At its earnings presentation in November 2025 Net Power announced that it had “expanded its business strategy to prioritise the development of clean power projects utilising gas turbines with post-combustion carbon capture (PCC),” at the same time maintaining that the “company continues to support the long-term development and deployment of its oxy-combustion technology.”
“The market is beginning to embrace reality: the only responsible way to meet unprecedented electricity demand growth is with natural gas power,” stated CEO Danny Rice. “And the only safe and proven way to do so while reducing emissions is with carbon capture. Net Power’s mission is to transform natural gas into the lowest cost form of clean firm power. The work we’ve done to date indicates our oxy-combustion technology is lower cost and quicker to deploy than new nuclear power — however, speed is key in this market. Expanding our offerings to include PCC unlocks a significant market opportunity directly in front of us.”
As part of its efforts to build a “strong PCC offering” and advance first projects Net Power has signed a letter of intent with Calgary based Entropy Inc – described as a “global leader in proven carbon capture technology” – to exclusively deploy Entropy’s PCC technology for power generation in the United States and to jointly develop projects. Entropy’s proprietary solvent is said to be “energy efficient and proven to reduce CO2 emissions from natural gas power plants.”
Net Power says it is continuing to progress its first clean firm power hub at its Project Permian site in West Texas, with the project being “sized to accommodate up to 1 GW of clean firm power generation capacity utilising Net Power’s suite of power technologies,” but the plan is now that Phase I of the project will “employ readily available gas turbines paired with Entropy’s proven PCC technology.”
To that end, Net Power says it has secured 60 MW of gas turbines for 2028 delivery and is finalising definitive documents for Occidental to purchase 30 MW of the power and 100% of the captured CO2.
The gas turbines will be prepared by aeroderivative packager Relevant Power Solutions.
Net Power had been considering adding gas turbines to its oxy-combustion Allam–Fetvedt technology, but in the course of 2025, GT+PCC became the preferred option, with TRL 9 and LCOE $70-100 (200 MW plant).
The final investment decision for Phase I is expected in the first half of 2026 with commercial operation in 2028, “which would make it the first commercial clean gas power project in the United States,” claims Net Power.
The company says it is also continuing to advance its clean firm power hub in northern MISO, where it has site control and a 300 MW interconnect request through the DPP-2023 interconnection queue process.
Net Power says its sequestration partner for this project continues to advance its Class VI permit applications and both the interconnect and sequestration facilities are expected to be completed by 2028/2029.
Net Power is also now redesigning Phase I of its northern MISO project to utilise gas turbines paired with Entropy post combustion capture, targeting FID in 2027 with commercial operation as early as 2029, and says it is in active discussions with strategic offtakers for the power.
Meanwhile, Net Power says it has continued to advance oxy-combustion equipment testing with Baker Hughes at its La Porte demonstration facility, recently achieving its highest ever recorded pressures and temperatures, “underscoring continued progress in technology maturation.”
However, a recently completed market analysis of the oxy-combustion technology has identified “slower than anticipated acceptance and deployment relative to previous expectations.”
Value engineering efforts on the Project Permian oxy-combustion proposal identified significant potential cost reductions and performance improvements, but “not to a level that is economically competitive in the current market.” These events resulted in an impairment of the carrying value of the technology and associated assets on the Net Power balance sheet.
Nevertheless, the company says it views its oxy-combustion concept as a viable, long-term solution for low-carbon intensity power generation and will “prudently invest capital to maintain its leadership position,” but “may invest a greater portion of its available capital in near-term power projects with Entropy.”
