NET Power Inc Dossier
Qualitative Analysis
Business overview
NET Power Inc. (NYSE: NPWR) is an energy technology and project development company focused on delivering low-carbon gas power solutions. Founded in 2010 and headquartered in Durham, North Carolina, the company's core mission is to transform natural gas into the lowest-cost form of clean, reliable, and dispatchable baseload power. Historically, NET Power focused on commercializing its proprietary 'NET Power Cycle' (the Allam-Fetvedt Cycle), an oxy-combustion system that utilizes supercritical carbon dioxide (sCO2) as a working fluid to drive a turbine. This process inherently captures nearly 100% of the carbon dioxide produced during combustion at pipeline-ready pressure, while eliminating traditional air pollutants like NOx, SOx, and particulates. In late 2025, the company expanded its business strategy to prioritize the development of clean power projects utilizing gas turbines paired with post-combustion carbon capture (PCC) technology, while continuing to support the long-term deployment of its oxy-combustion technology.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Development of an 80MW grid-connected clean firm power plant in West Texas utilizing Siemens A35 gas turbines paired with Entropy's post-combustion carbon capture (PCC) technology.
Expected impact: Establish the first operating commercial clean gas power plant in the United States, proving the commercial and technical viability of the Clean Gas Product.
Expanding the business strategy to prioritize the development of clean power projects utilizing standard gas turbines integrated with post-combustion carbon capture (PCC) technology, while halting near-term testing of the proprietary Oxy-Combustion Cycle at the La Porte facility.
Expected impact: Accelerates the commercialization timeline, reduces technology risk, and addresses immediate market demand for clean firm power from data centers.
Engaging a strategic advisor to facilitate power offtake discussions and secure long-term Power Purchase Agreements (PPAs) with utility and hyperscale data center customers.
Expected impact: De-risk project cash flows to secure favorable project-level debt financing and establish a repeatable commercial model.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Provides NET Power with the exclusive rights to license and commercialize Entropy's proprietary amine-based post-combustion carbon capture (PCC) solvent technology for power generation in the United States.
Terms: Under negotiation; expected to include joint equity participation in Project Permian Phase I.
Oxy provides the leased acreage for Project Permian near Midland, Texas, and has agreed to indicative terms to purchase 100% of the captured CO2 for permanent sequestration.
Terms: Indicative terms under negotiation toward definitive agreements.