Slide 1: Second Quarter Earnings Presentation
Second Quarter Earnings Presentation August 2025
Slide 2: Important notice
Important notice Cautionary Note Regarding Forward-Looking Statements and Projections. Certain statements in this presentation may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Priva
Slide 3: Macro context
Macro context netpower 3 oe?
Slide 4: Net Power technology aligns with the new energy order
Net Power technology aligns with the new energy order The market wants 24/7 scalable power now with embedded pathways to reduce future emissions Demand for power at unprecedented levels Natural gas is best-suited solution Grid load growth from AI outpacing ability to add • Customers and states takin
Slide 5: Introducing the integrated product
Introducing the integrated product 5
Slide 6: Intelligent integration: Net Power + gas turbines
Intelligent integration: Net Power + gas turbines Industrial logic + economic logic + environmental logic accelerates market adoption EXPORTED Industrial synergies with gas turbines • Better heat integration with NPWR Cycle • Cost savings with shared gas, water, power infrastructure • Higher effic
Slide 7: Configuration comparison summary
Configuration comparison summary The unique auxiliary load requirements of Net Power’s oxy-combustion cycle affords the opportunity to integrate with diverse mix of baseload generation solutions, including low-cost gas turbines Standalone NPWR NPWR + gas turbines 550 (140) 550 (140) MWth MWth MWth M
Slide 8: Integrated product design flexibility & site sequencing
Integrated product design flexibility & site sequencing Flexibility of integrated product creates multiple pathways to meet long-term power and environmental goals... 1. Speed to market with 2. Integrated into NPWR facility: 3. Multiple new paths to add reliable, low-cost power 2x power, 50% less em
Slide 9: Step change in Project Permian economics
Step change in Project Permian economics Value engineering, favorable tax policy changes and integrated product yield ~33% reduction in targeted LCOE Project Permian, Levelized Cost of Energy, $/MWh > $150 • Pipe quantities reduced by ~20% < $100 • Avg. pipe diameter reduced by ~25% • Plot plan redu
Slide 10: Operations update
Operations update netpower oe?
Slide 11: Baker Hughes equipment validation at La Porte
Baker Hughes equipment validation at La Porte Phase 1 testing expected to be completed in 2025 Validation phases Expected timing FUEL BURNER (Phase 1) Current Phase Oxy-Fuel Burner Configurations LINERS Phase Test multiple burners configurations in a 2025 (Phase 2) 1 dedicated test rig TRANSITION PI