- 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
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.
During the third quarter, Net Power signed an LNTP with Baker
Hughes for approximately $90 million for the purchase of long-lead
materials necessary for the procurement and manufacture of the
turboexpander and related key process equipment and machinery
(“KPEP”) for the Company’s first utility-scale power plant.
Purchase orders were also placed for transformers and other
electrical equipment during the third quarter.
Additionally, the Company formally announced Air Liquide as its
ASU supplier for the Project Permian FEED. Net Power’s intent is
for Zachry Group to incorporate the ASU into the overall plant
design and its EPC execution.
Origination – Origination efforts continued to advance across
North America. Net Power has advanced techno-economic feasibility
and site selection for initial deployments in Alberta, Canada, and
is in active discussions with natural gas producers, carbon
sequestration providers, and data center developers regarding fleet
deployments across the province. In the United States, Net Power
and its sequestration partner have continued to advance the
Company’s first originated project located in the northern MISO
region. Additionally, Net Power is advancing site feasibility for
multiple gigawatt-scale deployments across deregulated power
markets and has begun identifying suitable areas for hybrid
applications where the Company’s clean, reliable power can serve
co-located data centers while simultaneously providing on-demand,
peaking power to the grid through the Company’s unique oxygen
storage solution.
Financial Updates
During the third quarter, cash flow used in operations was
approximately $8 million and cash flow used for capital
expenditures was approximately $22 million, primarily for La Porte
and Project Permian. The Company ended the third quarter of 2024
with approximately $580 million of total cash, cash equivalents and
investments, as compared to approximately $609 million in the
second quarter of 2024.
Conference Call
Net Power will host a conference call to discuss third quarter
2024 financial results beginning at 8:30 AM ET on Tuesday, November
12. To access the live audio webcast of the conference call, please
visit Net Power’s investor relations website at ir.netpower.com. To
participate by phone, dial 877-407-8014 (domestic) or +1
201-689-8053 (international).
An archived webcast will be available following the call.
About Net Power
Net Power (NYSE: NPWR) is a clean energy technology company
developing its proprietary Net Power Cycle, which transforms
natural gas into clean, reliable and affordable power. The Company
is on a mission to deploy its utility-scale plants across the world
by partnering with power producers, energy producers, technology
providers, local communities and other stakeholders. Net Power was
founded in 2010 and has offices in Durham, North Carolina, (HQ) and
Houston, Texas.
Cautionary Note Regarding Forward-Looking Statements and
Projections
Certain statements in this release may constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and the Private Securities Litigation Reform Act of
1995, each as amended. Forward-looking statements provide current
expectations of future events and include any statement that does
not directly relate to any historical or current fact. Words such
as “anticipates,” “believes,” “expects,” “intends,” “plans,”
“projects,” or other similar expressions may identify such
forward-looking statements. Forward-looking statements may relate
to the development of Net Power’s technology, the anticipated
demand for Net Power’s technology and the markets in which Net
Power operates, the timing of the deployment of plant deliveries,
and Net Power’s business strategies, capital requirements,
potential growth opportunities and expectations for future
performance (financial or otherwise). Forward-looking statements
are based on current expectations, estimates, projections, targets,
opinions and/or beliefs of the Company, and such statements involve
known and unknown risks, uncertainties and other factors. Actual
results may differ materially from those discussed in
forward-looking statements as a result of factors, risks and
uncertainties over which Net Power has no control. These factors,
risks and uncertainties include, but are not limited to, those
described under the headings “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements” in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2023, its
subsequent annual reports on Form 10-K and quarterly reports on
Form 10-Q, and in its other filings made with the SEC from time to
time, which are available via the SEC’s website at www.sec.gov.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Net Power assumes no obligation and does not intend
to update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Net Power
does not give any assurance that it will achieve its
expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20241111191015/en/
Investor Relations Contact: investors@netpower.com
Net Power Media Contact: Sam Fabens
netpower@voxglobal.com
NET Power (NYSE:NPWR)
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