Net Power Inc.

Net Power is an energy technology and project development company focused on delivering low-carbon gas power solutions. Founded in 2010, our mission is to transform natural gas into the lowest cost form of clean firm power. Historically, our sole business has been the development of a novel oxy-combustion power generation system (the Oxy-Combustion Cycle ) designed to produce reliable and affordable electricity from natural gas while inherently capturing CO 2 and minimizing the production of air pollutants such as SO X , NO X , and other particulates. The Oxy-Combustion Cycle was first demonstrated at our 50 MWth demonstration facility in La Porte, Texas (the La Porte Demonstration Facility ), for which construction commenced in 2016 and testing began in 2018. The facility was ultimately synchronized to the Texas grid in the fall of 2021. During 2024, we made significant upgrades to the La Porte Demonstration Facility in preparation for validation testing of commercial-scale turbo expander components. The first of four planned phases of this equipment validation program commenced in late 2024. In 2023, we began the front-end engineering and design ( FEED ) process for our first utility-scale power plant utilizing the Oxy-Combustion Cycle ( SN1 ) with the intention of locating SN1 in the Permian Basin of West Texas ( Project Permian ). In 2024, we began purchasing initial long-lead materials for SN1. However, after completing FEED in December 2024, the indicative cost estimate at that time was higher than originally anticipated.