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NET Power Inc. is developing power plants that burn natural gas in turbines and capture carbon dioxide from the exhaust. It has not yet commercialized its products or generated material revenue; meaningful revenue depends on completing its first commercial plant. Its first planned project under this strategy is Project Permian in West Texas.
The company intends to sell electricity through wholesale markets or long-term contracts, with industrial facilities and data centers also among its intended customers. Electricity sales would be the main income source, supplemented by monetizing captured carbon dioxide and related incentives and environmental attributes where available. This is a shift from its earlier focus on the Oxy-Combustion Cycle: it has halted SN1 development and La Porte demonstration testing while retaining that technology as a long-term option.
The proposed plants depend on carbon-capture technology from Entropy, which NET Power intends to license. The companies have signed a letter of intent, not a definitive license; without final agreements, NET Power cannot use that technology in the planned plants. Moving from development to electricity sales also requires project funding and construction permits and approvals. The availability of carbon-capture incentives will affect the income the plants can earn.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
NET Power Inc.’s near-term commercialization hinges on project financing, carbon-capture incentives and securing a definitive license for Entropy’s post-combustion capture technology.
Bloom Energy competes for NET Power Inc.’s intended customers by selling modular natural-gas-fueled electricity systems to data centers, industrial businesses and utilities, while NET Power plans to sell power from gas plants with carbon capture. Watch Bloom’s Energy Server product revenue for evidence of spending by these shared customer groups.
Fervo Energy Company competes with NET Power Inc.’s planned clean-gas plants for long-term reliable-power contracts, supplying firm geothermal electricity to utilities and hyperscale data-center operators. Its binding power purchase agreements cover 658 megawatts; the separate 3-gigawatt Google framework concerns potential data-center purchases, not a binding power purchase agreement.
FuelCell Energy competes with NET Power Inc. for utility and independent-power investment through continuous fuel-cell generation with carbon-capture capability and electricity sales under long-term purchase agreements. Revenue from electricity and capacity sold by its owned plants is the line to watch for demand for this power-supply model.
ERock, Inc. competes with NET Power Inc. for data-center, utility and industrial demand for power available when needed, selling and servicing modular natural-gas generators, though it focuses more on power before grid connection and backup during outages. Watch its data-center deployments in California and Texas, where it expects disproportionate growth.
Occidental Petroleum is a significant strategic shareholder in NET Power Inc., not a direct operating peer: the oil and gas producer owns 40.3% and leases it the Project Permian site. Its news concerning that stake or site is more directly relevant to NET Power than its oil and gas sales volumes.
Baker Hughes develops specialized turbo expanders for NET Power Inc.’s retained oxy-combustion technology, rather than its near-term gas-turbine plants with post-combustion capture. The energy-equipment supplier agreed in January 2026 to suspend joint development until March 31, 2026, subject to extension; watch its evaluation of industrial-scale oxy-combustion plants for the status of that longer-term option.
Bloom Energy Corporation earningsBE
Bloom Energy’s report will show whether data centers, industrial businesses and utilities are buying modular gas-powered systems, offering a read on demand from customers NET Power hopes to serve.
Watch Bloom Energy’s Energy Server product revenue. Growth would show these overlapping customer groups spending on modular power systems, supporting the case that they need more power, but it would not prove they will choose plants with carbon capture. Weaker revenue would offer less evidence of demand from those customers.
Occidental Petroleum Corporation earningsOXY
Occidental holds a significant stake in NET Power and leases the Project Permian site, so any update in its report on either tie would affect how readers assess the project’s backing and site access.
Watch for any update on Occidental’s NET Power stake or the Project Permian site arrangement. If both ties continue, the project retains an existing strategic shareholder and site support; a disclosed stake reduction or site change would leave NET Power with more uncertainty about backing or access to its planned location.
Fervo Energy Company earningsFRVO
Fervo Energy’s report will show whether utilities and hyperscale data centers are signing up for reliable geothermal power, revealing competition for the long-term power contracts NET Power seeks.
Watch the capacity covered by Fervo’s binding power-purchase agreements and whether any framework arrangements become binding. More signed capacity would show buyers turning demand for reliable, long-term power into contracts, sharpening competition for NET Power’s gas-and-carbon-capture plants; little progress would offer less evidence of that pressure. A framework arrangement alone is not a binding power-purchase agreement.
NET Power Inc. earningsThis company
NET Power is still developing its first clean-gas plant, and this report will show whether Project Permian’s progress is keeping pace with its cash use.
Read project progress alongside cash use. If Project Permian advances while cash use remains controlled, NET Power is better placed to build the planned first phase of about 80 MW. If cash use rises without visible progress, the company is more likely to need additional funding, making delivery of its first plant harder.
