Slide 1: Fourth Quarter 2024 Results
Fourth Quarter 2024 Results March 10, 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: Net Power's innovation harnesses CO2 for clean power
Net Power’s innovation harnesses CO2 for clean power Patented power cycle generates reliable power and captures virtually all carbon emissions Net Power Cycle Utility-Scale The CO2 mixture expands and turns the Single Unit Stats (1) Natural gas and oxygen Water is removed turboexpander to The CO2 mi
Slide 4: Three-pillar strategy to unlock full market potential
Three-pillar strategy to unlock full market potential Emphasizes key pathways to commercial success Develop and prove Commercialize and Prepare for standard the technology at the achieve competitiveness plant mass utility scale of technology deployment De-risk through La Porte Standardized multi
Slide 5: Demand for new firm power driving their costs higher
Demand for new firm power driving their costs higher Seeing unprecedented cost increases for new dispatchable generation; however, CCGTs are still the lowest cost form of new, 24/7 power ($/kW) Cost for newbuild unabated combined cycle gas plant doubled between 2023 and 2025 $2,500+ ~100% $2,200 $2,
Slide 6: NPWR is well-positioned to deploy firm, clean power
NPWR is well-positioned to deploy firm, clean power Supply chain constraints pushing new generation into 2030’s; NPWR well-positioned to deliver clean reliable power this decade Baseload generation retirements accelerate Deployment timeline for new clean, firm power solutions (2) Planned U.S. baselo
Slide 7: Project Permian value engineering underway
Project Permian value engineering underway Initial cost estimate above expectations; paused releases of long lead equipment Recent updates • Completed FEED with Zachry Group in Q4 2024 • Focus on shortest possible project schedule and inland logistics drove a “stick-built” EPC approach and higher co
Slide 8: Modular, multi-unit product further drives cost reductions
Modular, multi-unit product further drives cost reductions Market demand for more generation capacity favors multi-unit plant configurations Launched multi-unit feasibility study Bright spots: coastal opportunities Initiated advanced design and engineering study • Identifying coastal-based locations
Slide 9: Successfully kicked off Phase 1 validation testing
Successfully kicked off Phase 1 validation testing Site upgrades completed safely; progressing through validation with Baker Hughes Validation campaigns underway and taking facility to new limits Upgraded facility with no recordable injuries Commenced Phase 1 testing in Q4 2024 Achieved stable
Slide 10: Baker Hughes equipment validation at La Porte
Baker Hughes equipment validation at La Porte Phase 1 progressing on schedule 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 PIECE Single Demons
Slide 11: Baker Hughes and Woodside Energy to develop industrial-scale Net Power platform
Baker Hughes and Woodside Energy to develop industrial-scale Net Power platform Overview Benefits to Net Power Baker Hughes and Woodside Energy announced a Brings the Net Power technology to a broader collaboration agreement to explore array of end markets and applications commercialization of an in
Slide 12: Q4 2024 financial updates
Q4 2024 financial updates Continued prudent deployment of capital Q4 2024 La Porte & Project Permian Capex (in $mm) ~$533mm ~$47mm Total cash & Total quarter-over- investments as of quarter change in cash $20.4 $28.9 12/31/2024 & investments $8.5 La Porte Project Permian Total Q4 vs. Q3 2024 – Total