NET Power

NYSE: NPWR47Mixed / Improving· Provisional

0 followersCarbon removal·Durham, NC, USA·Founded 2010

US clean-energy company licensing the Allam-Fetvedt Cycle, which combusts natural gas with pure oxygen and supercritical CO₂ to generate zero-emission, 24/7 dispatchable power with integrated CCS.

47/100

Mixed / Improving· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: mediumData confidence: medium

Ownership

Occidental Petroleum Corporation· backed byvia sec.gov

Why it's on ClimateTicker

NET Power licenses the Allam-Fetvedt Cycle — an oxy-combustion, supercritical CO₂ power process that theoretically captures >97% of CO₂ from natural gas combustion and eliminates NOx/SOx — positioning it as dispatchable, near-zero-emission baseload power. The technology has real physics behind it and has been grid-synchronized at demo scale, but no utility-scale plant is yet operational, the business model has pivoted from pure licensing to owning/operating gas plants with post-combustion capture (PCC), and life-cycle carbon intensity still depends heavily on upstream methane leakage that NET Power does not control. Investors should treat this as a high-potential but pre-revenue, pre-commercial climate technology play with meaningful execution and greenwash risk.

mitigationNET Power plans to design, develop, build, own, and operate clean gas power plants and monetize electricity, captured CO₂, and environmental attributes (e.g., 45Q tax credits); it has shifted from a pure technology-licensing model toward direct project development, with no commercial revenue yet generated.

Controversy & Greenwashing Watch

lowCEO serving as interim CFO — governance gap

Danny Rice served simultaneously as CEO and principal financial officer until April 2026, an unusual governance arrangement for a publicly listed company that was noted in SEC filings.source ↗

mediumStrategic pivot to conventional gas + PCC

In late 2025, NET Power broadened its strategy to prioritize gas turbines with post-combustion capture — a less differentiated, lower-capture approach — raising questions about whether the flagship oxy-combustion 'zero-emission' narrative remains the actual business.source ↗

mediumProject Permian FEED cost overruns stall FID

Completed FEED for its first utility-scale plant revealed costs requiring significant redesign before a Final Investment Decision can be made, meaning no commercial plant is operational and timelines have slipped to at earliest early 2029.source ↗

lowUpstream methane exposure unaddressed

NET Power's own 10-K acknowledges that upstream methane leakage from gas supply meaningfully affects lifecycle carbon intensity, but the company has no disclosed plan, target, or contractual mechanism to control or verify upstream methane from suppliers.source ↗

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