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- **Strategic Pivot**: NET Power shifts to deploy PCC projects in 2028, leveraging Entropy's technology and existing infrastructure.
- **Project Economics**: West Texas Phase 1 LCOE < $80/MWh, Northern MISO LCOE ~$100/MWh, supported by 45Q credits and CO2 sales.
- **Financial Efficiency**: 50% equity contribution ($75-90M) with project financing covering 50-70% of CapEx, enabling scalable growth.
- **Market Position**: First mover advantage in clean gas power with 3-4 years of operational lead over competitors.
- **Capital Allocation**: Allocated $400M cash to PCC projects, slowing oxy-combustion to prioritize near-term returns.

**【CEO Summary Section】**
- NET Power pivots to deploy conventional gas turbines with post-combustion carbon capture (PCC) in partnership with Entropy, targeting 2028 commercial operations in West Texas and Northern MISO.
- Project Permian Phase 1: 60 MW with >90% CO2 capture, LCOE under $80/MWh, leveraging existing infrastructure for faster deployment.
- Northern MISO project: 60 MW with LCOE ~$100/MWh, utilizing Class VI sequestration wells.
- Strategic advantage: access to low-cost natural gas, CO2 utilization in West Texas, and proven PCC technology.

**【CFO Financial Commentary】**
- West Texas Phase 1 CapEx: $375-$425M, with NET Power contributing ~$75-$90M equity (50% ownership).
- Project financing expected to cover 50-70% of CapEx, reducing equity burden.
- LCOE competitiveness driven by 45Q credits ($85/ton) and CO2 sales for enhanced oil recovery.
- 2025 cash position: ~$400M, enabling phased capital allocation to PCC projects while slowing oxy-combustion spending.

**【Q&A Highlights】**
- **Positioning**: Unique combination of power expertise, subsurface knowledge, and actionable sites for PCC deployment years ahead of competitors.
- **Entropy Partnership**: Entropy's TRL 9 solvent technology, operational experience, and Canada-based backing enhance project feasibility.
- **Financing Strategy**: Modular scale (60 MW phases) balances risk and return, with project financing for ~50% of CapEx.
- **Offtake Demand**: Conversations with hyperscalers for 2028+ power delivery, driven by AI-driven load growth and clean power premium.
- **Capital Allocation**: Prioritize PCC projects to accelerate shareholder value, while preserving oxy-combustion as long-term option.

NET Power Inc. (NPWR) Q3 2025 Earnings Call Transcript

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