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Sep 30, 2024
Net Power Q3 2024 Earnings Report
Net Power reported results for the third quarter of 2024.
Key Takeaways
Net Power made steady progress on commercializing its clean, firm power solution, completing major plant upgrades for Baker Hughes' equipment validation program at their La Porte, Texas demonstration plant and advancing their first utility-scale plant deployment, Project Permian, which is on schedule.
Commissioning first phase of Baker Hughes equipment validation at La Porte demonstration facility.
Advanced Front-End Engineering and Design (FEED) work for Project Permian, the Company’s first utility-scale project in West Texas; FEED on track to conclude in Q4 2024.
Signed third Limited Notice to Proceed (LNTP) with Baker Hughes to release all long-lead materials required to meet the schedule for the first utility-scale turboexpander.
Announced Air Liquide as air separation unit (ASU) supplier for Project Permian FEED.
Forward Guidance
Net Power continues to advance towards commercializing its clean energy technology.
Positive Outlook
- Project Permian remains on schedule with initial power generation expected between the second half of 2027 and first half of 2028.
- FEED continues with licensed engineering, procurement, and construction (EPC) partner Zachry Group and is on track to conclude in the fourth quarter of 2024.
- Origination efforts continued to advance across North America.
- Net Power has advanced techno-economic feasibility and site selection for initial deployments in Alberta, Canada.
- Net Power and its sequestration partner have continued to advance the Company’s first originated project located in the northern MISO region.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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