Net Power Reports Third Quarter 2024 Results and Provides Business Update

In This Article:

  • Commissioning first phase of Baker Hughes equipment validation at La Porte demonstration facility

  • Advanced Front-End Engineering and Design (FEED) work for Project Permian, the Company’s first utility-scale project in West Texas; FEED on track to conclude in Q4 2024

  • Signed third Limited Notice to Proceed (LNTP) with Baker Hughes to release all long-lead materials required to meet the schedule for the first utility-scale turboexpander

  • Announced Air Liquide as air separation unit (ASU) supplier for Project Permian FEED

  • Continued prospecting and site evaluation for multiple origination hubs across North America

DURHAM, N.C., November 11, 2024--(BUSINESS WIRE)--NET Power Inc. (NYSE: NPWR) ("Net Power" or the "Company") today reported results for the third quarter of 2024.

Danny Rice, Chief Executive Officer of Net Power, commented, "We continue to make steady progress on all fronts to commercialize our clean, firm power solution. At our demonstration plant in La Porte, Texas, we successfully completed major plant upgrades for Baker Hughes’ equipment validation program. Our first utility-scale plant deployment is on schedule, and we’re pleased to announce Air Liquide is performing front-end engineering for our air separation unit. The unprecedented demand growth for large-scale generation across North America is creating multiple new opportunities that our commercial team is actively progressing, and we believe Net Power will be best positioned to capture this growing market with a proven solution at scale nearly a decade ahead of any credible alternative."

Business Update

Baker Hughes equipment validation at La Porte demonstration facility – The first phase of equipment validation with Baker Hughes for the oxy-fuel burner configuration selection commenced with system commissioning in October. The first two phases of equipment validation will be conducted in a Baker Hughes combustor test rig, which was installed at Net Power’s La Porte demonstration facility during the third quarter of 2024.

The equipment validation test campaigns at La Porte are intended to de-risk the utility-scale turboexpander, which will be deployed to Project Permian and future projects. Subsequent phases are expected to continue through 2026 and include: single demonstrator combustor can validation, single utility-scale combustor can validation, and full demonstrator turboexpander validation.

Project Permian – Net Power’s first utility-scale project, located near Midland-Odessa, remains on schedule with initial power generation expected to occur between the second half of 2027 and first half of 2028. FEED continues with licensed engineering, procurement, and construction (EPC) partner Zachry Group and is on track to conclude in the fourth quarter of 2024.

Waiting for permission
Allow microphone access to enable voice search

Try again.