Q3 2024 NET Power Inc Earnings Call Transcript
Key Points
- NET Power Inc (NPWR) has initiated Phase 1 of its equipment validation program with Baker Hughes at the La Porte facility, marking a critical step towards utility-scale technology development.
- The company announced Air Liquide as the air separation supplier for Project Permian FEED, a significant milestone in their plant design standardization.
- NET Power Inc (NPWR) sees a large market opportunity for 24/7 low-carbon energy, with potential for up to 2,000 plants in North America, focusing on areas with CO2 storage and infrastructure.
- The company is progressing with Project Permian, expected to come online in 2027/2028, positioning them to capture demand ahead of other solutions.
- NET Power Inc (NPWR) is developing an extensive shadow backlog of projects, ensuring visibility into future deployments and supporting the MISO interconnect process with a 300-megawatt capacity.
- The company anticipates continued inflation in capital equipment and construction costs, which may impact the previously provided guidance of $1.1 billion for Project Permian.
- NET Power Inc (NPWR) is still in the early stages of commercializing its technology, with the first utility-scale plant yet to be financed and operational.
- There is uncertainty regarding the future of 45Q tax credits, which are crucial for the economic viability of carbon capture projects.
- The company faces challenges in integrating multiple NET Power plants on a single site, including cost savings and operational complexities.
- NET Power Inc (NPWR) is heavily reliant on North American markets, with international opportunities still in the early stages of exploration.
Greetings and welcome to the NET Power Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce Bryce Mendes, Director, Investor Relations. Thank you. You may begin.
Good morning and welcome to NET Power's third 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.
Yesterday, we issued our earnings release for the third 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
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