Net Power is an energy technology and project development company. The company focuses on delivering low carbon gas power solutions. Its core activity has been the development of a novel oxy combustion power generation system known as the Oxy Combustion Cycle. This system is designed to produce reliable and affordable electricity from natural gas while inherently capturing carbon dioxide and minimizing air pollutants such as sulfur oxides nitrogen oxides and particulates. The technology was first demonstrated at a 50 megawatt thermal facility in La Porte Texas. Construction began in 2016 testing started in 2018 and the plant was synchronized to the Texas grid in fall 2021. In recent years Net Power has expanded its strategy to include clean gas power plants that pair natural gas turbines with post combustion carbon capture technology. The company aims to design develop build own and operate these plants and monetize electricity captured carbon dioxide and environmental attributes.

Net Power generates revenue primarily from the sale of electricity produced by its power plants. The company also plans to monetize the carbon dioxide captured at its facilities through sales to industrial users or for enhanced oil recovery. In addition Net Power intends to sell environmental attributes such as renewable energy credits or carbon reduction certificates to customers seeking to lower their Scope 2 emissions. Historically the company considered a licensing model for its Oxy Combustion Cycle technology but its current go forward model emphasizes owning and operating clean gas power plants. Revenue streams are expected to include long term power purchase agreements capacity or tolling arrangements and merchant sales in wholesale markets. The company may also pursue third party financing tax equity and transferable credits to support project development.

Net Power positions itself as a provider of clean firm power that can complement intermittent renewable generation. The company competes with traditional baseload sources such as coal and natural gas plants advanced nuclear technologies wind solar hydro and geothermal power. Its competitive advantages stem from the ability to deliver low carbon electricity while maintaining the reliability and dispatchability of natural gas fired generation. Net Power expects its clean gas product to be deployable within this decade unlike many emerging clean firm power options that face longer development timelines. The company also benefits from the extensive existing natural gas pipeline network and the growing carbon dioxide transportation and sequestration infrastructure in the United States. Its modular standardized plant design aims to reduce execution risk and improve cost competitiveness through replication and supply chain leverage. Net Power believes that by combining proven turbine technology with carbon capture it can offer a solution that meets reliability affordability and environmental goals better than many alternatives.

Net Power intends to serve a diverse customer base across two main end markets. In the grid connected market the company plans to sell electricity to wholesale markets utilities and large power users such as hyperscalers data center co locators oil and gas exploration and production firms midstream companies and other industrial operations. For the captured carbon dioxide potential buyers include oil and gas companies seeking carbon for enhanced oil recovery and various industrial manufacturers that use CO2 in their processes. Environmental attributes such as carbon reduction credits are expected to attract companies aiming to lower their Scope 2 greenhouse gas emissions including many of the same industrial and technology firms. In the behind the meter market Net Power targets facilities that require continuous low emission power such as direct air capture plants steel mills chemical plants and data centers with significant 24 hour energy needs. The company does not disclose specific customer names in the filing but describes the types of customers it expects to serve.