Slide 1: Fourth Quarter 2025 Earnings Presentation
Fourth Quarter 2025 Earnings Presentation March 2026
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: Clean independent power producer with deep domain knowledge in power generation with carbon capture
Clean independent power producer with deep domain knowledge in power generation with carbon capture integration, utilizing in-house engineering capabilities to maximize project returns Clean. Firm. Scalable. Strategic partners possess industry-leading expertise in all things CO2 : post-combustion ca
Slide 4: Natural gas + CCS can be the future of clean firm power
Natural gas + CCS can be the future of clean firm power Adding carbon capture to natural gas-fired power generation can be the most affordable and cleanest way to meet growing energy demand and integrate all other resources Natural gas is a cornerstone of U.S. energy…. …and can serve as a foundation
Slide 5: First 80MW of clean firm power in West Texas by 2029
First 80MW of clean firm power in West Texas by 2029 Project Permian Phase I driving towards achieving first operational natural gas + carbon capture and sequestration (CCS) project in the United States; significant scale up opportunity on existing site • Power generation: natural gas combined cycle
Slide 6: Prioritizing speed to power with strategic partners
Prioritizing speed to power with strategic partners Fast deployment timeline that maintains affordability, reliability, and low emissions profile 2025 2026 2027 2028 2029 November 2025: Q2 2026: Entropy 2H 2026: Target 2H 2027: Target Early 2029: target announced Glacier Phase 2 FID for first 80MW c
Slide 7: Ready to rapidly scale deployments in the Permian
Ready to rapidly scale deployments in the Permian Net Power can flexibly stack 80MW blocks of clean firm power to address capacity ramp needs 2026 2027 2028 2029 2030 2031 2032 Project Permian Phase I 80MW 80MW ~27 - 30 Months FID to COD 2H 2026: FID 1H 2029: COD 80MW • Scaling options Deployment 2