Net Power, California Resources sign MOU to develop power solutions in CA

California Resources (CRC) and its carbon management business, Carbon TerraVault, announced the signing of a Memorandum of Understanding, MOU, with Net Power Inc. (NPWR), to develop Net Power’s ultra-low emission power plants in California, CA. Under the terms of the MOU, the parties plan to conduct feasibility studies on locating Net Power’s facilities in proximity to CTV’s underground storage vaults, which would reduce carbon dioxide transportation costs and midstream investments for CTV’s operations. The parties plan to facilitate the initial deployment of up to 1 gigawatt of power capacity from Net Power’s new modular plants in Northern California, resulting in up to 3.6 million metric tons per annum of CO2 emissions for permanent sequestration in CTV’s nearby reservoirs. Each of Net Power’s utility-scale modular plants is expected to require less than 20 acres, generate up to 250 megawatts, and be deployable in multi-plant configurations.