Major NET Power (NPWR) holder trims stake but still owns 21%

Rhea-AI Filing Summary

NET Power Inc. large holder updates its ownership position. Entities affiliated with 8 Rivers Capital, NPEH, Damian Beauchamp and 8RCH report beneficial ownership of 21,984,660 shares of NET Power Class A common stock, representing 21.01% of the class.

The stake consists of 1,254,780 shares of Class A common stock held directly by NPEH and 20,729,880 Opco Units of NET Power Operations LLC that are exchangeable one-for-one into Class A shares, with an equal number of Class B shares cancelled on exchange. Between December 19, 2025 and January 28, 2026, NPEH sold 1,295,220 Class A shares, prompting this amendment to the ownership disclosure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 10)

NET Power Inc.

(Name of Issuer)

Class A Common Stock, par value $0.0001

(Title of Class of Securities)

64107A105

(CUSIP Number)

Min Lee
8 Rivers Capital, LLC, 406 Blackwell Street, 4th Floor
Durham, NC, 27701
919-667-1800

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

01/26/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 64107A105

1

Name of reporting person

8 RIVERS CAPITAL, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 21,984,660.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,984,660.00

11

Aggregate amount beneficially owned by each reporting person

21,984,660.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.01 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Row 8, 10 and 11. Beneficial ownership of shares of Class A common stock, par value $0.0001 per share ("Class A Common Stock"), of NET Power Inc. (the "Issuer") is being reported hereunder solely because the reporting person may be deemed to have beneficial ownership of such shares as a result of the relationships described under Item 2 and Item 3 and the matters described in Item 3, Item 4 and Item 5 of Schedule 13D (as defined below), as amended by this Amendment No. 10 (as defined below). Represents (i) 1,254,780 shares of Class A Common Stock held directly by NPEH and (ii) 20,729,880 Class A Units of NET Power Operations LLC ("Opco Units") held directly by NPEH, LLC ("NPEH"), that are exchangeable for shares of Class A Common Stock on a one-for-one basis as described herein. At the time of any such exchange, an equal number of shares of Class B common stock, par value $0.0001 per share ("Class B Common Stock"), of the Issuer held directly by NPEH, which have no economic value, will be cancelled. Row 13. Based upon (i) 83,919,757 shares of Class A Common Stock issued and outstanding as of November 11, 2025, as reported in the Issuer's Current Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on November 13, 2025 (the "Issuer Form 10-Q"), and (ii) 1,254,780 shares of Class A Common Stock held directly by NPEH and 20,729,880 shares of Class A Common Stock issuable to NPEH upon the redemption and exchange of an equal number of Opco Units (and the cancellation of an equal number of shares of Class B Common Stock) held by NPEH.

SCHEDULE 13D

CUSIP No. 64107A105

1

Name of reporting person

NPEH, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 21,984,660.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,984,660.00

11

Aggregate amount beneficially owned by each reporting person

21,984,660.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.01 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Row 8, 10 and 11. Represents 1,254,780 shares of Class A Common Stock and 20,729,880 Opco Units held directly by NPEH that are exchangeable for shares of Class A Common Stock on a one-for-one basis as described herein. At the time of any such exchange, an equal number of shares of Class B Common Stock held directly by NPEH, which have no economic value, will be cancelled. Row 13. Based upon (i) 83,919,757 shares of Class A Common Stock issued and outstanding as of November 11, 2025, as reported in the Issuer Form 10-Q and (ii) 1,254,780 shares of Class A Common Stock held directly by NPEH and 20,729,880 shares of Class A Common Stock issuable to NPEH upon the redemption and exchange of an equal number of Opco Units (and the cancellation of an equal number of shares of Class B Common Stock) held by NPEH.

SCHEDULE 13D

CUSIP No. 64107A105

1

Name of reporting person

Damian Beauchamp

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 21,984,660.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,984,660.00

11

Aggregate amount beneficially owned by each reporting person

21,984,660.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.01 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Rows 8, 10 and 11: Mr. Beauchamp directly owns 50% of the outstanding equity of each of Tillandsia, Inc. ("Tillandsia"), Areca, Inc. ("Areca"), and Chamaedorea, Inc. ("Chamadorea") and 100% of the interests of 8RCH, LLC ("8RCH"). 8RCH directly owns 50% of the outstanding equity of each of Tillandsia, Areca and Chamaedorea. Each of Tillandsia, Areca and Chamaedorea directly owns approximately 18.55%, 25.71% and 24.05%, respectively, or an aggregate of approximately 68.30% of the voting units of 8 Rivers Capital, LLC ("8 Rivers"), and Mr. Beauchamp directly owns approximately 0.86% of the voting units of 8 Rivers. 8 Rivers owns approximately 90.8% of the outstanding equity of NPEH and is the manager of NPEH and may be deemed to beneficially own the shares of Class A Common Stock issuable to NPEH upon the redemption and exchange of an equal number of Opco Units (and the cancellation of an equal number of shares of Class B Common Stock) held by NPEH. Because of the foregoing relationships, each of Mr. Beauchamp and 8RCH may be deemed to beneficially own the shares of Class A Common Stock that may be beneficially owned by 8 Rivers. Row 13: Based upon (i) 83,919,757 shares of Class A Common Stock issued and outstanding as of November 11, 2025, as reported in the Issuer Form 10-Q and (ii) 1,254,780 shares of Class A Common Stock held directly by NPEH and 20,729,880 shares of Class A Common Stock issuable to NPEH upon the redemption and exchange of an equal number of Opco Units (and the cancellation of an equal number of shares of Class B Common Stock) held by NPEH.

SCHEDULE 13D

CUSIP No. 64107A105

1

Name of reporting person

8RCH, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 21,984,660.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,984,660.00

11

Aggregate amount beneficially owned by each reporting person

21,984,660.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.01 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11: Mr. Beauchamp directly owns 50% of the outstanding equity of each of Tillandsia, Inc. ("Tillandsia"), Areca, Inc. ("Areca"), and Chamaedorea, Inc. ("Chamadorea") and 100% of the interests of 8RCH, LLC ("8RCH"). 8RCH directly owns 50% of the outstanding equity of each of Tillandsia, Areca and Chamaedorea. Each of Tillandsia, Areca and Chamaedorea directly owns approximately 18.55%, 25.71% and 24.05%, respectively, or an aggregate of approximately 68.30% of the voting units of 8 Rivers Capital, LLC ("8 Rivers"), and Mr. Beauchamp directly owns approximately 0.86% of the voting units of 8 Rivers. 8 Rivers owns approximately 90.8% of the outstanding equity of NPEH and is the manager of NPEH and may be deemed to beneficially own the shares of Class A Common Stock issuable to NPEH upon the redemption and exchange of an equal number of Opco Units (and the cancellation of an equal number of shares of Class B Common Stock) held by NPEH. Because of the foregoing relationships, each of Mr. Beauchamp and 8RCH may be deemed to beneficially own the shares of Class A Common Stock that may be beneficially owned by 8 Rivers. Row 13: Based upon (i) 83,919,757 shares of Class A Common Stock issued and outstanding as of November 11, 2025, as reported in the Issuer Form 10-Q and (ii) 1,254,780 shares of Class A Common Stock held directly by NPEH and 20,729,880 shares of Class A Common Stock issuable to NPEH upon the redemption and exchange of an equal number of Opco Units (and the cancellation of an equal number of shares of Class B Common Stock) held by NPEH.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.0001
(b)	Name of Issuer: NET Power Inc.
(c)	Address of Issuer's Principal Executive Offices: 320 Roney Street, Suite 200, Durham, NORTH CAROLINA , 27701.
Item 1 Comment: This Amendment No. 10 ("Amendment No. 10") to Schedule 13D amends the statement on Schedule 13D originally filed by each of 8 Rivers, LLC ("8 Rivers"), NPEH, LLC ("NPEH"), SK Inc. ("SK"), Tillandsia, Inc. ("Tillandsia"), Areca, Inc. ("Areca") and Chamaedorea, Inc. ("Chamaedoria") on June 20, 2023, as amended by Amendment No. 1 on May 28, 2024, as amended by Amendment No. 2 on September 23, 2024, as amended by Amendment No. 3 on October 21, 2024, as amended by Amendment No. 4 on November 26, 2024, as amended by Amendment No. 5 on July 17, 2025, as amended by Amendment No. 6 on August 1, 2025, as amended by Amendment No. 7 on October 29, 2025, as amended by Amendment No. 8 on November 4, 2025, and as amended by Amendment No. 9 on December 9, 2025 (the "Schedule 13D"), and is filed by each of 8 Rivers, NPEH, Damian Beauchamp ("Mr. Beauchamp") and 8RCH, LLC ("8RCH"), (each, a "Reporting Person" and collectively the "Reporting Persons"). Capitalized terms used but not defined in this Amendment No. 10 shall have the same meanings ascribed to them in the Schedule 13D. Except as otherwise provided herein, each Item of the Schedule 13D remains unchanged.
Item 4.	Purpose of Transaction
	The information contained in Item 4 of Schedule 13D is hereby amended and supplemented by adding the following information: Between December 19, 2025, and January 28, 2026, NPEH sold 1,295,220 shares of Class A Common Stock held by it.
Item 5.	Interest in Securities of the Issuer
(a)	The information contained in Item 5(a) and (b) of the Schedule 13D is hereby amended and restated in its entirety as follows: The information contained in rows 7, 8, 9, 10, 11 and 13 of the cover pages for each Reporting Person is hereby incorporated by reference in its entirety into this Item 5. The percentages reported in this Amendment No. 10 are calculated based upon (i) 83,919,757 shares of Class A Common Stock issued and outstanding as of November 11, 2025, as reported in the Issuer Form 10-Q and (ii) 1,254,780 shares of Class A Common Stock held directly by NPEH and 20,729,880 shares of Class A Common Stock issuable to NPEH upon the redemption and exchange of an equal number of Opco Units (and the cancellation of an equal number of shares of Class B Common Stock) held by NPEH.
(c)	Except as described in Schedule 13D and this Amendment No. 10, no transactions in the class of securities reported have been effected during the past sixty (60) days by the Reporting Persons.
(d)	Other than as described in this Amendment No. 10, to the knowledge of the Reporting Persons, no other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities of Issuer covered by this Amendment No. 10.
(e)	Not applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

8 RIVERS CAPITAL, LLC

Signature:	/s/ Min Lee
Name/Title:	Min Lee, General Counsel
Date:	01/28/2026

NPEH, LLC

Signature:	8 Rivers Capital, LLC
Name/Title:	its Manager
Date:	01/28/2026

Signature:	/s/ Min Lee
Name/Title:	Min Lee, General Counsel
Date:	01/28/2026

Damian Beauchamp

Signature:	/s/ Damian Beauchamp
Name/Title:	Damian Beauchamp
Date:	01/28/2026

8RCH, LLC

Signature:	/s/ Damian Beauchamp
Name/Title:	Damian Beauchamp, President and Secretary
Date:	01/28/2026

FAQ

How much of NET Power Inc. (NPWR) do the reporting persons currently own?

The reporting group beneficially owns 21,984,660 shares of NET Power Class A common stock, representing 21.01% of the outstanding class. This percentage is based on 83,919,757 Class A shares outstanding plus the shares and Opco Units held or issuable to NPEH.

What securities make up the 21,984,660 NET Power (NPWR) shares reported?

The position includes 1,254,780 NET Power Class A common shares held directly by NPEH and 20,729,880 Opco Units of NET Power Operations LLC. Each Opco Unit is exchangeable into one Class A share, with a corresponding Class B share cancelled at the time of exchange.

Which entities and individuals are the reporting persons in this NET Power (NPWR) filing?

The reporting persons are 8 Rivers Capital, LLC, NPEH, LLC, Damian Beauchamp and 8RCH, LLC. Various holding companies controlled or owned by Mr. Beauchamp collectively control voting interests in 8 Rivers, which in turn owns most of NPEH and manages its NET Power holdings.

What recent share transactions involving NET Power (NPWR) does this amendment disclose?

The amendment reports that between December 19, 2025 and January 28, 2026, NPEH sold 1,295,220 shares of NET Power Class A common stock it held. Aside from transactions described in prior filings and this amendment, no other transactions occurred in the past sixty days.

How is the 21.01% ownership in NET Power (NPWR) calculated in this filing?

The 21.01% figure is calculated using 83,919,757 Class A shares outstanding as of November 11, 2025, plus 1,254,780 Class A shares held by NPEH and 20,729,880 Class A shares issuable upon exchange of Opco Units and cancellation of an equal number of Class B shares.

Do any other parties share in the economic benefits of the NET Power (NPWR) shares?

The reporting persons state that, other than as described in this amendment, to their knowledge no other person has the right to receive or direct the receipt of dividends or sale proceeds from the NET Power securities covered by this ownership disclosure.