Slide 1: Q4 2023 Business Update & Results
Q4 2023 Business Update & Results March 11, 2024 1
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: Overview
Overview Danny Rice, Chief Executive Officer
Slide 4: Three-Pillar Strategy to Create Shareholder Value
1 Develop and Prove the Technology at the Utility Scale Progress equipment development program with Baker Hughes Complete Front-End Engineering and Design (FEED) Secure equipment partnerships, supply and offtake agreements, and necessary capital Construct and operate with focus on clean, rel
Slide 5: Fourth Quarter Updates & Full Year 2023 Highlights
Q4 2023 Updates Continued progress on Project Permian Front-End Engineering and Design (FEED) Signed Limited Notice to Proceed (LNTP) with Baker Hughes to release long-lead material for the first utility-scale turboexpander Signed strategic supplier agreement with Lummus Technology for the dev
Slide 6: Milestones
Commence Baker Hughes Equipment Validation at La Porte Complete Project Permian Front-End Engineering and Design (FEED) 2024 Milestones Secure Long-Term Air Separation Unit Partnership Advance NPWR Origination Projects 6
Slide 7: Operational Updates
Operational Updates Brian Allen, President and Chief Operating Officer
Slide 8: Progressing Project Permian and Technology Development
Progressing Project Permian and Technology Development Project Permian Project Permian Initiated and advanced Front-End Engineering and • Completion of FEED Design (FEED) with Zachry Group • Standard inside battery limits (ISBL) / site- Issued bid packages for long-lead equipment specific outsid
Slide 9: Validation Campaigns at La Porte
Validation Campaigns at La Porte Baker Hughes validation and risk reduction strategy encompasses multiple proven approaches • The validation campaign aims to assess, model and test the nearest utility-scale conditions (e.g. technologies, techniques, architecture, behavior and environment as practica
Slide 10: Strategic Supply Agreement Signed with Lummus Technology
Strategic Supply Agreement Signed with Lummus Technology Lummus will be the designated recuperative heat exchanger (HXR) supplier for NPWR utility-scale plants Technology Development Commercialization Lummus will design and supply NET Power’s proprietary NET Power will own cycle, process, and co
Slide 11: Supply Chain Strategy to Support Ramp-Up in Deployments
Supply Chain Strategy to Support Ramp-Up in Deployments Turboexpander Heat Exchanger Balance of Plant • Exclusive licensed supplier for turboexpander • Strategic supply agreement with Lummus • Licensed supplier list to include control systems and other turbomachinery and technology Technology signed
Slide 12: Financial Updates
Financial Updates Akash Patel, Chief Financial Officer
Slide 13: Q4 2023 Financial Updates & Capital Allocation Strategy
Q4 2023 Financial Updates & Capital Allocation Strategy Strong Balance Sheet as of YE 2023 Illustrative Use of Existing Capital through 2027 Total cash and short-term investments of $637mm as of (in $mm) 12/31/2023 Total quarter-over-quarter change in cash of ~($8mm) 4Q 2023 cash flow used in