Company: NPWR-WT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001845437-25-000061
Chunk: 63

Company: NET Power Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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 addition, the Company had $66.8 million of additional remaining asset purchase obligations through 2026. Refer to Note 14 — Related Party Transactions for additional information related to the BHES JDA.

NOTE 16 — Subsequent EventsGas Turbine Purchase ObligationOn November 12, 2025, the Company entered into an agreement with a vendor for the purchase of two modular gas turbine generator sets for a total purchase obligation of $77.7 million, of which $1.0 million has been paid as of the date of the agreement. Remaining payments under the contract are due at certain milestones through 2028.Letter of Intent with Entropy, Inc.

On November 7, 2025, the Company signed a letter of intent with Entropy, Inc., to negotiate one or more definitive agreements under which the Company would, among other things, exclusively license and commercialize the post-combustion carbon capture technology of Entropy, Inc. in the United States. 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 

The following management’s discussion and analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of our condensed consolidated results of operations and financial condition and includes forward-looking statements that involve risks, uncertainties and assumptions, including those described in “Cautionary Note Regarding Forward-Looking Statements” included in the forepart of this Quarterly Report on Form 10-Q (our “Quarterly Report”) and included in Part I, Item 1A Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024 (our “Annual Report”), as filed with the SEC on March 10, 2025.

The following MD&A should be read in conjunction with our condensed consolidated financial statements and related notes included in Part 1, Item 1 in this Quarterly Report and our audited consolidated financial statements and related notes included in our Annual Report.

Overview

Net Power is an energy technology company focused on delivering low-carbon gas power solutions. Historically, our sole business has been the development of a novel oxy-combustion power generation system (which we refer to as the “Net Power Cycle”) designed to produce reliable and affordable electricity from natural gas while capturing virtually all atmospheric emissions. The Net Power Cycle is designed to inherently capture CO2 while producing virtually no air pollutants such as SOX, NOX, and other particulates. Recently, we have broadened the scope of