NET Power

NET Power (NYSE: NPWR) is an energy technology and project development company founded in 2010 and headquartered in Durham, NC, on a mission to transform natural gas into the lowest-cost form of clean, firm power. The company's flagship innovation - the Allam-Fetvedt Cycle (also called the Net Power Cycle) - is a revolutionary oxy-combustion power generation process that combines supercritical CO₂ (sCO₂) as a working fluid with pure-oxygen combustion of natural gas. Unlike traditional gas turbines, this closed-loop thermodynamic cycle inherently captures nearly 100% of CO₂ emissions and virtually eliminates criteria air pollutants (NOx, SOx, particulates), without the costly post-combustion scrubbing equipment required by conventional carbon capture approaches. NET Power demonstrated the technology at its 50 MWth La Porte, Texas test facility, built in 2018, which has logged over 1,600 operational hours and successfully synchronized with the ERCOT grid in 2021.

Beyond its flagship oxy-combustion cycle, NET Power has expanded into a broader suite of clean gas power solutions, most recently partnering with Entropy Inc. (a Canada-based carbon capture leader) to exclusively deploy post-combustion capture (PCC) technology across natural gas power plants in the United States. Its first commercial-scale development - "Project Permian" - targets an 80 MW Phase I facility outside Midland, TX, using Siemens A35 gas turbines paired with Entropy's PCC technology, with a Final Investment Decision (FID) expected in the second half of 2026 and targeted commercial operations by early 2029. NET Power is also exploring project sites in California, Wyoming, Alberta, and multiple U.S. grid regions (MISO, PJM, ERCOT). Strategic partners and cornerstone investors include Oxy (Occidental Petroleum), Baker Hughes, SK (Korean conglomerate), and Constellation Energy.

NET Power occupies a uniquely strategic position in the U.S. energy supply chain as a potential solution to one of the most persistent challenges in decarbonization: replacing always-on, dispatchable baseload gas generation without sacrificing grid reliability. As the grid increasingly absorbs intermittent renewables, the need for 24/7 firm clean power is intensifying - particularly to serve the surging electricity demand from AI data centers, industrial electrification, and domestic manufacturing. NET Power went public in 2023 via a SPAC merger with Rice Acquisition Corp II (sponsored by Danny Rice's Rice Investment Group), raising capital to fund commercialization. With ~$319 million in cash and investments as of Q1 2026, the company is well-capitalized to advance its first projects toward construction and deployment.