Net Power suspends utility-scale oxy-combustion JDA and Commercial Agreement with Baker Hughes

NET Power Inc.

Agreements with Baker Hughes affiliates (NP, NPI) indefinitely suspend A&R JDA and Commercial Agreement effective retroactively Jan 1, 2026.
License Amendment grants NP perpetual, royalty-bearing industrial-plant license; no royalty amount agreed, none assured.
Baker Hughes' access/exclusivity rights to La Porte facility terminated; Company free to use/sell/decommission facility.
Mutual releases exchange claims; outstanding work through Dec 31, 2025 remains payable in cash and paired Class B/OpCo units.
Prior $193.7M non-cash impairment (Q2 2026) wrote down oxy-combustion developed technology and La Porte facility to zero.

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