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NET Power (NYSE: NPWR) is a clean energy technology company that develops and commercializes the NET Power Cycle, a proprietary power generation system that produces clean, reliable, and low-cost electricity from natural gas while capturing nearly all atmospheric emissions. The company licenses its technology to customers globally and provides technical support services for the development and operation of NET Power plants. Its offerings include industrial and utility-scale plant designs aimed at reducing emissions and improving efficiency.
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NET Power Cycle Technology - Provides a power generation system that captures nearly all carbon dioxide emissions and eliminates air pollutants such as sulfur oxides, nitrogen oxides, and particulates.
- Industrial-Scale Configurations - Offers plant designs with a net electric output of 25-115 MW for industrial applications.
- Utility-Scale Units - Delivers plant designs with approximately 300 MW net electric output capacity for large-scale power generation.
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Licensing and Royalties - Licenses the NET Power Cycle technology to customers, generating revenue through license and royalty fees.
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Technical Support Services - Provides expertise and support for the development, construction, and operation of NET Power plants.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Daniel J. Rice IV ExecutiveBoard | Chief Executive Officer | Director at EQT Corporation | CEO of NPWR since June 2023. Previously led Rice Energy to a $1B IPO and $8.2B sale to EQT. Also played a key role in Rice Midstream's $2.4B acquisition. | View Report → |
Akash Patel Executive | Chief Financial Officer | None | CFO of NPWR since May 2020. Over 20 years of experience in energy finance, focusing on capital raising, M&A, and financial structuring. | |
Alejandra Veltmann Board | Director | Director at California Resources Corporation; Senior Advisor at ESG Lynk | Director at NPWR since June 2023. Chair of NPWR's Audit Committee. Extensive experience in financial leadership and sustainability reporting. | |
Brad Pollack Board | Director | Deputy General Counsel at Occidental Petroleum; VP, Legal at Oxy Low Carbon Ventures | Director at NPWR since June 2023. Provides legal support for Occidental's CCUS projects and major international operations. | |
Carol Peterson Board | Director | Board Member at Northern Illinois Food Bank | Director at NPWR since June 2023. Former SVP of Strategy & Planning at Constellation, where she led major transformations, including the separation of Constellation from Exelon. | |
Eunkyung Sung Board | Director | Senior VP at SK Inc. and SK SUPEX Council; Board Member at 8 Rivers | Director at NPWR since June 2023. Leads SK Group's strategies in CCUS and clean energy. Played a key role in SK's $100M investment in 8 Rivers. | |
Frederick A. Forthuber Board | Director | President of Oxy Energy Services; Director at Western Midstream Partners | Director at NPWR since June 2023. Over 35 years of experience in the oil and gas industry. Currently oversees midstream and marketing at Occidental Petroleum. | |
J. Kyle Derham Board | Director | Partner at Rice Investment Group; Director at EQT Corporation | Director at NPWR since June 2023. Former CEO and CFO of RONI, NPWR's predecessor. Partner at Rice Investment Group, focusing on energy investments. | |
Joseph T. Kelliher Board | Director | None | Director at NPWR since June 2023. Former Chairman of FERC and EVP of Federal Regulatory Affairs at NextEra Energy. | |
Peter J. (Jeff) Bennett Board | Director | Chairperson of Western Midstream Partners; President at Occidental Petroleum | Director at NPWR since June 2023. Extensive leadership experience at Occidental Petroleum, including roles in U.S. Onshore Resources and Carbon Management. | |
Ralph Alexander Board | Director | Director at Enviva Inc. | Director at NPWR since June 2023. Former CEO and Chairman of Talen Energy. Held senior roles at BP, including CEO of Innovene and BP's Gas, Power, and Renewables segment. |
- "Given the anticipated inflation in capital equipment and construction costs beyond your initial estimate of $1.1 billion for Project Permian, how do you plan to manage these increased costs, and what impact might this have on your financing strategy and project timeline?"
- "Considering potential changes in U.S. policy with the new administration, especially regarding the 45Q tax credit, how are you mitigating the risk that alterations to this credit could negatively affect the economics of your projects?"
- "With Project Permian being your first utility-scale plant, what specific technical and operational challenges do you anticipate during commissioning, and what measures are you taking to ensure these challenges do not delay the project?"
- "Given your reliance on key suppliers like Baker Hughes for the turboexpander and Air Liquide for the air separation units, how are you managing supply chain risks to prevent potential delays or issues from impacting your project schedules?"
- "As you aim to deploy multiple NET Power plants and develop clean energy hubs, what strategies are you implementing to secure sufficient CO2 storage capacity, and how are you addressing regulatory and permitting challenges associated with CO2 sequestration in various regions?"
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
NET Power | 2023 | NET Power was acquired via a business combination with Rice Acquisition Corp II, completing the merger on June 8, 2023. The deal involved a total consideration of approximately $1.8 billion through the issuance of Class B Common Stock (valued at $13.12 per share) along with a fully committed PIPE and cash in trust, resulting in NET Power becoming publicly traded under "NPWR". |
Recent press releases and 8-K filings for NPWR.
- 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.
- 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 ).
- Operational Update: The company reported progress in its clean power validation efforts at La Porte, including completed Phase 1 testing with over 140 fired hours and ongoing collaboration with Baker Hughes for equipment validation .
- Financial Highlights: As of 12/31/2024, NET Power Inc had $533mm in total cash & investments, with a quarter-over-quarter decrease of $47mm and capital expenditures of $8.5mm on La Porte and $20.4mm on Project Permian.
- Strategic Initiatives: The firm is advancing a multi-unit feasibility study aimed at designing standardized, modular plants supported by value engineering to lower costs, targeting up to 1 GW net output per site .
- Completed FEED for Project Permian and shifted to design optimization after cost estimates exceeded expectations, reflecting a strategic adjustment in the utility-scale project.
- Launched a modular multi-unit feasibility study and initiated the first phase of the Baker Hughes equipment validation program at the La Porte facility, achieving 140 fired hours and improved cycle pressures.
- Ended 2024 with over $530 million in liquidity, positioning the company to advance its technology and pursue commercialization through strategic partnerships.