NET Power Business Summary

NET Power Inc. (NPWR) operates an asset-light business model centered on licensing its proprietary clean energy technologies to utilities, industrial facilities, and energy producers. While historically focused on the Allam-Fetvedt Cycle—a supercritical CO2 oxy-combustion process—the company executed a significant strategic pivot in late 2025 to include post-combustion carbon capture (PCC) solutions through an exclusive partnership with Entropy Inc. This dual-track approach allows NET Power to generate revenue through upfront licensing fees and recurring royalties while accelerating the deployment of "clean firm power" hubs, such as the 1-gigawatt Project Permian in West Texas. The company competes primarily with emerging clean-tech players like Dimensional Energy, Energy Vault Holdings, and NANO Nuclear Energy, positioning itself as a 24/7 dispatchable alternative to intermittent renewables and a lower-cost, faster-to-deploy competitor to small modular reactors (SMRs). The company was founded in 2010 by Bill Brown, Miles Palmer, and Rodney Allam—the inventor of its namesake cycle—under the incubator 8 Rivers Capital. Today, NET Power is led by CEO and President Daniel Joseph Rice IV, who also serves as Interim CFO; Rice previously co-founded Rice Energy, which he led to a $10 billion merger with EQT Corporation. The executive team includes COO Marc Horstman, a veteran of Vertiv and Siemens, and CTO Scott Martin, alongside Chief Innovation Officer Xijia Lu and Interim General Counsel Andrew Davisson. NET Power is backed by a formidable roster of strategic investors, including Occidental Petroleum (its largest shareholder), Constellation Energy, Baker Hughes, and SK Group’s 8 Rivers. The Board of Directors, chaired by Peter Bennett, oversees a capital-intensive roadmap aimed at achieving a first commercial startup by 2028.