NET Power Q4 Earnings Call Highlights

NET Power (NYSE:NPWR) executives utilized the company’s fourth-quarter 2025 net telephone to item a strategical displacement successful its near-term commercialization plan, outlining advancement connected its archetypal task successful West Texas and the milestones it sees arsenic captious to reaching a fiscal concern determination (FID) successful the 2nd fractional of 2026.

Chief Executive Officer Danny Rice said the institution made a “decisive strategical call” astatine the extremity of 2025 to pivot distant from oxy-combustion arsenic its superior near-term commercialized vehicle. While calling oxy-combustion “a singular technology,” Rice said the institution is preserving that enactment portion pursuing a faster pathway to “natural state powerfulness with greater than 90% c capture” utilizing instrumentality that exists today.

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The caller attack centers connected a combined-cycle state turbine paired with solvent-based post-combustion c seizure (GT positive PCC). Management emphasized that the constituent technologies are proven, and said integration into a “bankable project” is wrong scope with the close partner.

President and COO Marc Horstman described NET Power’s “integrated cleanable powerfulness product” arsenic 2 Siemens SGT-A35 state turbines, prepackaged by Relevant Power Solutions, paired with Entropy’s post-combustion seizure strategy and designed for greater than 90% CO₂ capture. Horstman said the extremity is simply a standardized, pre-engineered works plan intended to trim execution hazard historically associated with first-of-a-kind projects.

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Horstman said the works plan is wholly air-cooled, which eliminates h2o dependency and expands siting flexibility. He besides said the institution is moving with WSP Engineering and its OEM partners to present modular, pre-engineered components.

On the Entropy relationship, Horstman said Entropy’s solvent-based seizure exertion has been deployed commercially successful Canada astatine its Glacier facility. He said the institution expects Glacier signifier II commissioning this summertime to supply validation information supporting show assumptions for NET Power’s cleanable powerfulness product.

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NET Power said it is successful the last stages of completing a associated improvement statement with Entropy and expects to finalize definitive agreements successful the 2nd quarter. Upon signing, the institution said it expects to marque a strategical equity concern successful Entropy and operation a associated task for Project Permian, with Entropy co-investing.