Company: NPWR-WT
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001845437-25-000008
Chunk: 64

Company: NET Power Inc.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 1
Chunk 64
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 improve reliability and dispatchability contributing to energy security, as well as an ability to achieve required carbon reduction targets. Net Power believes the build-out of the Net Power Cycle can provide the world with clean, reliable, and affordable energy. 

8

Corporate Strategy 

Net Power employs a three-pillar corporate strategy as the foundation to direct our capital allocation and align our decision-making with our long-term vision. 

Pillar 1: Develop and prove Net Power’s technology at the utility-scale 

Our first priority is to progress our joint development program with Baker Hughes. Together with Baker Hughes, we began the first of four testing campaigns at our Demonstration Plant in 2024 and expect to continue testing over the next 3 years, which is expected to provide invaluable operational data ahead of deploying our first utility-scale plant. 

Concurrently, we are evaluating the initial FEED package we received for Project Permian. As we continue the post-FEED optimization process, further long lead equipment releases for Project Permian have been suspended but value engineering and certain development work remain in progress. The ultimate goal for the first utility-scale deployment is to construct and operate with a focus on clean, reliable, and safe operations as we expect it to serve as the launch-point for all future deployments. 

Pillar 2: Achieve full commercialization and competitiveness of the technology 

In parallel to developing and proving Net Power’s commercial scale technology, we will focus over the next few years on creating a backlog of projects for future deployment. This involves originating projects and developing a standardized multi-unit design to drive cost improvements and gain economies of scale. We believe one of the largest drivers to achieve full commercial adoption will be lowering the capital cost per plant. To reduce capital cost, Net Power plans to standardize the design, supply, and construction of plants into a multi-unit configuration of between two and four Net Power units. We expect standardization and scale efficiencies will be large drivers of future capital expenditure reductions.

Additionally, we intend to build a backlog of hub opportunities through our origination efforts. Origination includes identifying CO2 sequestration sites, securing surface rights for plant sites, filing applications to connect to the regional grid systems, and forming strategic partnerships with a variety of stakeholders to set up projects for success. With this approach, we believe we can accelerate deployment of Net Power’s technology in the most cost effective and responsible manner for the benefit of our customers, the communities where these plants will be located, and our investors. We expect that originated projects will ultimately be majority