Net Power Acquires EMPower’s Stake in 123 MW EPC Project
Net Power Inc. (NYSE: NPWR), a company developing power generation and powered-land infrastructure, has completed the previously announced acquisition of contractual rights associated with approximately 123 megawatts (MW) of new natural gas-fired power generation equipment. The transaction represents an important step in the company’s efforts to advance Project Permian, its inaugural powered land development in West Texas.
The acquisition closes the deposit and exclusivity agreement Net Power announced on August 24, 2026. With the transaction completed, Net Power now has the potential to deploy nearly 200 MW of power generation capacity during the first phase of Project Permian. The additional generation resources are intended to support the project’s strategy of providing reliable, flexible power infrastructure in a region where demand for new electricity capacity is increasing.
Net Power completed the transaction on August 31, 2026, acquiring the contractual rights from EMPower USA, LLC, a power infrastructure developer. As part of the deal, Net Power assumed the post-closing obligations under an existing agreement between EMPower and Saulsbury Industries, Inc. The agreement covers the engineering, procurement and construction (EPC) of an approximately 123 MW reciprocating-engine natural gas power generation facility.
The transaction also received the necessary consent from Saulsbury for the contractual agreement to be transferred to Net Power. Under the revised arrangement, the planned facility will be relocated to Project Permian in West Texas, aligning the generation assets with Net Power’s broader powered-land development strategy.
In addition to the EPC position, Net Power acquired certain rights and benefits under the associated equipment supply agreement. The agreement covers the supply of ten engine-generator sets that will be provided by Wärtsilä North America, Inc. The equipment is expected to form the core generation technology for the approximately 123 MW facility.
The acquisition gives Net Power access to a modular generation configuration designed to provide operational flexibility. The ten reciprocating engines can operate as individual generation units, allowing the facility to adjust its output depending on electricity demand. This flexibility is particularly relevant for powered-land developments that may serve customers with rapidly changing or variable electricity requirements.
Marc Horstman, President and Chief Operating Officer of Net Power, said the Wärtsilä reciprocating engines were selected because of characteristics that align with the company’s powered-land strategy. According to Horstman, the equipment is designed for fast-start operation and can ramp generation output up or down to respond to changes in load.
Fast-start capability can be an important feature in power systems serving customers whose electricity requirements can change rapidly. Rather than relying exclusively on generation that operates at a fixed output, flexible reciprocating-engine technology can adjust production to better match demand. This can help operators respond to fluctuations in power requirements while maintaining a dependable electricity supply.
The facility’s configuration also provides operational and maintenance advantages. The use of ten separate engine-generator sets means individual units can be serviced without necessarily requiring the entire generation facility to be taken offline. Net Power believes this modular approach can contribute to higher overall plant availability and provide greater operational resilience.
The project will be developed through Saulsbury, which will serve as the turnkey EPC contractor. Its responsibilities will include engineering, procurement, construction, commissioning and start-up of the generation facility. Saulsbury has experience delivering gas-fired power and energy infrastructure projects across Texas, making its role particularly relevant to the development of Project Permian.
The relocation of the facility to Project Permian is a central element of the transaction. Rather than developing the generation assets independently, Net Power plans to integrate the approximately 123 MW facility into its broader powered-land strategy. The project is intended to combine power generation with land and infrastructure capabilities to support customers requiring access to substantial and dependable electricity resources.
Project Permian represents Net Power’s inaugural powered land project in West Texas. The region has become an increasingly important location for energy infrastructure development because of its established oil and gas industry, extensive energy infrastructure and growing electricity requirements. New industrial developments and other large power consumers are also creating additional demand for reliable generation capacity.
Against this backdrop, Net Power’s acquisition provides the company with an opportunity to accelerate the availability of new generation equipment. The company emphasized the speed of the transaction, noting that it identified the equipment, secured the opportunity and completed the acquisition within 18 days.
Danny Rice, Chief Executive Officer of Net Power, described the speed of the transaction as an important demonstration of the company’s ability to respond quickly to market opportunities. He said the acquisition would help advance Project Permian and highlighted the importance of agility as the power market faces increasing demand for firm and reliable generation.
Rice also thanked the EMPower, Saulsbury and Wärtsilä teams for their cooperation and ability to execute the transaction quickly. The successful closing required coordination between the power infrastructure developer, EPC contractor, equipment supplier and Net Power.
The addition of approximately 123 MW brings the potential capacity associated with the first phase of Project Permian to nearly 200 MW. This represents a significant increase in Net Power’s potential generation footprint for the project and establishes a larger foundation for future powered-land development.
The acquisition also illustrates the growing importance of flexible natural gas generation as companies seek reliable power resources alongside emerging technologies. Reciprocating-engine facilities can provide dispatchable generation while offering operational flexibility and modularity. These characteristics can be particularly valuable for projects where electricity demand is expected to grow or fluctuate over time.
For Net Power, the transaction is therefore more than an equipment acquisition. It represents a step toward building the generation infrastructure needed to support Project Permian and its longer-term powered-land strategy. By combining an established EPC contractor with proven reciprocating-engine technology and an existing equipment supply position, the company aims to shorten the path from project development to operational power generation.
The involvement of Wärtsilä provides the project with access to ten engine-generator sets, while Saulsbury’s turnkey EPC role is expected to support the construction and commissioning process. The combination of these arrangements gives Net Power an established framework for advancing the approximately 123 MW facility at its West Texas project.
As electricity demand continues to evolve across Texas, access to dependable generation capacity remains a critical consideration for energy-intensive developments. Net Power’s latest acquisition positions Project Permian to contribute additional dispatchable power capacity while giving the company greater control over the infrastructure required for its first powered-land project.
The completion of the EMPower transaction marks another milestone in the development of Project Permian. With nearly 200 MW of potential generation capacity now associated with the first phase, Net Power has expanded the scale of the project and strengthened its ability to pursue customers seeking reliable power infrastructure.
The company’s emphasis on speed, modular generation and flexible operations will remain central to the project as it progresses. The acquisition of the 123 MW EPC position, combined with the planned deployment of Wärtsilä engine-generator sets and Saulsbury’s turnkey construction role, provides Net Power with a concrete pathway toward developing new power generation capacity in West Texas.
As Project Permian moves forward, Net Power will continue working with its infrastructure and technology partners to advance the facility and establish the generation resources needed to support its powered-land strategy. The latest transaction demonstrates the company’s focus on rapidly securing available equipment and development opportunities in response to growing demand for firm power.
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