NET Power

NET Power’s breakthrough technology, the Allam-Fetvedt Cycle, aims to eliminate emissions in the natural gas power generation process. Traditional plants burn gas to produce pressurized gas that operates turbines, resulting in greenhouse gases (carbon dioxide and nitrogen oxide) being released into the atmosphere. NET Power’s solution burns natural gas using oxygen, resulting in only carbon dioxide as a byproduct, which is then pressurized to produce supercritical carbon dioxide, which can be reused in the power generation process to capture heat from the plant.

NET Power opened a 25-megawatt (MW) demonstration plant in Texas in January 2021 and announced that the company will be starting the construction of its first four commercial plants.  

In November 2022, NET Power announced that it will develop and build the world’s first utility-scale natural gas-fired power plant with near-zero atmospheric emissions. The plant, which is expected to be online in 2026, will be built in Odessa, Texas, and will produce ~300 MW of power.

Key customers and partnerships

In May 2021, NET Power and G2, a company building the world's first net-zero liquefied natural gas (LNG) production facility, executed a letter of intent to collaborate. In July 2021, the company partnered with Zero Degrees Whitetail Development (ZDWD), 8 Rivers Capital, and Sembcorp Energy UK (SEUK) to develop a NET Power station at SEUK’s Wilton International site on Teesside, UK. ZDWD plans to develop multiple 300 MW NET Power facilities across the UK. 

In April 2023, NET Power selected Zachry Group for front-end engineering design (FEED) and engineering, procurement, and construction (EPC) services for its initial utility-scale power plant. In May 2023, NET Power announced plans to establish a JV with SK Group. The NET Power-SK JV will pursue the development of utility-scale NET Power plants across Asia. In December 2023, the company signed a Strategic Supply Agreement with Lummus Technology for recuperative heat exchangers (HXR) for NET Power's large-scale power plants.

Funding and financials

In June 2023, NET Power was listed on the NYSE. The transaction is expected to raise gross proceeds of over USD 670 million, with the combined company expected to have a market capitalization of over USD 2 billion. This included PIPE commitments from Occidental (USD 350 million), the Rice family (USD 125 million), and SK Group (USD 50 million). The company intended to use these funds to commercialize its first utility-scale natural gas-fired power plant. 

Key competitors: None comparable (NET Power is the only startup to develop a zero-emission natural gas-power generation solution)