testing to begin this year.

Aug 11, 2025, 12:00 AM

8-K

NET Power Inc Q1 2025 Earnings Update

NPWR

Earnings

New Projects/Investments

NET Power outlined progress on reducing installed costs and achieving a competitive levelized cost of energy (LCOE) through improvements in cycle thermal efficiencies and operational cost reductions.
The firm highlighted a strong liquidity position with approximately $500 million in cash and outlined planned full-year investments of $190 million for G&A, R&D, and commercial development activities.
The appointment of new COO Mark Horseman and ongoing LaPorte testing were emphasized as key elements in advancing the company's clean, reliable power solutions.

May 13, 2025, 12:31 PM

Transcript

NET Power Inc. Announces Leadership Changes

NPWR

Management Change

CFO Change

Executive Compensation

Brian Allen and Akash Patel depart from their roles as President & Chief Operating Officer and Chief Financial Officer effective April 15, 2025, with detailed severance arrangements including cash payments and vesting of RSUs.
Daniel J. Rice IV is appointed as President and Interim Chief Financial Officer, while Marc Horstman assumes the role of Chief Operating Officer, reflecting key management changes.

Apr 15, 2025, 12:00 AM

8-K

NET Power Q4 2024 Update on Project Permian and Strategic Initiatives

NPWR

Earnings

New Projects/Investments

Completed FEED for Project Permian, a major milestone towards developing the world's first utility-scale, fully integrated clean gas power plant, with no fatal technical flaws identified (document , ).
Revised cost estimates for SN1 have increased from a preliminary $950 million to between $1.7–$2 billion due to inflationary pressures and site-specific challenges (document , ).
Post-FEED value engineering has already uncovered hundreds of cost reduction opportunities, achieving a ~25% reduction in the site footprint to improve project economics (document ).
The company ended 2024 with $533 million in liquidity, positioning it to further optimize its technology and pursue strategic partnerships to address the funding gap for Project Permian (document ).