NET Power Reports Third Quarter 2023 Results and Provides Business Update

NET Power Inc. (NYSE: NPWR) (“NET Power” or the “Company”) today reported results for the third quarter of 2023.

Danny Rice, Chief Executive Officer of NET Power, commented, “We continue to make good progress on all three pillars of our previously outlined corporate strategy. Our engineering team is hard at work finalizing the design for our utility-scale plant. At our La Porte test facility, we’re preparing for our upcoming combustor and turboexpander demonstrations with Baker Hughes, which will de-risk our first utility-scale project, Project Permian, and further refine our proprietary plant controls architecture. Our operations team is progressing through FEED and site-related permitting for Project Permian.”

Mr. Rice continued, “Meeting our global energy needs requires access to affordable and reliable power, and given growing demand for clean energy, the world needs a solution that we think only NET Power provides. The global energy supply chain is lagging current market demand for new energy infrastructure, which means excessive lead times across many critical components for years to come. Our supply chain strategy is intended to alleviate these market constraints, and we must prudently incorporate the current supply chain challenges into our project timing and planning.

Due to the tightness in the global supply chain, we are incorporating a 12-month cushion into our expected schedule for Project Permian. We’re now expecting to achieve initial power generation sometime between the second half of 2027 and first half of 2028. We expect the world’s current supply chain bottlenecks to be resolved by the time we deploy our second utility-scale plant. Fortunately for our shareholders, we over-capitalized NET Power upon going public, and we expect to have meaningful cash on hand at commercialization of Project Permian.

On the commercial front, we are pleased to announce progress on our first originated project, which will be located in North America. We’ve successfully finished our technical feasibility study and are preparing to submit permits for grid interconnection and carbon sequestration in 2024. We began working on this project earlier this year, which is a testament to our commercial team’s ability to identify good opportunities quickly. We intend to find and secure more project opportunities in the coming years and be ready to deliver the Energy Trifecta at scale by the end of this decade.”