Company: NPWR-WT
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001845437-25-000008
Chunk: 49

Company: NET Power Inc.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 16
Chunk 49
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 2023January 1, 2023Year EndedthroughthroughS in thousands December 31, 2024December 31, 2023June 7, 2023Master services agreement administrative costs$119 $84 $80 Engineering support provided by former board member— — 97 General and administrative$119 $84 $177 Master services agreement costs for Demonstration Plant$1,585 $643 $530 BHES JDA— — 11,713 Research and development$1,585 $643 $12,243 Option settlement – related party$— $79,054 $— Master Services AgreementsA significant shareholder has provided the Company with patent administration services related to the development of the Net Power Cycle. In the Predecessor Period, this shareholder also provided marketing services and technology maintenance services. These totals are included in General and administrative on the consolidated statements of operations and comprehensive loss.Another shareholder supports the Company with regard to general business oversight and with the operation of the Demonstration Plant. These totals are reflected in Research and development on the consolidated statements of operations and comprehensive loss. The Company had $325 thousand and $142 thousand in current liabilities payable to related parties as of December 31, 2024 and December 31, 2023, respectively, on the consolidated balance sheets related to these services. These related party payables are unsecured and are due on demand.Engineering Support Provided by Former Board MemberA shareholder, who is also a former board member, supported the Company with regard to general business oversight and with the operation of the Demonstration Plant. These expenses are reflected in Research and development on the consolidated statements of operations and comprehensive loss prior to the Business Combination. The counterparty ceased being a related party on June 8, 2023 upon completion of the Business Combination.

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Audited Financial Statements of NET Power Inc. - Table of Contents

BHES JDAOn February 3, 2022, the Company entered into a Joint Development Agreement with affiliates of Baker Hughes Energy Services LLC (“BHES”), which is a shareholder of the Company (the “Original JDA”). The Original JDA’s counterparties subsequently amended the agreement’s terms on June 30, 2022 and December 13, 2022 (the “Amended and Restated JDA”, and collectively with the Original JDA, the “BHES JDA”). The Amended and Restated J