Net Power Reports First Quarter 2025 Results and Provides Business Update

Net Power Inc. (NYSE: NPWR) (“Net Power” or the “Company”) today announced its financial and operational results for the first quarter ended March 31, 2025.

• Maintained strong liquidity: Exited the quarter with over $500 million in cash, cash equivalents and investments, which are expected to fund technology development and testing for the Company’s proprietary clean power plant design.
• Continued Project Permian’s (SN1) cost reduction initiative: At Project Permian, Net Power’s planned first-of-a-kind commercial-scale facility, post-FEED work is ongoing to identify potential cost savings to deliver a financeable first commercial project. The Company is prudently advancing low-cost, project related activities, such as permitting and community engagement, while integrating advanced engineering solutions into project development to enhance overall efficiency.
• Progressed modular multi-unit feasibility study: Continued an advanced design and engineering study for a standardized, modular multi-unit plant to further reduce future project costs and meet market demand for larger generation capacity, with a goal of establishing a credible pathway to deliver a highly competitive levelized cost of energy (LCOE).
• Advanced the equipment validation testing at La Porte demonstration facility: Both Phases 1 and 2 are expected to be completed in 2025, in line with prior expectations. Despite unplanned downtime for site repairs, which are currently underway, Phase 1 testing is expected to resume in the second quarter. Preparations are underway for testing Phases 3 and 4, expected to be completed in 2026 and 2027 utilizing existing balance sheet capital.

“With our refreshed leadership team and highly talented workforce, we continue to make progress every day to deliver clean, firm power ahead of the competition,” said Danny Rice, President & Chief Executive Officer of Net Power. “I’m especially pleased with the early progress we’ve made identifying potential cost reductions for Project Permian that should help counter the inflationary pressures seen across the entire power sector. Our liquidity position is expected to carry us through testing at our La Porte demonstration facility, uniquely positioning Net Power to be one of the few solutions available this decade to meet the world’s growing need for clean, reliable power.”