Net Power reports $533M in cash at 2024-end, down from $580M last quarter

“2024 was a year of significant achievement amidst challenging market conditions for commercializing new technologies,” said Danny Rice, Chief Executive Officer of Net Power (NPWR). “We recently completed the FEED for Project Permian, the first-of-its-kind large-scale, fully integrated clean gas power plant. Due, in large part, to … inflationary environment and the first-of-a-kind nature of this facility, the initial cost estimates reveal areas where we can meaningfully and efficiently reduce costs to achieve successful final investment decision FID . We believe our shift in focus to remove or reduce these costs from SN1 as well as from our standard plant design will better position Net Power to achieve the lowest costing clean, firm power available in the market. With over $500M in liquidity, we believe we’re in a strong position to advance the technology and optimize our plant design while simultaneously attracting the right strategic partners to help commercialize and fully unlock this technology’s potential.” Baker Hughes and Woodside Energy recently announced a Technology Development Agreement to develop an industrial-scale Net Power solution that is specifically designed for smaller scale applications including oil and gas, LNG, heavy industries and small-scale data centers. The industrial-scale program will benefit from the ongoing equipment validation program at our La Porte demonstration facility as well as from the development of Net Power’s initial utility-scale power plant. This industrial-scale program has the potential to bring the Net Power technology platform to a broader array of end markets and applications, complementing the Company’s utility-scale program and providing additional licensing opportunities to Net Power and its shareholders, while requiring minimal capital from the Company. Net Power closed 2024 with $533M in cash, cash equivalents, and investments, down from $580M last quarter, primarily due to $13M in operating cash outflows and $29M in capital expenditures for La Porte upgrades and SN1 development. For the remainder of 2025, Net Power will focus internal efforts on progressing the technology development program, utility-scale plant cost reductions and a modular multi-unit design in order to enable the Company to maximize the value of its proprietary Net Power Cycle as it navigates a challenging yet opportunity-rich market.