Slide 1: Third Quarter Earnings Presentation
Third Quarter Earnings Presentation November 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: Mission: lowest cost form of clean firm power
Net Power’s mission is to transform natural gas into the lowest cost form of clean firm power CLEAN FIRM SCALABLE High carbon capture capacity 24 hours/day, 7 days/week Modularized, rapidly deployable 3
Slide 4: AI & data center growth: a new era of energy demand
AI & data center growth: a new era of energy demand Natural gas widely embraced as the primary source of new scalable, dispatchable power Data center energy surge Natural gas power is the default solution… Projected U.S. data center energy consumption (TWh) (1) 606 and acquires 513 Partnership to bu
Slide 5: Delivering on Net Power's mission
Delivering on Net Power’s mission Transforming natural gas into the lowest cost form of clean firm power Oxy-combustion Turbines + PCC Strategic partners Capture tech Emerging tech, Proven tech, patented deployable now Net Power aspires to build clean reliable power hubs Surface Grid inter- Sequestr
Slide 6: Step progression to arrive at optimal FOAK deployment
Step progression to arrive at optimal FOAK deployment Product configuration portfolio quickly responding to evolving market demand Potential First Average LCOE Carbon Power TRL $/MWh Capture % Mar Oxy-combustion 2030+ 6.0 $150–170 >97% 2025 (200 MW, utility scale) ($70-90 NOAK) Oxy-combustion + 50 M
Slide 7: Net Power + Entropy
Net Power + Entropy Signed letter of intent (LOI) for strategic partnership to accelerate deployment of clean, reliable power generation using Entropy’s proprietary amine-based solvent Strategic rationale Entropy technology • Potential partnership aims to decarbonize both existing and • Proprietary
Slide 8: Project pipeline: Permian
Project pipeline: Permian NPWR plans to deploy gas turbines with post-combustion capture (PCC) in a modular, scalable configuration, delivering up to 1 GW of capacity over time at Project Permian site Preparing the project for success Same Project Permian infrastructure, new product • Location: leve
Slide 9: Project pipeline: Northern MISO
Project pipeline: Northern MISO NPWR is advancing a second clean firm power project, targeting COD in 2029-2030 Overview • Site secured • Working with local CCS development partner • Power grid: MISO • Technology: gas turbines + Entropy PCC • Fuel gas: advancing conversations with multiple suppliers
Slide 10: Head start building clean firm hubs in key U.S. markets
Head start building clean firm hubs in key U.S. markets Clean firm power utilizing NPWR’s strategic locations in key U.S. power markets Project Permian MISO Project Secure pore ERCOT West MISO North space rights First power in 2028 First power in 2029 Secure interconnect Leverage strategic positions