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Here are 1-3 brief analogies for NET Power (NPWR):

• ARM Holdings for clean natural gas power plant technology.
• Dolby Labs for clean natural gas power technology.

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• Technology Licensing: NET Power licenses its proprietary clean energy technology designed to provide on-demand natural gas power with life cycle emissions.

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NET Power Inc. (NPWR) sells primarily to other companies. Its business model involves developing and licensing its proprietary technology for clean natural gas power generation.

Therefore, its major customers are expected to be power plant developers, utility companies, and industrial operators interested in building and operating power plants using NET Power's Allam-Fetvedt Cycle technology.

Based on their strategic partnerships and investments, the following companies are strong candidates for being major initial customers or licensees:

• Constellation Energy Corporation (NYSE: CEG)
• Occidental Petroleum Corporation (NYSE: OXY)

These companies are strategic partners and investors in NET Power and are actively exploring or are well-positioned to deploy NET Power's technology for their own power generation needs or as part of their broader energy strategies.

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• Occidental Petroleum Corporation (Symbol: OXY)
• Baker Hughes (Symbol: BKR)
• Toshiba Corporation (Symbol: TYO: 6502)
• Wood Group PLC (Symbol: LSE: WG.)

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Danny Rice, Chief Executive Officer, President, and Interim Chief Financial Officer

Danny Rice has served as NET Power's Chief Executive Officer since 2023, and since April 2025, also as President and Interim Chief Financial Officer. He brings over 20 years of energy industry experience. Rice co-founded Rice Energy in 2008, leading its growth from a startup through its 2014 IPO, and served as its Chief Financial Officer, Chief Operating Officer, and Chief Executive Officer. Rice Energy was acquired by EQT Corporation in a $10 billion merger in 2017. In 2018, he co-founded Rice Investment Group to invest in early-stage private companies across traditional energy, energy technology, and energy transition sectors. Rice Investment Group sponsored a special purpose acquisition company (SPAC) that merged with Archaea Energy in 2021, which was subsequently acquired by bp for $4.1 billion in 2022. He also oversaw the creation and growth of Rice Midstream Partners, which was acquired by EQT Midstream Partners for $2.4 billion in 2018. Rice has served on numerous private and public company boards.

Marc Horstman, Chief Operating Officer

Marc Horstman was appointed Chief Operating Officer of NET Power on April 15, 2025, having previously served as the company's Head of Product Development since May 2023. He has over two decades of experience in the power industry. Prior to joining NET Power, Horstman held senior leadership roles at Vertiv Holdings Co., including Vice President of North America Service Operations and Senior Director of Project Execution. His experience also includes senior executive and global leadership roles at Siemens, as well as project and product leadership roles at Rolls-Royce and General Electric. He began his career as an Engineer Officer in the U.S. Army.

Bruce Jenkins, Chief of Staff

Bruce Jenkins has served as NET Power's Chief of Staff since April 2025. In this role, he collaborates with the Chief Executive Officer and Chief Operating Officer on strategic priorities. He is responsible for identifying and escalating enterprise risk issues, leading cross-functional teams to achieve company objectives, and designing efficient operational processes.

J. Kyle Derham, Partner, Rice Investment Group

J. Kyle Derham is a Partner of Rice Investment Group, which sponsored one of the special purpose acquisition companies that merged with NET Power. He served as the Chief Executive Officer of Rice Acquisition Corp II (RONI) from February 2022, and as its Chief Financial Officer from February 2021 to February 2022. Derham was also a director of Archaea Energy Inc. from September 2021 until its acquisition by bp in December 2022.

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The public company NET Power (NPWR) faces several significant risks to its business, primarily centered around the commercialization and financial viability of its technology, regulatory uncertainties, and market competition.

1. Commercialization Challenges, Cost Overruns, and Financial Viability

NET Power has experienced substantial delays and cost overruns in bringing its technology to market, severely impacting its financial health. The company recognized a significant financial risk due to potential impairments in the carrying value of its long-lived assets, evidenced by a $1,095.8 million impairment loss in September 2025. The cost for its flagship Project Permian is now estimated at $1.7 billion to $2 billion, roughly double initial estimates, requiring an additional $600 million to $900 million in funding. The earliest operational date for Project Permian has been repeatedly pushed back, most recently to no earlier than 2029.

In a major strategic shift, NET Power decided to pivot away from its proprietary oxy-combustion technology as its primary near-term commercial vehicle at the end of 2025. Instead, it is pursuing a combined-cycle gas turbine paired with solvent-based post-combustion carbon capture (GT plus PCC). This pivot is described as "capital intensive and front-loaded in risk". Analysts have noted that the core technology faces high costs, delayed deployment, and limited customer adoption, undermining scalability, with projected electricity costs far above current market rates. The company reported a net loss of $578.6 million for 2025, compared to $49.2 million in 2024, with no material revenue. There is a reported 17.58% probability of bankruptcy for NET Power in the next 24 months. Furthermore, a securities lawsuit alleges that the company's projections for Project Permian were unrealistic, citing supply chain issues and site-specific challenges.

2. Regulatory and Policy Uncertainty

As a clean energy technology company, NET Power's business model is significantly exposed to evolving regulatory and policy landscapes. The company's growth plan relies heavily on future project financing, successful licensing of third-party technology (like Entropy's carbon capture), and the availability of U.S. tax credits, such as the 45Q carbon capture tax credit. Any changes or uncertainties in these environmental regulations, government subsidies, or carbon pricing policies could materially impact project timelines, economics, and overall business viability.

3. Competition and Market Adoption

NET Power operates in an increasingly competitive energy technology market. While the company claims to have no direct competitors in its specific niche, the broader clean energy landscape is dynamic, with emerging technologies and established players vying for market share. The rapid shift in demand for new, reliable power generation solutions that can be deployed quickly, irrespective of their environmental impact, has made it challenging for NET Power to commercialize its initial oxy-combustion cycle on a timely basis. Other solutions, including conventional power generation or alternative carbon capture methods, could be deployed sooner and at lower cost.

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Here are 3-5 expected drivers of future revenue growth for NET Power (NPWR) over the next 2-3 years:

1. Commercial Deployment of Project Permian: A significant driver of future revenue growth is the successful development and commercial operation of Project Permian, NET Power's first utility-scale project in West Texas. Key milestones include completing Front-End Engineering and Design (FEED), securing long-lead materials, forming the project consortium, and reaching a Financial Investment Decision (FID) targeted for the second half of 2026. Commercial operations are anticipated to begin in early 2029. This project is expected to be a noticeable milestone for the industry and potential customers, paving the way for further deployments.
2. Strategic Shift to Combined Cycle Gas Turbine with Post-Combustion Carbon Capture (GT plus PCC): NET Power has pivoted its core technology strategy to incorporate a combined cycle gas turbine with post-combustion carbon capture. This approach is deemed more immediate and economically viable for achieving carbon reduction in natural gas power generation. The successful implementation and adoption of this refined technology in projects like Permian could accelerate deployment and broaden market acceptance, thereby driving revenue.
3. Expansion through Strategic Partnerships and Technology Licensing: The company aims to generate revenue through strategic partnerships and the licensing of its technology and equipment. For instance, a Strategic Supplier Agreement with Lummus Technology to design and supply recuperative heat exchangers is expected to create an additional equipment licensing revenue stream and facilitate deployments at a manufacturing scale. Collaborations with technology providers, such as the partnership with Entropy for post-combustion carbon capture, are crucial for project development and execution.
4. Capturing Demand from AI Data Centers and Industrial Growth: The increasing global demand for reliable and scalable energy, particularly from the booming artificial intelligence (AI) data center sector and general industrial expansion, presents a substantial market opportunity for NET Power's clean energy solutions. Their technology is positioned to address this growing need for clean and consistent power, which can lead to increased project uptake and subsequent revenue.
5. Leveraging Enhanced Oil Recovery (EOR) and Policy Support for Carbon Capture and Storage (CCS): The economic viability of NET Power's projects is significantly enhanced by utilizing captured CO2 for Enhanced Oil Recovery (EOR), especially in regions like West Texas. This not only provides a direct economic credit for carbon capture but also contributes to domestic oil production and energy security. Furthermore, existing policy support for carbon capture and storage strengthens the overall market potential and economic case for their projects, acting as a tailwind for revenue growth.

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Share Issuance

• NET Power completed a $670 million IPO on the New York Stock Exchange in Q2 2023, which capitalized the business for commercialization.
• As of March 6, 2025, NET Power had 77,062,770 shares of Class A Common Stock and 140,565,705 shares of Class B Common Stock outstanding.
• An investor presentation from September 6, 2024, indicated 214 million shares outstanding, along with 35 million dilutive securities (warrants) that could generate $225 million in cash proceeds upon exercise.

Inbound Investments

• OLCV invested an additional $351 million in NET Power as part of the company's go-public transaction in 2023.
• Baker Hughes made an investment in NET Power and signed a Joint Development Agreement in 2021.
• NET Power is advancing a strategic partnership with Entropy Inc., with definitive documents expected in Q2 2026, which includes Entropy co-investing in Project Permian.

Outbound Investments

• Upon finalizing a joint development agreement with Entropy in Q2 2026, NET Power plans to make a strategic equity investment in Entropy.

Capital Expenditures

• NET Power reported $29 million in capital expenditures in 2024, primarily for upgrades to its La Porte demonstration facility and the development of SN1 (Project Permian).
• The total installed cost for the initial Project Permian site is estimated to be between $475 million and $575 million.
• The company is targeting approximately $50 million in pre-Final Investment Decision (FID) long-lead commitments for Project Permian by midyear 2026.