Net Power

NET Power has signed a Strategic Supply Agreement with Lummus Technology to design and supply recuperative heat exchangers for NET Power's near-zero emissions power generation process. Lummus will be the licensed supplier for utility-scale plants, with a purchase order expected after Project Permian FEED completion.

NET Power completed its business combination with Rice Acquisition Corp. II, giving it an enterprise value of approximately $1.5 billion. The combined company will trade on the NYSE as NPWR, with proceeds of over $675 million to fund commercialization by 2026.

SK Group made a $50 million PIPE commitment to NET Power and Rice Acquisition Corp. II, and announced intent to form a joint venture to develop NET Power plants in Asia. The JV will use NET Power's oxy-combustion supercritical CO2 power cycle technology.

Occidental and the Rice family increased their PIPE investments by $275 million combined in NET Power's proposed business combination with Rice Acquisition Corp. II, bringing total committed capital to $510 million.

Net Power has awarded Zachry Group a front-end engineering design (FEED) and eventual EPC contract to build a near-zero emissions gas-fired power plant near Odessa, Texas. The project is valued between $750 million and $950 million and is expected to be operational in 2026.