NET Power Inc (NYSE: NPWR) is a power generation technology company developing natural gas power systems designed to produce electricity with near-zero atmospheric emissions. The company is pre-revenue in its commercial phase, funding operations through capital markets activity rather than product sales, and reported net losses for both FY2025 and FY2024 per its 10-K filed March 9, 2026. NET Power's core technology involves two approaches: a Post-Combustion Capture product integrating gas turbine generation with carbon capture, and an Oxy-Combustion Cycle. The company holds a license agreement with 8 Rivers Capital, LLC, originally dated August 7, 2014, and a technology license with Nuovo Pignone Tecnologie S.r.l. dated February 3, 2022. Its competitive position rests on the claim that its technology can deliver reliable, low-carbon, and cost-competitive power simultaneously, while alternatives achieve at most two of these three attributes. The company competes against traditional baseload generation, advanced nuclear, geothermal, and renewables.

Revenue model

NET Power is pre-commercial and generates no material product revenue as of FY2025. The company funds operations through equity issuance and holds cash, short-term investments, and available-for-sale securities on its balance sheet. No licensing royalties, power purchase agreements, or project revenue are disclosed as active income streams in the filing.

Products and services

NET Power develops two power generation technologies: a Post-Combustion Capture product integrating natural gas turbines with carbon capture systems, and an Oxy-Combustion Cycle technology. The company holds an amended and restated license from 8 Rivers Capital for the Oxy-Combustion Cycle and a separate license from Nuovo Pignone Tecnologie S.r.l. Near-term commercialization efforts are focused on the Post-Combustion Capture product, which management describes as deployable within the current decade.

Customers and end markets

No commercial customers are disclosed in the filing. The target end market is utility-scale power generation, with the technology aimed at power customers, regulators, and policymakers seeking firm, low-carbon electricity. The broader addressable market includes the global baseload power sector, where natural gas, coal, oil, and large-scale nuclear comprised approximately 64% of global electricity consumption in 2024 per the IEA, as cited in the filing.

Value-chain role

NET Power sits at the technology development and licensing stage of the power generation value chain. It is not yet an operator or equipment manufacturer at commercial scale. It maintains strategic partnerships to support gas turbine integration with carbon capture and holds ground lease and product supply agreements with Air Liquide Large Industries U.S. LP related to its demonstration facility.

Geographic exposure

No geographic revenue breakdown is disclosed. The filing references U.S. regulatory and permitting frameworks extensively, suggesting primary near-term development activity in the United States.

Competitors

Traditional natural gas power generators, Coal and oil-fired baseload generators, Large-scale nuclear operators, Advanced nuclear developers, Geothermal and enhanced geothermal system developers, Renewable energy generators

Source: SEC 10-K, filed 2026-03-09

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