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Mar 31, 2024
Net Power Q1 2024 Earnings Report
NET Power reported results for the first quarter of 2024.
Key Takeaways
NET Power reported its Q1 2024 results, highlighting progress in technology development, project backlog, and supply chain establishment. The company continues site work at La Porte, advanced FEED work for Project Permian, and filed an interconnection application for OP1.
Continued site work at La Porte demonstration facility in preparation for upcoming equipment validation campaigns with Baker Hughes.
Progressed Front-End Engineering and Design (FEED) work for Project Permian, the Company’s first utility-scale project in West Texas.
Filed interconnection application with Midcontinent Independent System Operator (MISO) for OP1, the Company’s first originated project.
Ended the quarter with approximately $625 million of cash and investments and no debt.
Net Power
Net Power
Forward Guidance
NET Power is focused on developing and proving their technology, building out their project backlog, and standing up their supply chain.
Positive Outlook
- Baker Hughes equipment validation at La Porte demonstration facility is progressing through four phases.
- FEED for Project Permian is expected to conclude in the fourth quarter of 2024.
- Orders for long-lead components for Project Permian have commenced and are expected to continue throughout 2024.
- Engineering work began with the Company’s selected Air Separation Unit (ASU) provider for Project Permian.
- A site land lease agreement was executed with Occidental Petroleum for Project Permian.