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  4. [8-K] NET Power Inc. Reports Material Event

Net Power (NYSE: NPWR) pivots to fast natural gas projects with $310M liquidity

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Net Power Inc. recalibrates its commercial strategy toward fast-to-deploy, unabated natural gas power generation focused on speed-to-power, reliability, and scale, with carbon capture designed to be added in later phases as economics and customer demand support it. The company continues commercial discussions with prospective power offtakers for Project Permian and other sites and has contracted two modular gas turbine generator sets with nominal gross power of approximately 68 megawatts for Project Permian while evaluating additional units.

As of June 30, 2026, Net Power held $310 million in cash, cash equivalents, and investments and believes existing liquidity will be sufficient to fund obligations for the 12 months following its second-quarter 2026 Form 10-Q filing, assuming it does not enter into additional pre-FID equipment commitments under evaluation. As of the date of the release, no project-level financing, customer deposits, or partner capital for Project Permian had been committed.

Positive

  • $310 million in cash, cash equivalents, and investments as of June 30, 2026 provides a substantial liquidity base, and the company states it expects this to be sufficient to fund obligations for the 12 months following its second-quarter 2026 Form 10-Q filing, absent new pre-FID commitments.

Negative

  • As of the date of the release, no project-level financing, customer deposits, or partner capital had been committed for Project Permian, indicating financing and commercial arrangements for this flagship development remain outstanding.

Filing Explained

Net Power’s prior letter of intent with Entropy has expired, and the parties are discussing potential later-phase post-combustion carbon-capture arrangements; the filing leaves any replacement arrangement uncommitted.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Cash, cash equivalents, and investments $310 million As of June 30, 2026
Liquidity coverage period 12 months Period the company believes existing liquidity will fund obligations following the Q2 2026 Form 10-Q filing, absent new pre-FID commitments
Contracted gas turbine power approximately 68 megawatts Nominal gross power of two modular gas turbine generator sets for Project Permian
Conference call time 8:30 AM ET Start time for the second quarter 2026 results call on Friday, August 14, 2026
Project Permian financial
"Net Power continues to advance commercial discussions with prospective power offtakers directly and with the support of its financial advisor for Project Permian"
post-combustion carbon capture technical
"Entropy Inc. is a post-combustion carbon capture (“PCC”) technology company whose technology may be deployed in later phases"
A technology that removes carbon dioxide from the exhaust gases of power plants and industrial facilities after the fuel has been burned, like fitting a filter to a factory smokestack to capture CO2 before it goes into the air. It matters to investors because it can change a plant’s operating costs, capital spending and regulatory exposure, and therefore influence the future value and profitability of companies with large emissions.
large-load interconnection technical
"risks related to grid interconnection, including the timing and outcome of the large-load interconnection processes of the Electric Reliability Council of Texas"
Section 45Q regulatory
"including the credit available under Section 45Q of the Internal Revenue Code, and restrictions on the value, transferability, and monetization"
Section 45Q is a U.S. federal tax credit that pays projects for capturing and permanently storing or using carbon dioxide instead of releasing it into the atmosphere. For investors, it acts like a per‑unit subsidy that improves the economics and cash flow of carbon‑capture, clean‑energy, and industrial projects—similar to getting paid for diverting waste from a landfill—making capital investment and valuation less risky and more attractive.
final investment decision financial
"on a timeline that supports a final investment decision for Project Permian"
A final investment decision is the point at which a person or organization chooses to move forward with a particular project or purchase after reviewing all the necessary information and options. It is like deciding to buy a house after considering all the costs, benefits, and alternatives. This decision is important because it determines whether and when the investment will be made, impacting future financial plans and outcomes.

FAQ

What strategic shift did Net Power (NPWR) announce for its power projects?
Net Power is focusing near-term development on fast-to-deploy, unabated natural gas power generation, emphasizing speed-to-power, reliability, and scale. Carbon capture remains part of its plans but is expected to be added in later project phases as customer demand and economics support it.

How much liquidity does Net Power (NPWR) report as of June 30, 2026?
Net Power reports $310 million in cash, cash equivalents, and investments as of June 30, 2026. The company believes this liquidity can fund its obligations for the 12 months following its second-quarter 2026 Form 10-Q filing, assuming no additional pre-FID equipment commitments.

What is the current financing status of Net Power’s Project Permian?
Net Power states that, as of the date of the release, no project-level financing, customer deposits, or partner capital have been committed for Project Permian. The company continues commercial discussions with potential offtakers and is also working with a financial advisor for the project.

What equipment has Net Power (NPWR) secured for Project Permian so far?
Net Power has contracted two modular gas turbine generator sets with nominal gross power of approximately 68 megawatts for use at Project Permian. The company is actively evaluating acquiring additional gas power units to support this development.

How is Net Power approaching carbon capture in its updated strategy?
Net Power plans to develop natural gas power projects with equipment designed to accommodate carbon capture in later phases. The company is discussing new potential arrangements with Entropy Inc. to deploy post-combustion carbon capture when supported by customer demand, project economics, and financing.

When is Net Power’s conference call for second quarter 2026 results?
Net Power scheduled a conference call for its second quarter 2026 results at 8:30 AM ET on Friday, August 14, 2026. Investors can access a live webcast and subsequent archive through the company’s investor relations website or join by phone using the provided domestic and international numbers.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001845437false00018454372026-08-132026-08-130001845437us-gaap:WarrantMember2026-08-132026-08-13

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 13, 2026
NET POWER INC.
(Exact name of registrant as specified in its charter)
Delaware
001-4050398-1580612
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
11700 Katy Freeway, Suite 700
Houston, Texas
77079
(Address of principal executive offices)(Zip Code)
(888) 323-6797
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per shareNPWRThe New York Stock Exchange
Warrants, each exercisable for one share of Class A Common Stock at a price of $11.50
NPWR WSThe New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02 Results of Operations and Financial Condition.
On August 13, 2026, Net Power Inc., a Delaware corporation, issued a press release setting forth its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
The information set forth in this Item 2.02 of this Current Report on Form 8-K and the related information in Exhibit 99.1 attached hereto is being furnished herewith, and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing with, the Securities and Exchange Commission under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference therein.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
Exhibit
Number		Description
99.1
Press release dated August 13, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated:August 13, 2026NET POWER INC.
By:/s/ Daniel J. Rice IV
Name:Daniel J. Rice IV
Title:Chief Executive Officer


Net Power Reports Second Quarter 2026 Results
and Provides Business Update

HOUSTON, TX--(BUSINESS WIRE)—August 13, 2026--Net Power Inc. (NYSE: NPWR) (“Net Power” or the “Company”) today announced its financial and operational results for the second quarter ended June 30, 2026.

“We’ve spent the last four months in an intensive customer engagement and marketing process. We believe that process has given us a clear read on what the market will buy today, and we are focusing the business accordingly. Our commercial strategy is recalibrated around what we believe today’s power customers are actually prioritizing: speed-to-power, reliability, and scale. Natural gas power generation, co-located with customer load and deployable on a fast timeline, is how we expect to meet that demand today. We continue to believe carbon capture and sequestration will play an integral role in the future of natural gas power, and our approach preserves that pathway, adding carbon capture in future phases as customer requirements, economics, and financing support it. We anticipate this flexibility will enable us to capture near-term demand now while holding onto the long-term decarbonization opportunity we’ve always believed in,” said Danny Rice, Chief Executive Officer of Net Power.

Key Business Updates:

Recalibrating commercial strategy toward fast-to-deploy, unabated natural gas power generation: Market demand for natural gas-based power generation, driven by accelerating load growth from AI and hyperscale data center infrastructure, is growing quickly, with customers prioritizing speed-to-power and scale of deployment. In response, the Company is directing near-term capital and execution focus toward the development of unabated natural gas power generation capacity, with carbon capture retained as an option to be layered into projects over time as customer needs, economics, and financing evolve. Net Power continues to advance commercial discussions with prospective power offtakers directly and with the support of its financial advisor for Project Permian and other sites. Net Power has already contracted two modular gas turbine generator sets with nominal gross power of approximately 68 megawatts for use at Project Permian and is actively evaluating the acquisition of additional gas power units for the project.

Revising the contemplated arrangement with Entropy: Net Power and Entropy Inc. (“Entropy”), a post-combustion carbon capture (“PCC”) technology company, are discussing one or more potential commercial arrangements following the expiration of the parties’ prior letter of intent under which the parties may pursue deployment of Entropy’s PCC technology in later phases of Net Power’s projects as and when supported by customer demand, economics, and financing.

Second Quarter 2026 Financial Results

As of June 30, 2026, the Company had $310 million in cash, cash equivalents, and investments. The Company believes it has the ability to manage its operating costs such that its existing


liquidity will be sufficient to fund its obligations for the next 12 months following the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. That conclusion is based on the Company’s existing obligations and commitments and assumes the Company does not enter into additional pre-FID equipment obligations and commitments it is evaluating, which have not been entered into as of the date of this release. As of the date of this release, no project-level financing, customer deposits or partner capital for Project Permian has been committed.

Conference Call

Net Power will host a conference call to share second quarter 2026 results and related matters beginning at 8:30 AM ET on Friday, August 14, 2026. To access the live audio webcast of the conference call, please visit Net Power’s investor relations website at ir.netpower.com. To participate by phone, dial 877-407-8014 (domestic) or +1 201-689-8053 (international).

An archived webcast will be available following the call.

About Net Power

Net Power Inc. (“Net Power” or the “Company”) is an energy technology and project development company focused on the development of natural gas power generation projects to meet growing demand for reliable power. The Company’s near-term development activities are focused on delivering natural gas power generation, with equipment designed to accommodate carbon capture in later phases.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, each as amended. Forward-looking statements provide current expectations of future events and include any statement that does not directly relate to any historical or current fact. Words such as “anticipates,” “believes,” “expects,” “intends,” “plans,” “potential,” “projects,” “targets,” or other similar expressions may identify such forward-looking statements. Forward-looking statements may relate to the development of and financing of the Company’s power generation projects, the anticipated demand for the Company’s products and services, the timing and configuration of project phases, grid interconnection, and the Company’s business strategies, capital requirements, potential growth opportunities and expectations for future performance (financial or otherwise). Forward-looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of the Company, and such statements involve known and unknown risks, uncertainties and other factors. Actual results may differ materially from those discussed in forward-looking statements as a result of factors, risks and uncertainties over which Net Power has no control. These factors, risks and uncertainties include, but are not limited to, risks relating to the uncertainty of the projected financial information with respect to the Company and risks related to the Company’s ability to meet its projections; the capital-intensive nature of the Company’s business model, which will likely require Net Power


to raise additional capital in the future; the Company’s ability to negotiate and enter into binding power offtake agreements on acceptable terms and on a timeline that supports a final investment decision for Project Permian; risks related to grid interconnection, including the timing and outcome of the large-load interconnection processes of the Electric Reliability Council of Texas and any related verification, audit, or other regulatory or legislative processes; the availability, cost, and delivery timing of gas turbines and related long-lead equipment; the impact of tariffs, trade barriers, export controls, and sanctions on equipment costs and supply timelines; the development of competing energy technologies, including battery storage, nuclear, and other generation resources; changes in, or the elimination of, governmental incentives and tax credits supporting carbon capture, including the credit available under Section 45Q of the Internal Revenue Code, and restrictions on the value, transferability, and monetization of such credits, and the availability of arrangements for the sale, transportation, sequestration, or other disposition of captured CO₂; the possibility that the Company’s projects are developed with natural gas generation in advance of, or without, carbon capture; risks associated with developing power generation projects for co-located load; risks relating to the Company’s access to capital, potential dilution to existing stockholders, and the continued listing of its securities on the New York Stock Exchange; the availability of project-level financing, additional equity or equity-linked capital, partner capital, or other financing sources on acceptable terms or at all; uncertainty regarding the current and future market for natural gas-generated power, with or without carbon capture; the Company’s ability to license third-party technology; the ability of the Company to effectively secure licenses for third-party PCC technology and to integrate such technology in its projects; barriers the Company may face in its attempts to deploy and commercialize its technology; the Company’s ability to adequately control or accurately predict the costs associated with its projects; barriers that the Company may face in its attempts to deploy projects; the complexity of the machinery the Company relies on for its operations and development; potential changes and/or delays in site selection and construction that result from regulatory, logistical, and financing challenges; the Company’s ability to establish and maintain supply relationships; risks related to strategic investors and partners, including potential conflicts of interests between the Company and such investors and partners; the Company’s ability to successfully commercialize its operations; the availability and cost of technological components and raw materials for its projects; the impact of potential delays in discovering manufacturing and construction issues; the ability of Net Power’s commercial plants to efficiently provide net power output; the impact of public perception of fossil fuel-derived energy on the Company’s business; any political or other disruptions in gas producing nations; the Company’s ability to protect its intellectual property and the intellectual property it licenses; the possibility that the Company commits substantial capital to power generation equipment before binding power offtake, site-control or financing arrangements are in place, and may not recover some or all of that capital; the Company’s ability to obtain the additional land and development rights required for the contemplated co-located configuration and broader build-out at Project Permian; the Company’s ability to attract, retain, and motivate qualified personnel, and risks associated with workforce reductions; the Company's ability to realize value from the Oxy-Combustion Cycle intellectual property and its interests at the La Porte Demonstration Facility, and the timing and cost of decommissioning that facility; risks relating to data privacy and cybersecurity, including the potential for cyberattacks or security incidents that could disrupt our or our service providers’ operations; current and potential litigation that has been and may be instituted against the


Company; and other risks and uncertainties described under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Net Power’s Annual Report on Form 10-K for the year ended December 31, 2025, its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC on August 13, 2026, its other quarterly reports on Form 10-Q, and in its other filings made with the SEC from time to time, which are available via the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Net Power assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Net Power does not give any assurance that it will achieve its expectations.

Investor Relations Contact:

investors@netpower.com

Media Contact:

media@netpower.com

Source: View Original Filing on SEC EDGAR

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