Net Power Inc. said it secured rights to 123 megawatts of gas-fired power generation capacity through a deposit and exclusivity agreement tied to third-party engineering and equipment rights.
The deal, related to Project Permian in Texas, positions Net Power to expand its total potential generation capacity to nearly 200 MW for the first phase of the project upon closing. The company, which trades on the NYSE under the ticker NPWR, made a $20 million deposit that will be credited toward the purchase price at closing.
A portion of the total cost will be paid at closing from existing cash reserves, while the remainder is tied to equipment manufacturing, delivery, and installation milestones. The transaction is expected to close in the third quarter, subject to customary third-party consents, definitive documentation, and other closing conditions.
Net Power also entered into a separate cost reimbursement agreement with a prospective end customer. Under the terms, the customer may reimburse specified third-party costs incurred for the acquisition and related project development, subject to an aggregate cap, approved documentation, and procedures. The framework does not obligate either party to finalize an energy services agreement or commit to power purchases, though it may serve as collateral to support equipment financing.
The company describes itself as an energy technology and project development firm focused on natural gas power generation projects, with near-term development activities designed to accommodate carbon capture integration in later phases.
