NET Power Advances Project Permian and Reports First Quarter 2026 Results
NET Power announced its financial and operational results for the first quarter ended March 31, 2026, highlighting continued progress on its clean energy development strategy, advancements toward strategic partnerships, and a strong liquidity position to support future growth initiatives. The company reaffirmed its focus on transforming natural gas power generation through advanced carbon capture technologies while moving closer to key milestones tied to its flagship Project Permian development in West Texas.
The quarter marked another important step for NET Power as the company continued executing its long-term strategy to deliver reliable, low-emission electricity through natural gas generation combined with carbon capture utilization and storage technologies. Company executives emphasized that the demand for dependable clean power continues to grow across the United States, especially as data centers, industrial facilities, and electrification trends increase pressure on the nation’s power infrastructure.
Danny Rice, Chief Executive Officer of NET Power, said the company remains optimistic about the market opportunity ahead and believes its engineering expertise and proprietary capabilities position it to play a major role in the future of low-carbon energy production.
Rice stated that NET Power’s in-house engineering talent, combined with its expertise in power generation and carbon capture utilization, can help transform natural gas into one of the lowest-cost and most reliable forms of clean electricity available in the market. He noted that the company continues to engage with potential customers and strategic stakeholders as it works toward securing long-term commercial agreements for its first major deployment.
One of the most significant developments during the quarter involved the company’s continued advancement of Project Permian, NET Power’s flagship clean firm power project located in the Permian Basin region of West Texas. The project is designed to provide low-emission electricity generation while integrating post-combustion carbon capture technology capable of substantially reducing carbon dioxide emissions from natural gas-fired power generation.
According to the company, work on Project Permian remains on schedule. The Phase I development is expected to generate approximately 80 megawatts of electricity and will incorporate Siemens A35 gas turbines packaged by RPS along with post-combustion capture technology developed by Entropy Inc.
NET Power explained that the project is expected to serve as an important demonstration of how modern natural gas facilities can operate with significantly reduced emissions while still delivering reliable baseload electricity. The company believes this approach could provide utilities, industrial operators, and commercial customers with a practical solution for meeting rising electricity demand while supporting decarbonization goals.
The company also noted that it has engaged a strategic advisor to assist with power offtake discussions related to Project Permian Phase I. Management believes that securing a long-term power purchase agreement, or PPA, represents one of the most critical next steps toward advancing the project into the financing and construction phases.
Rice explained that formalizing an offtake agreement would help catalyze project financing activities and keep the company on track to achieve a final investment decision during the second half of 2026. If the current schedule remains intact, commercial operations for the project are targeted to begin in early 2029.
NET Power said the successful deployment of Project Permian could establish the facility as the first operational natural gas power plant in the United States utilizing post-combustion carbon capture technology at this scale. The company believes the project could serve as a foundation for future deployments across the country and potentially create a replicable development model for clean firm power infrastructure.
Another major focus during the quarter involved NET Power’s ongoing collaboration with Entropy Inc.. The two companies continued progressing toward a potential Joint Development Agreement, or JDA, aimed at deploying natural gas-fired generation paired with post-combustion carbon capture systems throughout the United States.
Entropy, headquartered in Canada, is recognized for its work in carbon capture technology and has already deployed commercial-scale operations at the Glacier Gas Plant in Alberta. NET Power stated that Entropy’s technology has demonstrated strong operational efficiency and achieved carbon dioxide capture rates of approximately 90 percent.
The proposed collaboration between the two companies is intended to combine NET Power’s expertise in power generation development with Entropy’s commercially validated carbon capture systems. Management believes this partnership could accelerate the deployment of scalable low-carbon power infrastructure in regions where natural gas remains a critical component of the electricity mix.
NET Power indicated that both organizations continued technical and commercial diligence activities during the quarter as they work toward finalizing a joint development structure. The company sees the potential agreement as an important component of its broader strategy to expand deployment opportunities beyond the initial Project Permian facility.
Executives also emphasized the growing importance of dispatchable clean power generation in today’s energy environment. While renewable energy technologies such as wind and solar continue to expand, many utilities and grid operators are increasingly seeking reliable backup and baseload generation capable of operating independently of weather conditions.
NET Power believes its natural gas and carbon capture approach can address this challenge by delivering firm power with significantly reduced emissions. The company argues that integrating carbon capture systems into natural gas generation could help bridge the gap between reliability and sustainability while supporting energy security and grid resilience.
In addition to operational progress, the company highlighted its strong financial condition at the end of the quarter. NET Power reported approximately $319 million in cash, cash equivalents, and investments as of March 31, 2026.
Management stated that maintaining a strong balance sheet remains essential as the company advances engineering work, commercial negotiations, project development activities, and future deployment planning. The existing liquidity position is expected to support ongoing operations and development efforts as the company moves closer to a final investment decision for Project Permian.
NET Power continues to position itself as a technology-driven clean energy developer focused on reshaping the future of natural gas power generation. The company’s strategy centers on integrating advanced engineering solutions with commercially viable carbon capture technologies to provide lower-emission electricity generation options for a rapidly evolving energy market.
Industry analysts continue to monitor the company closely as interest grows in carbon capture utilization and storage technologies. Governments, utilities, and industrial companies worldwide are increasingly exploring methods to reduce emissions from existing energy systems while maintaining reliability and affordability.
The company believes that natural gas paired with carbon capture could play a significant role in supporting energy transition goals, particularly in markets where reliable baseload electricity remains essential. NET Power’s leadership has repeatedly emphasized that affordability, scalability, and operational dependability will remain key considerations in the future energy landscape.
As the company moves through 2026, investors and industry stakeholders are expected to focus on several major milestones, including progress toward a finalized power purchase agreement, completion of development planning for Project Permian, advancement of the proposed partnership with Entropy, and the anticipated final investment decision later this year.
With construction planning advancing and commercial discussions continuing, NET Power appears focused on positioning itself at the forefront of next-generation natural gas power solutions that combine reliability with lower carbon emissions.
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