NET Power Inc. reported a net loss of $49.2 million for the year ended December 31, 2024, a slight increase from a loss of $43.1 million during the previous six-month period following its business combination with Rice Acquisition Corp. II. The company generated $250,000 in revenue, a 43% increase compared to the combined revenue of $175,000 from the previous periods. The increase in revenue was attributed to contracts with potential future license customers and syngas testing at its Demonstration Plant. Operating expenses totaled $181.5 million, reflecting a decrease from $193.5 million in the prior period, primarily due to reduced costs associated with the business combination.
In terms of strategic developments, NET Power has made significant progress in its technology validation efforts. The company is advancing its utility-scale program and has begun purchasing long-lead materials for its first commercial-scale plant, designated as SN1, located in the Permian Basin of West Texas. However, initial cost estimates for the project were higher than anticipated, prompting a post-front-end engineering and design (FEED) optimization process. The company expects the project to come online no earlier than 2029, contingent on successful value engineering.
Operationally, NET Power's workforce has grown to 68 full-time employees, with the company opening a second office in Houston, Texas, to support its expanding operations. The Demonstration Plant in La Porte, Texas, has undergone significant upgrades in preparation for commercial-scale testing, with the first phase of equipment validation expected to commence in late 2024. The company holds a portfolio of 485 issued patents, which it leverages to license its technology to customers, including electric utilities and industrial facilities.
Looking ahead, NET Power's management remains optimistic about the future, emphasizing the importance of securing additional funding to support the construction of its first utility-scale plant and the development of new projects. The company is also monitoring government incentives related to carbon capture and clean energy technologies, which could significantly impact its growth trajectory. However, management acknowledges the risks associated with the commercialization of its technology, including potential delays in regulatory approvals and competition from alternative energy sources.
About NET Power Inc.
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