Net Power Inc. has secured rights to approximately 123 megawatts of gas-fired power generation equipment for its Project Permian in Texas through a deposit and exclusivity agreement. The Houston-based energy technology company said the deal positions it to reach nearly 200 MW of potential generation capacity in the first phase of the project, with closing anticipated in the third quarter of 2026.
The agreement covers equipment rights tied to a third party’s engineering, procurement and construction position. Net Power made a $20 million deposit, which will be credited toward the total purchase price at closing. A portion of the remaining cost will be paid from cash on hand, while the balance is due in stages aligned with manufacturing, delivery and installation milestones.
A separate cost reimbursement agreement with a prospective end customer may cover specified third-party costs incurred for the acquisition and project development, subject to terms, procedures and an aggregate cap. The framework does not obligate either party to finalize an energy services agreement or commit to power purchases. Net Power noted the arrangement could serve as collateral to support equipment financing.
The transaction remains subject to customary closing conditions, including third-party consents and definitive documentation.
