NET Power : First Quarter 2026 Results

Published: 2026-05-11 16:58:08 ET NPWR

Published on 05/11/2026 at 04:58 pm EDT

First Quarter 2026 Earnings Presentation

Clean independent power producer with deep domain knowledge in power generation with carbon capture integration, utilizing in-house engineering capabilities to maximize project returns

Clean. Firm. Scalable.

Transforming natural gas into the lowest cost form of clean firm power

Strategic partners possess industry-leading expertise in all things CO2: post-combustion carbon capture technology, transportation, enhanced oil recovery and regulatory

Unique 100% focus on catalyzing clean firm power developments

Progressing interconnected workstreams across power offtake, detailed engineering and project finance to maintain schedule for Project Permian Phase I and catalyze subsequent developments

Power offtake Detailed engineering

Net Power has engaged a strategic advisor to aid in securing long-term power offtake for Project Permian Phase I and future larger scale deployments in the Permian

Project Permian

Advancing detailed design, down-selecting EPCs, progressing work with independent engineer for Project Permian Phase I; ensuring capability to rapidly scale to 800MW on existing Permian site

Project financing

Power offtake agreement is the first step in converting Permian Phase I and future phases into actionable, financeable developments

Net Power's flexible deployment offering provides speed to power and rapid scalability

First Deployment 80MW

Second Deployment

Flexible to customer needs

Third Deployment

Flexible to customer needs

Offtake structure

Fixed-price long-term VPPA ($/MWh) or co-location

Fixed-price long-term VPPA or co-location ($/MWh)

Power delivery

Grid delivery (via Oncor/ERCOT interconnect) or behind the meter

Grid delivery or behind the meter

Sequestration

Via Oxy EOR infrastructure

Location

Power gen site on Oxy-leased land;

~800MW data center co-location buildout possible

Flexible within the Permian Basin

Net Power is actively progressing conversations with prospective offtakers through strategic advisory engagement

Project Permian Phase I driving towards achieving first operational natural gas + carbon capture and sequestration (CCS) project in the United States; significant scale up opportunity on existing site

Power generation: natural gas combined cycle

Carbon capture: Entropy post-combustion carbon capture (PCC) technology

Power delivery: grid connected 80MW

CO2: indicative terms with Oxy for 100% of CO2offtake

Power: marketing to offtakers

FID: 2H 2026

COD: 1H 2029

Prelim 80MW clean power product configuration

Potential for 10x scale up (800 MW) on existing Net Power Permian site

5 6

1 2 3 4

7 8 9 10

Q2 2026: Entropy Glacier Phase 2 validation of PCC tech utilizing gas turbines

2H 2026: Target FID for first 80MW deployment in Permian

2H 2027: Target construction start for first 80MW deployment

Early 2029: target COD for first 80MW Net Power deployment in Permian

All factors may vary by site-specific conditions and operating decisions. Site-specific factors include elevation and ISO temperature.

~5x scaling

~2-3x scaling

Project Permian is the next step in the evolution of Entropy's PCC technology

Glacier Phase 1

Glacier Phase 2

Project Permian

Carbon Capture Sizing

30 ktpa,

from gas compressors

160 ktpa,

from gas compressors & turbines

380 ktpa,

from gas turbines

Power Sizing

N/A

15 MW Turbine

2 x 35 MW Turbine

Project Status

3+ years successful run-time and operational knowhow

Construction nearing completion,

June 2026 COD

FEED stage

2029 COD

Configuration

Reciprocating engines (recips)

CO2

2x amine towers

Amine

1x regen tower

10 x recips +

1 x 15 MW turbine (Solar T130)

CO2

2x amine towers (16ft round x 220ft)

Amine

12 ft regen tower

2 x 35 MW

turbines

CO2

2x amine towers (18ft square x 150 ft)

Amine

16ft regen tower

Technology Readiness Level

TRL 9

Demonstrated capture system at first commercial scale

TRL 8-9

Validates integrated gas + CCS system performance at scale

TRL: 8-9

Direct scale-up of proven design to larger capacity

Sources: Entropy corporate materials 7

Disclaimer

Net Power Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 20:49 UTC.