NET Power Inc.

Net Power Inc. has closed its acquisition of EMPower's contractual position under an EPC agreement for approximately 123 megawatts of new natural gas power generation, bringing its total potential capacity for the first phase of Project Permian to nearly 200 MW. The transaction, announced on August 24, 2026, was completed on August 31, with Saulsbury Industries continuing as the turnkey EPC contractor and Wärtsilä North America supplying ten reciprocating engine-generator sets totaling 123 MW. Net Power's CEO Danny Rice highlighted the eighteen-day speed of the deal, while COO Marc Horstman noted the engines' fast-start and modular design suited for the powered land strategy. The facility will be relocated to Project Permian in West Texas.

NET Power is redirecting its near-term development strategy toward unabated, behind-the-meter natural gas generation for data centers and industrial customers seeking fast, reliable power, while preserving the option to add carbon capture later. Project Permian could support approximately 1 to 1.5 gigawatts across multiple phases, with an initial phase sized to current customer demand and a reliability design combining gas turbines, reciprocating engines and battery storage targeting 99.9% uptime. The company ended the second quarter with about $310 million in cash and investments and no debt, but will need project financing, partner capital, additional equity or a combination to fund construction through commercial operations. NET Power has not set a timetable for an offtake agreement.

Barclays has identified NET Power as one of the key gas power generation equipment companies poised to benefit from accelerating artificial intelligence infrastructure spending. The firm projects annual AI capital expenditure could surpass $1 trillion before 2028, driving demand for power generation capacity. NET Power recently highlighted progress on its core development project and a strategic shift to pairing Siemens gas turbines with Entropy's post-combustion carbon capture technology, which has demonstrated an approximately 90% carbon capture rate. Project Permian Phase I remains on track for 80 megawatts of output, with a final investment decision expected in the second half of 2026 and commercial operations targeted for early 2029. The company has also hired a strategic advisor to help secure a long-term power purchase agreement.