NET Power Reports First Quarter 2024 Results and Provides Business Update

NET Power Inc. (NYSE: NPWR) (“NET Power” or the “Company”) today reported results for the first quarter of 2024.

Danny Rice, Chief Executive Officer of NET Power, commented, “The urgent need for clean, reliable and affordable energy requires game-changing, innovative solutions like NET Power. We believe our technology can play a critical role in decarbonizing baseload power generation without sacrificing affordability.

As I’ve highlighted in the past, we measure our progress towards commercialization through three strategic pillars: developing and proving the technology at the utility scale, building out our project backlog, and standing up our supply chain to prepare for manufacturing mode. The NET Power team continues to diligently work against these pillars.”

Business Update

Baker Hughes equipment validation at La Porte demonstration facility – The Company continues modifications at its La Porte facility to prepare for upcoming equipment validation campaigns with Baker Hughes. The process will follow four phases: (i) oxy-fuel burner configuration selection, (ii) single demonstrator combustor can validation, (iii) single utility-scale combustor can validation, and (iv) full demonstrator turboexpander validation. The demonstrator turboexpander has a reduced-size flow path with the same design philosophy as the utility-scale turboexpander. Phase one is set to begin in the fourth quarter of 2024 and subsequent phases are expected to continue through 2026. These equipment validation test campaigns at La Porte are intended to de-risk the utility-scale turboexpander, which will be deployed to Project Permian and future projects.

Project Permian – At NET Power’s first Texas-based project located near Midland-Odessa, FEED continues with licensed EPC partner Zachry Group. FEED is expected to conclude in the fourth quarter of 2024 and will form the basis for NET Power’s standardized utility-scale plant design. Orders for long-lead components have commenced and are expected to continue throughout 2024.

During the quarter, engineering work began with the Company’s selected Air Separation Unit (ASU) provider for Project Permian, and a site land lease agreement was executed with Occidental Petroleum. These achievements position NET Power to remain on target with the Project Permian development schedule with a first fire between second half of 2027 and first half of 2028.