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Fourth Quarter 2024 Results March 10, 2025
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2 Cautionary Note Regarding Forward-Looking Statements and Projections. Certain statements in this presentation may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, each as amended. Forward-looking statements provide current expectations of future events and include any statement that does not directly relate to any historical or current fact. Words such as “anticipates,” “believes,” “expects,” “intends,” “plans,” “projects,” or other similar expressions may identify such forward-looking statements. Forward-looking statements may relate to the development of NET Power’s technology, the anticipated demand for NET Power’s technology and the markets in which NET Power operates, the timing of the deployment of plant deliveries, and NET Power’s business strategies, capital requirements, potential growth opportunities and expectations for future performance (financial or otherwise). Forward-looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of the Company, and such statements involve known and unknown risks, uncertainties and other factors. Actual results may differ materially from those discussed in forward-looking statements as a result of factors, risks and uncertainties over which NET Power has no control. These factors, risks and uncertainties include, but are not limited to, the following: (i) NET Power’s history of significant losses; (ii) NET Power’s ability to manage future growth effectively; (iii) NET Power’s ability to utilize its net operating loss and tax credit carryforwards effectively; (iv) the capital-intensive nature of NET Power’s business model, which will require NET Power and/or its subsidiaries to raise additional capital in the future; (v) barriers NET Power may face in its attempts to deploy and commercialize its technology; (vi) the complexity of the machinery NET Power relies on for its operations and development; (vii) potential changes and/or delays in site selection and construction that result from regulatory, logistical, and financing challenges; (viii) NET Power’s ability to establish and maintain supply relationships; (ix) risks related to NET Power’s joint development arrangements with Baker Hughes and reliance on Baker Hughes to commercialize and deploy its technology; (x) risks related to NET Power’s other strategic investors and partners; (xi) NET Power’s ability to successfully commercialize its operations; (xii) the availability and cost of raw materials; (xiii) the ability of NET Power’s supply base to scale to meet NET Power’s anticipated growth; (xiv) risks related to NET Power’s ability to meet its projections; (xv) NET Power’s ability to expand internationally; (xvi) NET Power’s ability to update the design, construction and operations of its NET Power process; (xvii) the impact of potential delays in discovering manufacturing and construction issues; (xviii) the possibility of damage to NET Power’s Texas facilities as a result of natural disasters; (xix) the ability of commercial plants using the NET Power process to efficiently provide net power output; (xx) NET Power’s ability to obtain and retain licenses; (xxi) NET Power’s ability to establish an initial commercial scale plant; (xxii) NET Power’s ability to license to large customers; (xxiii) NET Power’s ability to accurately estimate future commercial demand; (xxiv) NET Power’s ability to adapt to the rapidly evolving and competitive natural and renewable power industry; (xxv) NET Power’s ability to comply with all applicable laws and regulations; (xxvi) the impact of public perception of fossil fuel derived energy on NET Power’s business; (xxvii) any political or other disruptions in gas producing nations; (xxviii) NET Power’s ability to protect its intellectual property and the intellectual property it licenses; (xxix ) risks relating to data privacy and cybersecurity, including the potential for cyberattacks or security incidents that could disrupt our or our service providers’ operations; (xxx) the Company’s ability to meet stock exchange listing standards following the Business Combination; (xxxi) potential litigation that may be instituted against the Company; and (xxxii) other risks and uncertainties indicated in NET Power's Annual Report on Form 10-K for the year ended December 31, 2024, including those under “Risk Factors” therein, its subsequent annual reports on Form 10-K and quarterly reports on Form 10-Q, and in its other filings made with the SEC from time to time, which are available via the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and NET Power assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. NET Power does not give any assurance that it will achieve its expectations. Important Notice
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3 Net Power’s innovation harnesses CO2 for clean power Patented power cycle generates reliable power and captures virtually all carbon emissions LOW PRESSURE CO 2 AIRSEPARATION COMPRESSOR/PUMP HEAT EXCHANGER WATERSEPARATOR WATERWATERWATER ELECTRICITY TURBOEXPANDERCOMBUSTORNATURAL GAS IN OXYGEN IN AIR IN CLEAN INDUSTRIAL GASES NITROGEN ARGON OXYGEN CO2 OUT High Pressure to Pipeline WATER OUT CO2 HIGH PRESSURE CO2 LOW PRESSURE CO2 LOW PRESSURE CO2 HIGH PRESSURE Air Separation Unit separates oxygen from air Natural gas and oxygen combine resulting in CO2 and water vapor The CO2 mixture expands and turns the turboexpander to generate electricity The CO 2 mixture goes into the heat exchanger to cool Water is removed from the CO2 CO2 is repressurized, captured CO2 is exported for sequestration or commercial use Recirculated CO2 is reheated to be used again in the process 1 2 3 4 5 67 Utility-Scale Single Unit Stats (1) Net electrical generation capacity ~250 MWe Footprint ~15 acres Fuel ~50 MMcf/d natural gas CO2 captured ~850,000 tonnes/year Clean >97% CO2 capture Affordable Target lowest cost, clean firm power Reliable Baseload + Dispatchable 24/7 Net Power Cycle 1. Assumes target standard plant design and operation at 92.5% Capacity Factor. Fuel requirements and CO2 production dependent on natural gas chemistry. All factors may vary by site- specific conditions and operating decisions
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4 Three-pillar strategy to unlock full market potential Develop and prove the technology at the utility scale Commercialize and achieve competitiveness of technology Prepare for standard plant mass deployment Emphasizes key pathways to commercial success Minimize field construction and logistics Drive volumes up to drive costs down De-risk through La Porte validation campaigns Prove clean, reliable, safe operations at utility-scale SN1 Standardized multi-unit modular product Deployed to most economic locations
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5 $800 $1,100 $1,500 $2,200 $2,200 $2,200 2022 2023 2024 2025 2025 2025+ Forecast Demand for new firm power driving their costs higher Seeing unprecedented cost increases for new dispatchable generation; however, CCGTs are still the lowest cost form of new, 24/7 power Source: 2022-2025 public CCGT announcements; EIA AEO 2023; Lazard LCOE+ April 2023, management estimates ($/kW) $2,500+ $1,900 ~100% Approximate increase in cost of newbuild unabated combined cycle gas plant from 2023 to 2025 Increase in estimated cost of Net Power’s first utility-scale plant over the similar period ~100% Cost for newbuild unabated combined cycle gas plant doubled between 2023 and 2025
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6 Baseload generation retirements accelerate 1. EIA Electric Power Annual – October 2024 and management estimates 2. NextEra, January 2025 and NRG, February 2025 3. PCC represents post-combustion carbon capture NPWR is well-positioned to deploy firm, clean power Supply chain constraints pushing new generation into 2030’s; NPWR well-positioned to deliver clean reliable power this decade 6 21 28 39 53 2024 2025 2026 2027 2028 2030 2035 2040 Planned U.S. baseload retirements (1) (GW, cumulative) 32 GW net shortfall in planned utility-scale capacity for coal, natural gas and nuclear generation in the U.S. through 2028 (1) Deployment timeline for new clean, firm power solutions (2) 100-140 GW cumulative from 2024 - 2040 Today 2030 2035 2040+ Nuclear Restarts Unplanned CCGT (3) Small Modular Reactor 2027-2030: only three across the entire U.S. 2030+ 2035+ 2029+ We believe Net Power will be the fastest clean, firm, additive capacity solution to market + PCC ?
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7 Project Permian value engineering underway Initial cost estimate above expectations; paused releases of long lead equipment • Completed FEED with Zachry Group in Q4 2024 • Focus on shortest possible project schedule and inland logistics drove a “stick-built” EPC approach and higher costs • Key drivers of higher costs: Supply chain constraints, market inflation, inland logistics, water treatment, high N 2 content in natural gas • Kicked off optimization and value engineering process in Jan ‘25 • Have reduced site plan / footprint by 25% • New estimated Total Installed Cost = $1.7-$2.0 billion (Includes non-recurring FOAK items, Project Permian site- specific costs, and owner’s costs) • Further long-lead releases for Project Permian remain on hold until project funding is secured • Provided successful value engineering, earliest online date of 2029 • Permian design is starting basis for single-unit inland design and future modular multi-unit standard plant design Standard product boundary Recent updates
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8 Bright spots: coastal opportunities Modular, multi-unit product further drives cost reductions Market demand for more generation capacity favors multi-unit plant configurations Launched multi-unit feasibility study Initiated advanced design and engineering study for a standardized, modular multi-unit plant Designing for up to 1 GW of net electric output Scaled approach of 2-4 plant power train modules to maximize economies of scale, pre- fabrication and minimize in-field labor • Identifying coastal-based locations for deployments in 2030-2033 • Eliminates inland transportation to lower costs and maximize project economics • Scoping to support up to 1 GW per site with the optionality to co-locate with large-load data centers and industrial power users Project Permian TIC estimate $1.7B $2.0B FOAK, Permian- specific & owner’s costs Multi-unit, modular configuration Learnings from SN1 and early plants, continued improvement, economies of scale Targeting lowest cost scalable, clean firm solution available Pursuing strategy to rapidly bring down costs Prioritizing securing coastal- based sites (e.g., TX, LA, etc.) for modular deployments Gen1 target standard plant cost per module
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9 +150,000 Construction hours spent preparing site for testing campaigns with Baker Hughes Successfully kicked off Phase 1 validation testing Site upgrades completed safely; progressing through validation with Baker Hughes +140 Fired hours to date during Phase 1 testing Validation campaigns underway and taking facility to new limits Upgraded facility with no recordable injuries Commenced Phase 1 testing in Q4 2024 Achieved stable fired operation; 30-hour continuous run Exceeded cycle pressures achieved in the prior testing campaign On track to complete Phase 1 and Phase 2 in 2025
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10 Baker Hughes equipment validation at La Porte Successful start to Phase 1 testing with over 140 fired hours to date FUEL BURNER (Phase 1) LINERS (Phase 2) TRANSITION PIECE (Phase 2) Expected timingValidation phases Single Utility-Scale Combustor Can Test full utility-scale cluster, liner, and transition piece Full Demonstrator Turboexpander & Cycle Operate turboexpander at full cycle conditions; validate architecture, materials, and full plant operability Single Demonstrator Combustor Can Test selected burner, transition piece, liner in a single “combustor can” Oxy-Fuel Burner Configurations Test multiple burners configurations in a dedicated test rig Phase 1 Phase 2 Phase 3 Phase 4 2027 2026 2025 2025 Phase 1 progressing on schedule Current Phase
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11 Baker Hughes and Woodside Energy announced a collaboration agreement to explore commercialization of an industrial-scale sized power plant using Net Power’s clean energy technology Specifically designed for smaller scale applications including oil and gas, LNG, heavy industries and small-scale data centers The industrial-scale program will benefit from the ongoing equipment validation program at our La Porte demonstration facility as well as from the development of Net Power’s initial utility-scale power plant Baker Hughes and Woodside Energy to develop industrial-scale Net Power platform Overview Brings the Net Power technology to a broader array of end markets and applications Expands product offering and licensing revenue Advances Net Power technology and adoption Requires minimal capital from the Company Benefits to Net Power
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12 1. Restricted cash of ~$2mm represents amounts posted as collateral for MISO interconnection application Q4 2024 financial updates Continued prudent deployment of capital $8.5 $20.4 $28.9 La Porte Project Permian Total Q4 2024 La Porte & Project Permian Capex (in $mm) Q4 2024 Q3 2024 Change (Q4 vs. Q3) Cash and Cash Equivalents $329 $386 Restricted Cash (1) 2 2 Short-Term Investments 100 100 Available-for-Sale Securities 101 91 Total Cash & Investments $533 $580 ($47) (in $mm) ~$533mm Total cash & investments as of 12/31/2024 ~$47mm Total quarter-over- quarter change in cash & investments ~$13mm 4Q cash flow used in operations ~$29mm Capital expenditures for La Porte and Project Permian Q4 vs. Q3 2024 – Total Cash & Investments