NET Power
NET Power Inc. (NYSE: NPWR) is a pre-revenue clean energy technology company developing utility-scale natural-gas power plants that pair oxy-combustion and supercritical CO2 cycles with post-combustion carbon capture to deliver 24/7 near-zero-emissions baseload power for hyperscalers, utilities, and industrial offtakers, anchored by Project Permian Phase I in West Texas.
- Company typePublic
- Founded2010
- HeadquartersDurham, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What NET Power does
NET Power Inc. (NYSE: NPWR) is a publicly listed, development-stage clean energy technology company headquartered in Durham, North Carolina, that designs utility-scale natural-gas power plants capable of capturing the vast majority of CO2 emissions. Its core technology is the proprietary NET Power Cycle, which combines oxy-combustion with a supercritical CO2 power cycle to deliver 24/7 dispatchable baseload power while capturing nearly all carbon emissions and effectively eliminating traditional pollutants (NOx, SOx, particulates); the technology was licensed from 8 Rivers Capital, is supported by 100+ patent filings, and has been validated at the La Porte 50MWth demonstration facility in Texas (built 2018, 1,600+ operational hours, ERCOT grid synchronization in 2021). In November 2025 the company broadened its offering by signing a letter of intent with Entropy Inc. to exclusively deploy Entropy's post-combustion capture (PCC) technology (~90% CO2 capture) for U.S. power generation, with Project Permian Phase I now configured around Siemens A35 gas turbines paired with Entropy PCC targeting 80MW and sub-$100/MWh LCOE.
The company monetizes its technology through future long-term Power Purchase Agreements (PPAs), equipment and IP licensing of components such as Lummus-supplied recuperative heat exchangers (HXRs), project development and origination fees, and Section 45Q tax credit capture (~approximately $50/ton CO2 sequestered, with OBBBA legislation projected to add ~$20/MWh LCOE improvement). Its first commercial-scale facility, Project Permian in West Texas (up to 1GW site), is anchored by Occidental Petroleum providing the site, CO2 transportation/sequestration infrastructure, a 30MW power offtake, and 100% offtake of captured CO2; delivery is supported by an EPC and specialty-equipment stack including Zachry Group, Air Liquide (ASU), Lummus Technology (HXR), Baker Hughes (utility-scale combustor/turboexpander, ~$90M third LNTP, ~14M Class A shares), and Siemens Energy/RPS (A35 turbines). NET Power pursues an enterprise field-sales motion targeting hyperscalers, utilities and large industrial offtakers, supplemented by regional co-development alliances (Carbon TerraVault for California up to 1GW/3.6 MMTPA, SK Group for Asia-Pacific JV) and a multi-site originated pipeline across Texas, Northern MISO, Wyoming, PJM, Alberta and Asia-Pacific.
NET Power firmographics
Firmographics- Name
- NET Power
- Legal name
- Net Power Inc.
- Website
- https://netpower.com
- Company type
- Public
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- NET Power Inc. (NYSE: NPWR) is a pre-revenue clean energy technology company developing utility-scale natural-gas power plants that pair oxy-combustion and supercritical CO2 cycles with post-combustion carbon capture to deliver 24/7 near-zero-emissions baseload power for hyperscalers, utilities, and industrial offtakers, anchored by Project Permian Phase I in West Texas.
- Ownership category
- akta.pro rank
NET Power industry classification
Industry- Product category
- Clean Energy Power Generation
- NAICS
- Electric Power Generation (22111), Fossil Fuel Electric Power Generation (221112)
- SIC
- Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI)
- akta.pro secondary industries
- Thermal Power Plant EPC (Gas/Coal/Oil) (EUAEAAAA), Gas-Fired Combined-Cycle with Carbon Capture (CCGT+CCS/CCUS) (EUACABAE)
Keywords
Where NET Power is headquartered
LocationHeadquarters
- HQ city
- Durham
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
NET Power business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Supply Chain, Infrastructure, Operations, Marketing or Sales
Revenue model
- Power Purchase Agreement (PPA) Offtake: Future long-term contracted revenue from selling electricity generated by NET Power plants. Project Permian Phase I targets 80MW output with FID in H2 2026 and commercial operations by early 2029; Occidental Petroleum committed to purchase 30MW of the power and 100% of the captured CO2.
- Equipment / IP Licensing (HXR and technology licensing): Long-term equipment licensing revenue stream from licensing the NET Power Cycle and components such as recuperative heat exchangers (HXRs) supplied under strategic supply agreements. Cited as creating an additional equipment licensing revenue stream.
- Carbon Sequestration Services / 45Q Tax Credit Capture: Future revenue tied to permanent sequestration of captured CO2 utilizing Section 45Q tax credits (~approximately $50/ton of CO2 sequestered) and selling sequestered CO2 to industrial users (e.g., EOR via Occidental infrastructure).
- Project Development and Origination Fees: Currently pre-revenue development-stage company; project development activities tied to long-term contracted offtake and strategic partner equity participation in individual project SPVs.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Project Permian Phase I — 80MW clean firm power PPA (currently pre-revenue; targeting FID H2 2026, commercial operations early 2029) |
Go-to-market motion3 records
Distribution channels4 records
NET Power product offering
Product offeringCore offering
NET Power designs, develops, and deploys utility-scale clean firm power plants using its proprietary NET Power Cycle technology, which combines oxy-combustion with a supercritical CO2 (sCO2) power cycle to combust natural gas in pure oxygen and deliver 24/7 dispatchable baseload electricity while capturing nearly all carbon emissions. The company is commercializing this technology through large-scale project developments such as Project Permian Phase I (80MW in West Texas), Northern MISO, and Northern California, selling clean power via long-term Power Purchase Agreements (PPAs) and licensing core components (e.g., recuperative heat exchangers) to enterprise offtakers and equipment partners.
Product overview
NET Power offers an integrated suite of clean firm power solutions, anchored by its proprietary Net Power Cycle (an oxy-combustion / supercritical CO2 power cycle technology) and now expanded to include Entropy's Post-Combustion Capture (PCC) solution. The company deploys these through utility-scale plant projects, beginning with its La Porte Demonstration Facility (50MWth test plant in Texas) for technology validation with Baker Hughes, and commercializing at scale through Project Permian Phase I (an 80MW Siemens A35 gas turbine facility in West Texas paired with Entropy PCC, targeting 2029 commercial operations) and other originated projects including the Northern MISO clean firm power hub (OP1, 300MW) and a California development (up to 1GW in partnership with Carbon TerraVault). The offering combines the core Net Power Cycle technology with the new PCC module, the Integrated Product Configuration (gas turbines + Net Power Cycle heat integration), and the La Porte test infrastructure as a single, modular, project-development platform for clean firm power generation.
Differentiator
Problem solved
Functional benefit
Brands
- Project Permian: NET Power's intended first-of-a-kind commercial-scale facility with expected deployment outside of Midland, Texas.
- NET Power Cycle
Products and services
- NET Power Cycle (Oxy-combustion Power Cycle) NET Power's proprietary clean power technology that combusts natural gas in pure oxygen and uses a supercritical CO2 power cycle to deliver 24/7 dispatchable baseload electricity while capturing nearly all carbon emissions and eliminating traditional pollutants (NOx, SOx, particulates). Licensed from 8 Rivers Capital and underpinning all NET Power utility-scale plant designs.
- Post-Combustion Capture (PCC) Solution NET Power's PCC offering built around Entropy Inc.'s proprietary energy-efficient solvent that reduces CO2 emissions from natural gas power plants by approximately 90%. Deployed under a letter of intent with Entropy to accelerate commercial-scale clean gas power rollout in the United States.
- Project Permian Phase I (80MW clean firm power) NET Power's intended first-of-a-kind commercial-scale clean firm power facility outside Midland, Texas (Permian Basin). Phase I targets 80MW output using Siemens A35 turbines packaged by RPS paired with Entropy PCC technology, with Occidental Petroleum committed to a 30MW PPA and 100% offtake of captured CO2.
- Northern MISO Clean Firm Power Hub (OP1) NET Power's first originated project in the northern MISO region, with site control and a 300MW interconnect request through the DPP-2023 interconnection queue. Phase I is designed to use gas turbines paired with Entropy PCC and targets FID in 2027 with commercial operations as soon as 2029.
- California Clean Power Development (with Carbon TerraVault) NET Power's California entry targeting up to 1GW of reliable low-carbon baseload power in Northern California, developed under MOU with Carbon TerraVault (CRC). CTV is expected to transport and sequester up to 3.6 million metric tons of CO2 emissions annually in nearby reservoirs.
- Integrated Product Configuration (Gas Turbines + NET Power Cycle) Plant design architecture integrating cost-effective gas turbine capacity (50MW-200MW) with the NET Power Cycle via heat integration synergies, delivering power sooner and at lower cost per unit by installing gas turbines first and integrating them with the NET Power Cycle. Targeted LCOE is below $100/MWh at Project Permian.
Quantifiable outcome
- Target LCOE below $100/MWh at Project Permian with integrated product configuration
- +6 more outcomes
Companies that use NET Power
Customer profileNamed customers1 record
Ideal customer profiles4 records
NET Power technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature7 records
NET Power partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and flagship.
- Siemens Energy / RPScoreProject Permian Phase I will utilize Siemens A35 gas turbines packaged by RPS paired with Entropy's proven post-combustion capture technology to target 80MW of electrical output. Siemens A35 turbines have 2028 delivery timing aligned to project schedule.
- Occidental Petroleum (Oxy)flagshipOccidental Petroleum is a core strategic partner providing the Project Permian site on its Permian Basin acreage, CO2 transportation and sequestration infrastructure, and a power offtake commitment. Occidental is finalizing definitive documents to purchase 30MW of Project Permian Phase I power and 100% of the captured CO2. Oxy executive Peter J. Bennett (President of U.S. Onshore Resources and Carbon Management) serves as NET Power Board Chairman.
- Entropy Inc.flagshipSigned letter of intent with Entropy Inc. to exclusively deploy Entropy's post-combustion capture (PCC) technology for power generation in the United States and to jointly develop projects. Entropy's proprietary solvent is energy efficient and proven to reduce CO2 emissions by approximately 90% from natural gas power plants. Joint Development Agreement expected to be finalized by Q2 2026. Entropy technology deployed commercially at the Glacier Gas Plant in Alberta, Canada.
- Carbon TerraVault (California Resources Corporation)coreSigned Memorandum of Understanding (MOU) with California Resources Corporation's carbon management business Carbon TerraVault to develop NET Power's ultra-low emission power plants in California. Initial target of up to 1GW of power capacity in Northern California with up to 3.6 MMTPA of CO2 for permanent sequestration in CTV's nearby reservoirs. Each NET Power utility-scale modular plant requires less than 20 acres, generates up to 250MW, and is deployable in multi-plant configurations.
- Baker HughesflagshipBaker Hughes is NET Power's equipment validation and joint development partner for the utility-scale turboexpander and combustor. Baker Hughes equipment validation at La Porte proceeds in four phases (oxy-fuel burner configuration selection, single demonstrator combustor can validation, single utility-scale combustor can validation, and full demonstrator turboexpander validation) continuing through 2026. Third Limited Notice to Proceed (LNTP) of approximately $90 million signed for long-lead materials for Project Permian. Baker Hughes also receives approximately 14 million Class A shares under the Joint Development Agreement.
- Zachry GroupcoreSelected as NET Power's first licensed EPC partner for Project Permian (formerly SN1). Zachry Group commenced Front-End Engineering and Design (FEED) in April 2023 and is incorporating Air Liquide's ASU into the overall plant design and EPC execution. FEED on track to conclude in Q4 2024.
- Air LiquidecoreAnnounced as the Air Separation Unit (ASU) supplier for Project Permian FEED. Air Liquide is performing front-end engineering for the ASU which Zachry Group will incorporate into the overall plant design and EPC execution.
- Lummus TechnologycoreStrategic Supply Agreement with Lummus Technology to design and supply recuperative heat exchangers (HXRs) for NET Power's near-zero emissions power generation process. Lummus is the licensed NET Power HXR supplier with over 100 years of process industry experience and 25,000+ heat exchangers designed. HXR recovers energy from turboexpander exhaust and ASU to reheat recirculated CO2.
- SK GroupcoreNET Power and SK Group announced their intention to form a joint venture to originate and develop NET Power utility-scale plants in select Asian countries. The JV combines NET Power's technology expertise with SK's development capabilities and footprint to accelerate deployment in the Asia-Pacific region.
- ConstellationflagshipNET Power lists Constellation as a supporting partner on its About Us page. Constellation executive Carol Peterson (former SVP Strategy & Planning) serves on the NET Power Board of Directors. Constellation provides strategic validation given its position as a major U.S. clean power generator post-Exelon separation.
- 8 Rivers Capitalcore8 Rivers Capital is the original developer of the Allam-Fetvedt Cycle technology underlying NET Power's oxy-combustion cycle. NET Power's Chief Innovation Officer Dr. Xijia Lu previously worked at 8 Rivers Capital for eight years leading R&D on the solid fuel-based Allam Cycle. 8 Rivers Capital remains a significant shareholder (via NPEH, LLC) with approximately 12% ownership after insider sales in May 2026.
Scale indicators25 records
Recent moves7 records
Expansion highlights6 records
NET Power competitors and assessment
Company assessmentDirect peers
- 8 Rivers Capital: Original developer of the Allam-Fetvedt Cycle underlying NET Power's oxy-combustion technology and a significant shareholder (~12% via NPEH). 8 Rivers is the IP licensor and continuing R&D partner, making it the most directly comparable company in oxy-combustion technology development.
- Entropy Inc. Provider of the proprietary post-combustion capture (PCC) solvent technology (~90% CO2 capture) that NET Power is exclusively deploying for U.S. power generation under its November 2025 LOI. Direct technology and project co-development partner with parallel natural gas decarbonization focus.
- Talen Energy: Independent power producer with large U.S. natural gas and nuclear portfolio pursuing hyperscaler PPA deals (e.g., Amazon Web Services data center co-location in Pennsylvania). Comparable business model as a merchant IPP targeting clean firm capacity sales to data center / hyperscaler customers.
- Carbon Clean Solutions: Point-source carbon capture technology provider with proprietary solvent-based systems deployed across industrial and power applications. Comparable as a post-combustion carbon capture technology provider targeting similar power and hard-to-abate industrial customers.
Broad incumbents
- Occidental Petroleum (1PointFive): Major U.S. oil and gas major with carbon management subsidiary 1PointFive operating the world's largest planned DAC facility (STRATOS). Strategic partner and largest customer for Project Permian, providing site, sequestration, and CO2 offtake; comparable as a CCS infrastructure owner/operator with adjacent decarbonization focus.
- Constellation Energy: Largest U.S. clean power generator (post-Exelon separation) and a NET Power strategic partner with board representation. Operates a large nuclear and renewables portfolio but is also the largest U.S. supplier of clean firm power to hyperscalers — comparable as a clean firm power provider to the same target customer base.
- Calpine Corporation: Largest U.S. fleet of natural gas-fired and geothermal power plants, focused on dispatchable clean firm capacity. Operates in the same competitive set as NET Power for utility-scale PPA awards and capacity procurement in U.S. ISO/RTO markets.
- Southern Company: Major U.S. utility with operational experience at Plant Barry and other natural gas carbon capture projects, plus the integrated gasification combined-cycle (IGCC) Kemper project. Comparable as a regulated utility owner-operator pursuing gas + CCS deployment at utility scale.
- Mitsubishi Power: Global gas turbine OEM with hydrogen-ready turbines and direct CO2 capture integration offering. NET Power CTO Scott Martin previously led strategic sales there; comparable as a supplier of gas turbine + carbon capture integrated solutions to the utility-scale power market.
Regional players
- SaskPower: Canadian provincial utility operating the Boundary Dam carbon capture and storage facility (the world's first commercial-scale CCS project on a coal-fired power plant). Comparable as a utility-scale CCS power project operator, though primarily Canadian and historically coal-focused.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
NET Power social profiles
Digital presenceNET Power financial estimates
Financial estimateRevenue estimate
Valuation estimate
NET Power leadership team
Management profileNumber of profiles
Profiles16 records
NET Power subsidiaries and ownership
Company hierarchySubsidiaries1 record
NET Power funding detail
Funding detailFunding overview
Funding rounds5 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NET Power M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NET Power
What does NET Power do?
NET Power designs, develops, and deploys utility-scale clean firm power plants using its proprietary NET Power Cycle technology, which combines oxy-combustion with a supercritical CO2 (sCO2) power cycle to combust natural gas in pure oxygen and deliver 24/7 dispatchable baseload electricity while capturing nearly all carbon emissions. The company is commercializing this technology through large-scale project developments such as Project Permian Phase I (80MW in West Texas), Northern MISO, and Northern California, selling clean power via long-term Power Purchase Agreements (PPAs) and licensing core components (e.g., recuperative heat exchangers) to enterprise offtakers and equipment partners.
Is NET Power a public or private company?
NET Power is a public company. It is classified as public and is currently operating.
When was NET Power founded?
NET Power was founded in 2010. It employs 51 to 100 people.
Where is NET Power based?
NET Power is headquartered in Durham, United States, in the North America region.
How does NET Power make money?
Four revenue lines are on record. Power Purchase Agreement (PPA) Offtake is the primary driver. The others are equipment / IP Licensing (HXR and technology licensing), carbon Sequestration Services / 45Q Tax Credit Capture and project Development and Origination Fees.
Who are NET Power's main competitors?
Direct peers on record are 8 Rivers Capital, Entropy Inc., Talen Energy and Carbon Clean Solutions. Broad incumbents are Occidental Petroleum (1PointFive), Constellation Energy, Calpine Corporation, Southern Company and Mitsubishi Power. SaskPower is listed as a regional player.
Does NET Power have an API?
No public API is recorded for NET Power.
What industry is NET Power in?
NET Power's product category is Clean Energy Power Generation. Its primary akta.pro industry code is EUACABAI, Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield), with a secondary code of EUAEAAAA, Thermal Power Plant EPC (Gas/Coal/Oil). Its NAICS code is 22111 and its SIC code is 4991.