DURHAM, N.C.--(BUSINESS WIRE)--NET Power is pleased to announce it has selected Zachry Group, a leader in engineering and construction services, to provide Front-End Engineering Design (FEED), followed by Engineering, Procurement, and Construction (EPC) services for the construction of NET Power’s initial utility-scale power plant, which will be the world’s first large-scale gas-fired power facility with near-zero emissions.
Zachry Group is the first EPC Partner licensed by NET Power. Building upon NET Power’s prior plant design and testing at its La Porte demonstration facility, FEED work is underway in Zachry’s Houston Engineering office and is expected to be completed in 2024. EPC work is planned to commence shortly thereafter, and the facility is expected to come online in 2026. NET Power’s standard modularized utility-scale design approach is expected to rapidly drive down capital costs for subsequent plants and enable more plants to be produced each year.
“We are proud to have Zachry Group on board for this historic project that will transform natural gas into low-carbon power. Zachry has extensive experience in designing and constructing large-scale power and process plants,” said Brian Allen, President and COO of NET Power. “Notably, Zachry has a track record of building successful first-of-a-kind facilities in the power sector; their FEED and EPC work for our first utility-scale plant will establish the standard for future NET Power plants.”
John B. Zachry, Chairman and CEO of Zachry Group, commented, “We look forward to working with NET Power and contributing to a cleaner energy future. This project is an example of why we created Zachry Sustainability Solutions and demonstrates our company’s commitment to supporting the evolution of new and cleaner energy sources. It is exciting to bring our expertise to this first-of-its-kind facility and we look forward to supporting the launch of NET Power’s broader deployment goals.”
NET Power’s patented oxy-combustion supercritical CO2 power cycle has already undergone successful proof of concept at its demonstration facility in La Porte, Texas. The construction and operation of NET Power’s first utility-scale plant will pave the way for more environmentally responsible power generation, marking a major milestone in NET Power’s mission to deliver the energy trifecta—clean, reliable, and low-cost energy.
About NET Power
NET Power is a clean energy technology company whose mission is to globally deploy affordable and reliable zero-emissions energy. The Company invents, develops, and licenses clean power generation technology. Founded in 2010 and headquartered in Durham, North Carolina, NET Power has received strategic investments from key industry partners including 8 Rivers, Constellation, Occidental, and Baker Hughes. NET Power recently announced a business combination with Rice Acquisition Corp. II (NYSE: RONI) and expects to be a public company listed on the NYSE under ticker symbol NPWR in Q2 2023.
About Zachry Group
Zachry Group is North America’s pacesetter in turnkey engineering, construction, maintenance, turnaround, and fabrication services to the energy, chemicals, power, manufacturing, and industrial sectors. We work with customers to plan, build, and renew their most critical facilities, so they can achieve their immediate and long-term goals, all at the highest safety standards. Since 1924, we have been a purpose-driven organization, united by a shared set of values and the desire to deliver the very best outcome for our customers. Visit www.zachrygroup.com for more information.
Forward-Looking Statements
This communication may contain certain forward-looking statements within the meaning of the federal securities laws with respect to NET Power’s planned partnership with Zachry Group, construction of NET Power’s first utility-scale power plant, timing of the completion of the FEED work and operation of the power plant and NET Power's expectations about its business. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “seek,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: the occurrence of any event, change or other circumstance that could give rise to the termination of the partnership with Zachry Group; the ability of NET Power to establish an initial commercial plant; NET Power’s ability to attract customers for its initial commercial plant; NET Power’s ability to update the design, construction and operations of the NET Power technology; the impact of potential delays in discovering manufacturing and construction issues; the possibility of damage to NET Power’s facilities as a result of natural disasters; the ability of commercial plants using NET Power’s technology to efficiently provide net power output; NET Power’s ability to license to large customers; NET Power’s ability to estimate customer demand; NET Power’s ability to adapt to the rapidly evolving and competitive natural and renewable power industry; NET Power’s ability to comply with all applicable laws and regulations; the impact of public perception of fossil fuel derived energy on NET Power’s business; any political or other disruptions in gas producing nations; NET Power’s ability to protect its intellectual property and the intellectual property it licenses; barriers NET Power may face in its attempts to deploy and commercialize its technology; the complexity of the machinery NET Power relies on for its operations and development; NET Power’s ability to establish and maintain supply relationships; and such other factors as are set forth under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Registration Statement on Form S-4 (File No. 333-268975) filed by Rice Acquisition Corp. II, which is available via the SEC’s website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. 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.
