Net Power released its third quarter 2025 results on November 13, highlighting a strategic shift toward deploying gas turbines paired with post-combustion carbon capture technology. Central to this pivot is a new partnership with Entropy Inc., which will supply its proven PCC system for Net Power’s near-term clean firm power developments in the United States.
The company signed a letter of intent with Entropy to exclusively deploy its PCC technology for power generation projects and to jointly advance new developments. Entropy’s solvent-based capture process has been validated for natural gas applications, allowing Net Power to quickly scale solutions that reduce CO₂ emissions while meeting escalating electricity demand. CEO Danny Rice said the expansion into PCC offers a faster path to market, positioning natural gas with carbon capture as a competitive option for low-carbon power.
Net Power is already integrating Entropy’s technology into two flagship hubs. At Project Permian in West Texas, Phase I will incorporate gas turbines paired with Entropy PCC, supported by 60 MW of secured turbine capacity and a developing offtake agreement with Occidental for power and captured CO₂. The company targets FID in the first half of 2026 and commercial startup in 2028, which would make it the first commercial clean gas power project in the country. In northern MISO, Net Power is advancing a 300 MW development with Entropy PCC, aiming for FID in 2027 and operations by 2029.
While PCC becomes the near-term focus, Net Power continues to mature its oxy-combustion technology. Testing at the La Porte facility reached record pressures and temperatures during the quarter, though slower market adoption led to a non-cash impairment of related assets. The company plans to continue investing in oxy-combustion as a long-term solution while directing more capital toward PCC-enabled projects that can enter the market sooner. Net Power ended the quarter with approximately 424 million dollars in cash and investments, supporting its development pipeline and its expanded strategy.
