NET Power Inc. filings document the formal reporting record of an emerging growth energy technology company developing low-carbon gas power solutions. Its Form 8-K reports include operating and financial results, business updates, project-development disclosures, executive appointments, board changes and Regulation FD communications related to power-generation site and interconnection matters.
The company’s proxy materials cover annual meeting voting items, director elections, auditor ratification and governance procedures. Other filings describe capital-structure and tax matters connected to NET Power Operations LLC, Opco Units, Class A common stock exchange mechanics, the terminated tax receivable agreement and related public-company obligations.
NPEH, LLC, a 10% owner of NET Power Inc., reported an internal equity reclassification. On March 6, 2026, NPEH exchanged 3,000,000 Class A Units of NET Power Operations LLC for 3,000,000 shares of NET Power Class A Common Stock, at a stated price of $0.00 per share. For each exchanged unit, a corresponding share of NET Power Class B Common Stock held by NPEH, which has no economic value, was cancelled, leaving NPEH with 17,729,880 Class B shares and 17,729,880 Class A Units. Following the transaction, NPEH directly owns 3,400,000 shares of NET Power Class A Common Stock. This amendment corrects an administrative error in an earlier Form 4 by properly reflecting the 3,000,000 Class A Units as converted in the derivative table.
NET Power Inc. insider entity restructures its holdings through a unit-for-share exchange. NPEH, LLC exchanged 3,000,000 Class A Units of NET Power Operations LLC for 3,000,000 shares of NET Power Class A Common Stock on a one-for-one basis, with no stated cash consideration. In connection with this exchange, an equal number of NET Power Class B Common Stock shares held by NPEH, which have no economic value, were cancelled.
The filing is an amendment correcting an administrative error in a prior Form 4, which had omitted the conversion of these 3,000,000 Class A Units from the derivative securities table.
Net Power Inc. reported first quarter 2026 results and provided a business update focused on its clean natural gas power strategy. The company highlighted ongoing development of Project Permian Phase I in West Texas, which plans to use Siemens A35 gas turbines with Entropy’s post-combustion carbon capture technology to target 80MW of electrical output. A final investment decision for this initial deployment is expected in the second half of 2026, with commercial operations targeted by early 2029.
Net Power is working to secure a long-term power purchase agreement for Project Permian and has engaged a strategic advisor to facilitate power offtake discussions, which it views as a key step toward project financing. The company is also progressing toward a joint development agreement with Entropy to deploy natural gas-fired generation with post-combustion carbon capture across the United States. Entropy’s technology has demonstrated an approximately 90 percent carbon dioxide capture rate. Net Power ended the quarter with about $319 million in cash, cash equivalents and investments, supporting its capital-intensive development plans.
Net Power Inc. is asking stockholders to vote at its June 3, 2026 annual meeting to elect three Class III directors to terms ending in 2029 and to ratify KPMG LLP as independent auditor for the year ending December 31, 2026.
Holders of 224,761,681 shares of Common Stock (88,383,801 Class A and 136,377,880 Class B) outstanding as of the April 10, 2026 record date may vote, with each share entitled to one vote. The proxy also details a staggered, majority‑independent board, executive pay for 2024–2025, and significant related‑party arrangements, including Baker Hughes development and equipment agreements and the 2025 early termination of the Tax Receivable Agreement with no early termination payment.
Net Power Inc. appointed Ned Leland (Lee) Shuman as its new Chief Financial Officer, effective April 13, 2026, succeeding interim CFO Daniel J. Rice IV, who remains Chief Executive Officer and serves as principal financial officer until the company files its Form 10-Q for the quarter ended March 31, 2026.
Shuman, age 56, is a power-sector finance and strategy executive with more than 25 years of experience, including roles at Javelin Global Commodities and WattBridge Energy. His compensation includes a $420,000 annual base salary, target bonuses under short- and long-term incentive plans, an $800,000 RSU grant vesting after three years, and a $100,000 cash bonus, along with participation in the company’s executive severance and indemnification arrangements.
8 Rivers Capital, LLC reported acquisition or exercise transactions in this Form 4 filing.
NET Power Inc. reported an internal equity restructuring involving entities affiliated with major holder NPEH, LLC. NPEH exchanged 3,000,000 Class A Units of NET Power Operations LLC for 3,000,000 shares of NET Power’s Class A Common Stock, on a one-for-one basis with no cash paid. In connection with this exchange, 3,000,000 shares of Class B Common Stock held by NPEH, which have no economic value, were cancelled. After these transactions, NPEH holds 3,400,000 shares of Class A Common Stock and 17,729,880 shares of Class B Common Stock indirectly. 8 Rivers Capital, LLC, as manager and majority owner of NPEH, and Damian R. Beauchamp, as the principal owner of 8 Rivers, each state that they may be deemed beneficial owners only to the extent of any pecuniary interest and expressly disclaim broader beneficial ownership.
NPEH, LLC reported acquisition or exercise transactions in this Form 4 filing.
NPEH, LLC, a major holder of NET Power Inc., reported internal equity movements rather than market trades. On March 6, 2026, NPEH exchanged 3,000,000 Class A Units of NET Power Operations LLC for 3,000,000 shares of NET Power Class A Common Stock on a one-for-one basis.
In connection with this exchange, 3,000,000 shares of Class B Common Stock held by NPEH, which the company notes have no economic value, were cancelled. After these transactions, NPEH holds 3,400,000 Class A Common shares and 17,729,880 Class B Common shares, reflecting a restructuring of how its interest is held rather than a cash purchase or sale.
NET Power Inc. filed its annual report outlining a major strategic pivot and steep losses. The company, founded in 2010, is shifting from its proprietary Oxy-Combustion Cycle toward developing “clean gas” power plants that pair natural gas turbines with post-combustion carbon capture.
NET Power halted development of its first oxy-combustion utility-scale project (SN1) and suspended testing at its La Porte, Texas demonstration facility to reallocate capital. It signed a November 2025 letter of intent with Entropy Inc. to exclusively license Entropy’s carbon capture technology for U.S. power generation.
The first project under this new model, Project Permian in West Texas, is being redesigned for up to 1 GW of phased clean firm capacity, with Phase I expected to deliver about 80 MW of net output. Final investment decision for Phase I is targeted for the third quarter of 2026 and commercial operations by early 2029.
NET Power reported a net loss of $578.6 million for 2025, compared with $49.2 million in 2024, and still has no meaningful revenue. The company highlights heavy reliance on future project financing, successful licensing of Entropy’s technology, U.S. tax credits such as 45Q, and a complex regulatory and environmental permitting landscape as key risks to executing its growth plan.