Q2 2024 NET Power Inc Earnings Call Transcript
Key Points
- NET Power Inc (NPWR) is on track with its first utility-scale plant, expected to start between late 2027 and early 2028.
- The company is actively building out its project backlog in competitive power markets in the US and Canada.
- NET Power Inc (NPWR) has established strategic supply chain partnerships to meet growing demand for clean firm power.
- The company is targeting an LCOE of $60 per megawatt hour in many places across North America, making it competitive with other clean power alternatives.
- NET Power Inc (NPWR) has a strong balance sheet with approximately $609 million in cash and investments, providing financial stability.
- The first utility-scale plant will be the most expensive one NET Power Inc (NPWR) ever builds, which could impact initial profitability.
- Supply chain constraints in the power industry could pose challenges to the timely deployment of new plants.
- The company faces significant competition from other clean power solutions, including nuclear and renewable energy with battery storage.
- There are risks associated with the permitting process for new projects, which could lead to delays.
- The company's success is heavily dependent on the successful validation and performance of its technology at utility scale.
Greetings. Welcome to the NET Power second-quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the call over to Bryce Mendes, Director of Investor Relations. Please go ahead.
Good morning, everyone, and welcome to NET Power's second-quarter 2024 earnings conference call. With me on the call today, we have our Chief Executive Officer, Danny Rice; our President and Chief Operating Officer, Brian Allen; and our Chief Financial Officer, Akash Patel.
Today, we issued our earnings release for the second quarter of 2024, which can be found on our Investor Relations website, along with this presentation at ir.netpower.com.
During this call, our remarks and responses to questions may include forward-looking statements. Actual results may differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with our business. These risks and uncertainties are
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