Net Power is an energy technology and project development company focused on building, owning, and operating clean natural gas power plants in the U.S. After originally developing a proprietary oxy-combustion technology — which burns natural gas in a pure oxygen, closed-loop CO2 cycle to inherently capture emissions — Net Power pivoted in 2025 toward a nearer-term strategy using commercially proven gas turbines paired with post-combustion carbon capture (PCC) technology licensed from Entropy, a Canadian company. Net Power's first project under this new strategy is Phase I of Project Permian in West Texas, targeting ~80 MW of net output, with FID planned for Q3 2026 and commercial operations targeted for early 2029. A second project is in development in the Northern MISO region, targeting first power in 2029–2030. Net Power monetizes each plant through three streams: electricity sales via long-term power purchase agreements or wholesale markets, CO2 sales to enhanced oil recovery operators and the federal 45Q tax credit (up to $85/metric ton), and environmental attribute sales. The West Texas site is particularly well-positioned because low Permian Basin gas costs and CO2 sales to EOR operators stack on top of the 45Q credit, enabling Net Power to target an LCOE below $80/MWh. Each plant is project-financed, with Net Power contributing roughly 50% of the equity. Target customers include hyperscalers and data centers seeking 24/7 clean firm power, as well as oil and gas companies and industrial users.