[Form 3] NET Power Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

NET Power's Form 3 shows that Damian R. Beauchamp and Cynda Beauchamp report indirect beneficial ownership of 26,729,880 shares of the issuer's Class B common stock through NPEH, LLC. The filing explains NPEH is a majority‑owned subsidiary of 8 Rivers Capital and each Reporting Person holds approximately 34.2% of 8 Rivers. The Form also notes Class A Units of NET Power Operations LLC are exchangeable one‑for‑one into Class A common stock or, at the issuer's election, cash, and have no expiration date.

Positive

• Transparent disclosure of indirect beneficial ownership of 26,729,880 Class B shares via NPEH, LLC
• Clear description that Class A Units are exchangeable one‑for‑one for Class A common stock or cash and have no expiration date

Negative

• None.

Insights

Financial Analyst

TL;DR Large indirect block disclosed; conversion feature may affect future share class mix.

The filing documents an indirect holding of 26,729,880 Class B shares held by NPEH, LLC, a vehicle majority‑owned by 8 Rivers Capital. Each Reporting Person reports an approximate 34.2% pecuniary interest in 8 Rivers, which explains the indirect beneficial ownership. The exchangeability of Class A Units into Class A common stock on a one‑for‑one basis (or cash at the issuer's election) is a material structural detail investors should note when modeling potential dilution or class conversion scenarios.

Corporate Governance Expert

TL;DR Disclosure clarifies ownership chain and potential economic interest but contains no direct voting specifics.

The Form 3 clearly identifies the ownership chain: NPEH, LLC holds the reported securities; NPEH is majority‑owned by 8 Rivers Capital; each Reporting Person holds ~34.2% of 8 Rivers. The statement disclaims direct beneficial ownership beyond pecuniary interest. The exchangeable unit feature with no expiration is explicitly described, which is relevant to governance and capital structure reviews, though the filing does not state voting rights or control mechanics tied to these instruments.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

BEAUCHAMP DAMIAN R.

(Last) (First) (Middle)

406 BLACKWELL STREET, 4TH FLOOR

(Street)

DURHAM NC 27701

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/30/2025

3. Issuer Name and Ticker or Trading Symbol
NET Power Inc. [ NPWR ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class B Common Stock	26,729,880	I	See Footnotes(1)(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class A Units of NET Power Operations LLC	(2)	(2)	Class A Common Stock	26,729,880	(2)	I	See Footnotes(1)(2)

1. Name and Address of Reporting Person^*

BEAUCHAMP DAMIAN R.

(Last) (First) (Middle)

406 BLACKWELL STREET, 4TH FLOOR

(Street)

DURHAM NC 27701

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Beauchamp Cynda

(Last) (First) (Middle)

8 THE GREEN STE B

(Street)

DOVER DE 19901

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The securities reported on this Form 3 are directly held by NPEH, LLC ("NPEH"), a majority owned subsidiary of 8 Rivers Capital LLC ("8 Rivers") and of which 8 Rivers is the manager. The Reporting Persons are married and each Reporting Person independently indirectly owns approximately 34.2% of 8 Rivers. Accordingly, each Reporting Person may be deemed the indirect beneficial owner of the securities owned by NPEH to the extent of his or her pecuniary interest therein. Each Reporting Person disclaims beneficial ownership of these securities except to the extent of his or her pecuniary interest therein.

2. For each Class A Unit of Net Power Operations LLC, NPEH owns a corresponding share of Class B Common Stock of the Issuer. The Class A Units of NET Power Operations LLC are exchangeable (together with the cancellation of a corresponding number of shares of the Issuer's Class B Common Stock) into shares of the Issuer's Class A Common Stock on a one-for-one basis or, at the Issuer's election, cash, and have no expiration date.

	/s/ Damian R. Beauchamp	08/08/2025
	/s/ Cynda Beauchamp	08/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many NET Power (NPWR) Class B shares are reported on the Form 3?

The Form 3 reports indirect beneficial ownership of 26,729,880 shares of Class B common stock.

Who are the reporting persons on the NPWR Form 3?

The reporting persons are Damian R. Beauchamp and Cynda Beauchamp, each identified as a director and indicated as 10% owners.

Through what entity do the Beauchamps hold their reported NPWR securities?

The securities are directly held by NPEH, LLC, described as a majority‑owned subsidiary of 8 Rivers Capital LLC.

What is the reporting persons' interest in 8 Rivers Capital?

Each Reporting Person is reported to indirectly own approximately 34.2% of 8 Rivers Capital, giving rise to their pecuniary interest in the NPEH holdings.

What are the conversion terms for the related Units noted in the filing?

Each Class A Unit of NET Power Operations LLC is exchangeable on a one‑for‑one basis into Class A common stock or, at the issuer's election, into cash; the units have no expiration date.