NET Power Announces First Utility-Scale Clean Energy Power Plant Integrated with CO2 Sequestration

Consortium led by NET Power to accelerate the commercialization of its technology by building the first large-scale gas-fired power plant with carbon capture near Odessa, Texas

ODESSA, TX, November 7, 2022 /PRNewswire/ — Today, NET Power, LLC announced plans to develop and build the world’s first large-scale natural gas-fired power plant with near-zero air emissions. The project fully integrates power generation with underground carbon dioxide transport and sequestration. The new plant will be built near Occidental’s operations in the Permian Basin. The plant is expected to be operational in 2026.

NET Power’s transformational technology generates power while inherently capturing nearly all emissions with its patented oxy-fuel combustion and supercritical CO2 cycle. These plants generate clean, low-cost, on-demand electricity and solve critical air quality and land use issues, virtually eliminating airborne emissions, including nitrogen oxides (NOX), sulfur oxides (SOX), and carbon dioxide (CO2).

This announcement follows recent momentum from NET Power. NET Power has proven its revolutionary technology during its The door demo site, culminating in synchronization with the Texas power grid in the fall of 2021. NET Power announced a partnership with energy technology company Baker Hughes in February 2022 develop and market a suite of integrated equipment and technologies, including supercritical CO2 turboexpanders. This number one large-scale project serves as a commercial launch pad for NET Power’s core process technology, accelerating other projects already in development and paving the way for the global deployment of this innovative decarbonization platform.

“Having demonstrated the ability of technology to The doorand after partnering with Baker Hughes to bring the NET Power system to market, we are excited to accelerate the deployment of this groundbreaking technology,” said Ron DeGregorio, CEO of NET Power. “This powerhouse enables rapid scale-up of NET Power’s global deployments, providing a clear and meaningful path to reliable, near-emissions-free power.”

NET Power selected the project located at a Occidental hosted site near Odessa, Texas from a list of candidates for early adoption of the project. The project targets approximately 300 megawatts (MW) of carbon-free power and will transport captured CO2 to a permanent underground sequestration site through Occidental’s existing Permian CO2 infrastructure and operations management.

NET Power will engage its strategic shareholders to support the project with resources:

  • Western for the CO2 transmission and sequestration and offtake of electricity;
  • Constellation Energy Generation, LLC for the company’s expertise in plant operations and power offtake;
  • Baker Hughes for major integrated process equipment and technologies; and
  • 8 Rivers Capital for project development support.

Richard JacksonPresident, US Onshore Resources and Carbon Management, Operations, Occidental said, “We are delighted to support NET Power’s first large-scale project. This plant will accelerate carbon reduction plans to help achieve net zero goals. The project enables both companies to develop best practices that utilize NET Power’s technology to provide near emission-free power for our Permian operations and future direct air capture sites. »

NET Power’s project builds on years of in-house development of a standardized and modularized design concept. The preliminary engineering and design studies (pre-FEED) have been completed and the full FEED works are due to start in the first quarter of 2023.

Chris BarkeyCTO – Industrial & Energy Technology at Baker Hughes, says: “We are delighted to support the development of the NET Power system. Our technology is robust and the program is progressing well to deliver a world-class 300MW equipment suite enabling large-scale utilities in 2026, and a rapid ramp-up of commercial deployments thereafter.”

The project will be funded through a combination of NET Power’s current capitalization program, investment from existing shareholders and funding for new projects. In addition, NET Power is seeking government support available at the federal, state and local levels, with a particular focus on grant and loan opportunities arising from bipartisan infrastructure law. The long-term opportunity for NET Power projects is further enhanced with the Cut Inflation Act and its enhancements to the 45Q Carbon Capture Tax Credit available for capture installations. To qualify for these credits, power generation units must be designed to capture at least 75% of carbon dioxide emissions, a number that NET Power facilities easily exceed.

About NET Power

NET Power is a clean energy technology company with a mission to deploy affordable and reliable zero-emissions power globally by adhering to the “Energy Trifecta”: Reliable, Clean and Affordable. The company invents, develops and licenses technology that provides reliable natural gas power on demand with life cycle emissions 90% lower than today’s combined cycle natural gas systems and energy compliant renewables coupled with batteries. The technology also offers a levelized cost of energy that is lower than both combined cycle gas turbines with carbon capture and battery-coupled renewables. Founded in 2010 and based in Durham, North CarolinaNET Power has received strategic investments from key industry partners including 8 Rivers, Constellation, Occidental and Baker Hughes.