Net Power shifts strategy to PCC, partners with Entropy, takes impairment on oxy-combustion

NET Power Inc.

Signed LOI with Entropy Inc. to exclusively deploy its PCC tech for US power generation; joint development.
Project Permian Phase I: 60MW gas turbines secured (2028 delivery), 30MW to Occidental; FID H1 2026.
Northern MISO hub: 300MW interconnect request, target FID 2027, commercial ops 2029.
Non-cash impairment of oxy-combustion intangible assets due to slower market acceptance.
Ended Q3 with ~$424M cash; pivot to near-term PCC projects while continuing oxy-combustion testing.

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