NET Power Inc.: management transactions · United States · SEC (Form 4)

About NET Power Inc.

NET Power Inc. (ticker: NPWR) is a U.S.-based energy technology company listed on the NYSE in the United States. The company is focused on developing and commercializing a power-generation platform designed to deliver low-emissions, utility-scale electricity with the operational characteristics of baseload generation. Its corporate headquarters are in Durham, North Carolina, and it also maintains a second corporate office in Houston, Texas. Net Power is structured as a holding company with its economic exposure primarily through its operating entity, OpCo. ([fintel.io](https://fintel.io/doc/sec-net-power-inc-1845437-10k-2026-march-09-20521-4549)) The company’s roots go back to the 2010s, when its technology platform was developed with support from industrial and energy-sector partners. The current public company was formed after the completion of a business combination with Rice Acquisition Corp. II in June 2023, which brought NPWR to the New York Stock Exchange and provided more than $675 million of gross proceeds to support commercialization. That transaction also marked the formal transition from a private technology developer to a public market vehicle pursuing industrial deployment. ([ir.netpower.com](https://ir.netpower.com/resources/press-releases/detail/18/net-power-completes-merger-with-rice-acquisition-corp-ii-to-accelerate-clean-natural-gas-power-generation)) Operationally, Net Power is not a traditional independent power producer. Its core business is technology development: it seeks to commercialize the Oxy-Combustion Cycle, a proprietary process that combines natural gas-fired generation with integrated CO2 capture. Management has described the platform as an attempt to deliver power that is clean, affordable, and reliable at utility scale. In 2025, the company broadened its product strategy by introducing an integrated offering that pairs the Oxy-Combustion Cycle with gas turbines, with the goal of improving cost competitiveness and shortening the path to market. ([ir.netpower.com](https://ir.netpower.com/resources/press-releases/detail/18/net-power-completes-merger-with-rice-acquisition-corp-ii-to-accelerate-clean-natural-gas-power-generation)) In competitive terms, NPWR occupies a specialized niche in the energy transition landscape. Its differentiation comes from its proprietary intellectual property, its industrial partnerships, and its potential relevance for large-scale decarbonized power generation. Strategic stakeholders have included Occidental, Baker Hughes, Constellation, and 8 Rivers. Historically, the company has targeted its first standardized utility-scale project in the Permian Basin area of West Texas, while also discussing broader deployment opportunities abroad, including Asia through an earlier planned joint venture. ([ir.netpower.com](https://ir.netpower.com/resources/press-releases/detail/18/net-power-completes-merger-with-rice-acquisition-corp-ii-to-accelerate-clean-natural-gas-power-generation)) Recent developments suggest a more cautious execution backdrop. The company’s 2025 annual report indicated slower-than-expected customer acceptance of its technology and disclosed a significant impairment charge tied to the developed technology asset group. In January 2026, Net Power also agreed to suspend its Baker Hughes joint development arrangement temporarily while the parties evaluate amendments and the path forward for industrial-scale commercialization. For investors, that means the equity story remains highly dependent on successful technical validation, project execution, and partner alignment. ([fintel.io](https://fintel.io/doc/sec-net-power-inc-1845437-10k-2026-march-09-20521-4549))