Net Power Inc.
NET Power Inc. is an energy technology and project development company focused on low-carbon gas power solutions. It is developing a novel oxy-combustion power cycle and, more recently, a cleaner gas power configuration using natural gas turbines paired with post-combustion carbon capture to produce dispatchable electricity with very low emissions.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueCore proprietary systems for producing low-carbon electricity from natural gas.
Development of utility-scale and behind-the-meter clean power plants.
Post-combustion capture and sequestration capabilities tied to the power plant design.
Potential monetization of emissions-related credits and other environmental products.
Captured CO2 may be sold or used by industrial and oil and gas customers.
Customers
NET Power’s customers are expected to be utilities, wholesale power buyers, and large industrial users that need firm, low-emission electricity. The company also targets hyperscalers, data center co-locators, oil and gas companies, and other industrial customers that may buy power, captured CO2, or environmental attributes. Demand is driven by the need for 24/7 reliable power, grid constraints, and decarbonization goals.
Utilities and wholesale market participants buying baseload or load-following electricity from clean gas plants.
Large digital infrastructure operators seeking dedicated, reliable, low-carbon power near load centers.
Steel, chemical, and other industrial sites buying on-site power to improve reliability and emissions performance.
Potential buyers of captured CO2 or partners for CO2-related value creation.
Companies purchasing credits or attributes to reduce reported Scope 2 emissions.
Strategy
NET Power is shifting from pure technology development toward commercialization of the Clean Gas Product, while preserving optionality in the original Oxy-Combustion Cycle. Management is prioritizing cost reduction, value engineering, and turbine integration to improve project economics and accelerate deployment. The company is also focusing on customer validation, partnerships, and market conditions that could support future commercialization.
This is the company’s near-term path to revenue and market adoption.
Lowering capital cost is necessary to make the first commercial plant financeable and competitive.
Using standard combustion gas turbines could accelerate deployment and improve project economics.
The original technology remains a long-term strategic asset if market and policy conditions improve.
Geography
NET Power is headquartered in the United States and its current development focus is centered on U.S. projects, including the La Porte Demonstration Facility and Project Permian in West Texas. Its commercial opportunity is tied to U.S. wholesale power markets, ISO/RTO rules, and ERCOT-style market structures, although the technology could ultimately be deployed in other regions. Geography matters because permitting, grid interconnection, and market design directly affect project economics and timing.
Risks
The company remains pre-commercial and has not generated meaningful revenue, so execution risk is high until the first plant is built and operating. Its business depends on successful technology validation, cost reduction, permitting, and market acceptance, while competition from renewables, post-combustion capture, and SMRs is intense. Regulatory changes, power market rules, and impairment risk can materially affect project economics and reported results.
- Pre-commercial execution riskImpact: HighLikelihood: High
The company has not yet commercialized its products and depends on first-plant success.
Exposure: First utility-scale deployment and project financing
- Technology and cost overrun riskImpact: HighLikelihood: High
The business model requires proving performance while keeping capital costs low enough to win customers.
Exposure - Regulatory and permitting riskImpact: HighLikelihood: High
Power plants require extensive approvals and are subject to evolving environmental and market rules.
Exposure - Asset impairment riskImpact: HighLikelihood: High
Project delays or weaker marketability can force write-downs of long-lived assets and goodwill.
Exposure - Competitive pressureImpact: MediumLikelihood: High
Alternative clean power solutions may be deployed faster or at lower cost.
Exposure
Accounting
Judgemental itemsRecoverability depends on future cash flow assumptions for projects that are not yet commercial.
Impact: Large non-cash charges can materially reduce earnings and asset values
Management recorded a full goodwill write-off after changes in business plan and market capitalization.
Impact: Directly reduces reported equity and earnings
Costs tied to SN1 were expensed when value engineering and feasibility reassessment began.
Impact: Can create volatile operating expenses and losses
Changes in valuation assumptions flow through other income/expense.
Impact: Can cause earnings volatility unrelated to operations
The liability is remeasured as assumptions change.
Impact: Affects non-operating income and balance sheet estimates
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Last updated: 24/09/2026