Carbon removalNYSE: NPWR
NET Power
47Mixed / ImprovingDurham, NC, USAFounded 20100 followers
netpower.comUS 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.
Green Score
- Greenwashing risk
- medium
- Data confidence
- medium
- Method
- how it is calculated
Climate Impact & Solution35%62
Does the core business genuinely avoid or reduce emissions, or build climate resilience? Share of revenue that is actually 'green'. Fossil-dependent models score low.
The Allam-Fetvedt Cycle genuinely captures CO₂ at >97% at the combustor and is projected to achieve a life-cycle carbon intensity of 40–75g CO₂e/kWh — roughly 85% below conventional CCGT — but the score is tempered by the technology's pre-commercial status, its dependence on upstream methane emissions that NET Power acknowledges but does not currently control, and a recent strategic pivot to conventional gas turbines with post-combustion capture (which has a lower capture ceiling) to accelerate near-term revenue.
Decarbonization & Targets20%18
Credible, science-based targets (SBTi), a real net-zero plan with progress to date, and CDP disclosure — not just a dated press release.
No SBTi-validated targets, no CDP disclosure, and no published net-zero plan with measurable milestones were found in any public filing or third-party registry; the company's sustainability commitments are limited to forward-looking marketing language in SEC filings with no quantified interim targets or independent verification.
ESG & Operations15%38
Operational footprint, labour and social practices, and governance quality across the company's own operations and supply chain.
NET Power is a small pre-revenue company with a minimal operational footprint (two offices, one mothballed demonstration plant), so direct Scope 1/2 emissions are negligible; however, no standalone ESG or sustainability report has been published, no Scope 3 supply-chain disclosure exists, governance has seen leadership churn (interim CFO replaced April 2026), and the company's entire value chain runs through fossil-fuel infrastructure partners (Occidental, Baker Hughes), raising material supply-chain ESG exposure.
Transparency & Verification15%40
Quality of disclosure, independent third-party verification, and how much hard data backs the company's claims.
NET Power discloses through SEC filings (10-K, 8-K) as a NYSE-listed company, providing engineering performance projections and project timelines, but no independent third-party verification of the claimed >97% CO₂ capture rate at utility scale exists, the life-cycle CI figure (40–75g CO₂e/kWh) is self-reported and ranges widely, and there is no published sustainability report, GRI index, CDP response, or audited GHG inventory.
Integrity15%68
Controversies, litigation, pollution, fossil-fuel lobbying, conflict-zone involvement and governance scandals. Higher means cleaner.
No material litigation, pollution incidents, regulatory penalties, conflict-zone operations, or governance scandals were found; the primary integrity concern is the strategic pivot away from pure oxy-combustion toward conventional gas-plus-PCC, which may dilute the core climate proposition, and the CEO doubling as interim CFO through mid-2026 flags a governance gap — but no active controversies rise to high severity.
Ownership
Related
- 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.
Controversy & Greenwashing Watch
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.simplywall.st
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.sec.gov
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.businesswire.com
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.ir.netpower.com
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