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WebsiteIntroduction to NET POWER INC
NET POWER INC (NYSE: NPWR) is a Durham, North Carolina–based company developing natural gas–fired power plants with integrated carbon capture technology. On September 18, 2025, its shares closed at $2.5850, up 15.40% from the prior session, on a volume of 404,489 shares.
Corporate Structure and Leadership
Founded in 2010, NET POWER INC employs between 11 and 50 people, including engineers, project managers, finance professionals, and legal experts. Its principal technology partners include Oxy, Baker Hughes, and Constellation. Key executives are:
• Danny Rice, President and Chief Executive Officer since January 2023, with over 20 years in energy production and transition sectors.
• Marc Horstman, Chief Operating Officer since April 15, 2025, bringing experience from Vertiv, Siemens, and Rolls-Royce.
• Amy Keyser, Chief Human Resources Officer, with a background in legal and HR roles at financial services and fintech companies.
• Jim Mahon, General Counsel since April 2019, formerly a partner at Hunton Andrews Kurth LLP.
• Bruce Jenkins, Chief of Staff since April 2025, overseeing supply chain, IT, and origination teams.
Carbon capture by Marcin Jozwiak
Recent Developments and News
On March 4, 2025, NET POWER issued its fourth-quarter 2024 results and business update:
- Completed front-end engineering and design (FEED) for Project Permian and initiated a post-FEED optimization process.
- Launched a feasibility study for a modular multi-unit plant targeting up to one gigawatt of capacity.
- Commenced Phase 1 of an equipment validation program with Baker Hughes at the La Porte demonstration facility, which has logged over 1,600 operational hours.
- Entered into a technology development agreement with Woodside Energy and Baker Hughes to explore an industrial-scale Net Power solution.
- Reported cash, equivalents, and investments totaling over $530 million as of December 31, 2024.
On August 11, 2025, the company filed its Form 10-Q for the quarter ended June 30, 2025. On August 1, 2025, an amendment to Schedule 13D/A revealed that 8 Rivers Capital, LLC and NPEH, LLC jointly hold 26,729,880 Class A shares, representing 25.6% of outstanding Class A stock as of July 30, 2025.
Financial and Strategic Analysis
NET POWER’s liquidity, amounting to $530 million as of December 31, 2024, positions the company to advance engineering and partner engagement during the value-engineering phase of Project Permian. The post-FEED cost estimate of $1.7 billion to $2.0 billion accounts for first-of-a-kind and site-specific expenses, with management suspending long-lead equipment releases pending a final investment decision. The modular multi-unit study seeks to reduce capital expenditures through standardized design and equipment prefabrication, with coastal deployment options planned for 2030–2033. The validation work with Baker Hughes and the collaborative efforts with Woodside Energy indicate a pathway to commercialization and potential licensing revenues.
Market Position and Industry Context
A decade of underinvestment in U.S. power infrastructure, combined with anticipated load growth, has increased the demand for firm generation capacity. NET POWER’s supercritical CO₂ cycle offers dispatchable, low-emissions baseload power compared to unabated natural gas plants. Federal regulatory incentives, such as the 45Q tax credit for carbon capture, may enhance the economics of its technology. Competing technologies include advanced gas turbines paired with carbon capture, renewable-plus-storage hybrids, and emerging hydrogen turbines. NET POWER’s partnerships and demonstration track record distinguish its single-integration approach and may facilitate utility-scale deployments if cost targets are achieved.
tl;dr
On September 18, 2025, NPWR shares increased by 15.40%. The company is value-engineering its first utility-scale Project Permian following an August 2025 10-Q disclosure of a $1.7–$2.0 billion installed-cost estimate and a $530 million year-end cash position. A Schedule 13D/A showed a 25.6% Class A stake held by 8 Rivers Capital and NPEH. Plans for modular plant designs for 2030–2033 and industrial-scale studies with Baker Hughes and Woodside Energy outline NET POWER’s path toward a final investment decision by 2029.
