net power - university of north carolina at chapel hill

NET POWER

TRULY CLEAN, CHEAPER ENERGY

MARCH 29, 2019

This material contains confidential intellectual property of NET Power, LLC and/or 8 Rivers

Capital, LLC and its affiliates. Redistribution is not permitted except with permission from NET

Power and/or 8 Rivers.

HOW A RESOURCE IS MANAGED HAS DRASTICALLY DIFFERENT RESULTS, CO₂ IS NO

DIFFERENT

March 2019This material contains confidential intellectual property of NET Power, LLC and/or 8 Rivers Capital, LLC and its affiliates. Redistribution is not permitted

except with permission from NET Power and/or 8 Rivers.2

WORLD CLASS

PARTNERS

NET POWER IS SUPPORTED BY

STRONG PARTNERS WITH

DEMONSTRATED EXPERTISE TO DRIVE

COMMERCIALIZATION


except with permission from NET Power and/or 8 Rivers.

- Inventor/developer (2010)

- Engineering/sales/marketing

- Investor (2014)

- Operations and owner input

- Investor (2012)

- EPC and sales expertise

- Investor (2018)

- CO2 and commissioning

expertise

- Key OEM partner (2011)

- Turbine design, testing and

supply

3



Zero emissions, reliable, and

responsive energy the entire

world can afford, not just the 1%

NGCC / CCGT

ECONOMICALLY

AND

ENVIRONMENTALLY

OBSOLETE

NET POWER IS A CRITICAL

COMPONENT OF ANY CLEAN

ENERGY PORTFOLIO.

ALLOWS DEEP DECARBONIZATION,

WITHOUT DIMINISHING RETURNS.



100% NGCC

50% RPS /80% NGCC

80% RPS /80% NGCC

195% RPS /77% NGCC

100% NET Power 50% RPS /80% NET Power

80% RPS /80% NET Power

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0 50 100 150 200 250 300 350 400

% C

O2

Red

uct

ion

System-wide Cost of Electricity ($/MWh)(weighted average of data from Germany, CA and WI)

COST OF ELECTRICITY WITH DIFFERENT LOW-CARBON TECHNOLOGY MIXES

Natural Gas Combined Cycle (NGCC) and

RenewablesDiminishing Returns

NET Power and Renewables(assuming NET Power meets targeted costs)

To achieve deep CO2 reductions with high renewable penetration and NGCC, the

electricity system must be “overbuilt” to address renewable intermittency. NET

Power enables deeper reductions for far lower costs.

Data obtained from: Brick, S., and Thernstrom, S., Renewables and

decarbonization: Studies of California, Wisconsin, and Germany, The

Electricity Journal, 2016, 29, 6-12.

NET Power increases

CO₂capture without costing

the world more

5

NET POWER’S

ALLAM CYCLE

DELIVERS

ENVIRONMENTAL BENEFITS

• NO NOX OR SOX EMISSIONS.

• CAPTURES OR ELIMINATES SUBSTANTIALLY ALL OF THE

CARBON AND NON-CARBON ATMOSPHERIC EMISSIONS

WITHOUT ANY ADDITIONAL COST

• DOES NOT REQUIRE WATER (AT A SMALL REDUCTION IN

EFFICIENCY)

ECONOMICS

• DEMONSTRATES SUPERIOR TOTAL ECONOMIC ADVANTAGE TO

EXISTING NATURAL GAS POWER PLANTS

• CAN USE INEXPENSIVE FUELS SUCH AS ACID GAS, SOUR GAS, ASSOCIATED GAS, AND PRODUCED GAS

• PRODUCES VALUABLE GASES, INCLUDING CO₂, N₂, O₂AND AR

• CAN PROVIDE CO₂ FOR EOR AND SOUR GAS CLEAN-UP

• IN THE US, 45Q TAX CREDITS

• PER 300MW TURBINE ~$430M TOTAL/~$300M PV

ELECTRICITY FROM NATURAL GAS

FOR LESS THAN A COMBINED CYCLE

PLANT



THE ALLAM

CYCLE IS A

DIFFERENT KIND

OF BRAYTON

CYCLE

TURBINES ARE DRIVE BY “MASS”

AND “HEAT”

THE ALLAM CYCLE INCREASES

MASS BY REPLACING THE N₂ IN THE

AIR WITH A MUCH GREATER MASS

OF CO₂

THE ALLAM CYCLE RECUPERATES

EXHAUST HEAT TO WARM THE CO₂TO HIGH TEMPERATURES

THE SHARPLY INCREASED

EFFICIENCIES ARE USED TO OFFSET

THE PARASITIC LOADS OF AIR

SEPARATION AND RECOMPRESSION



GAS TURBINE

N₂

O₂

100 BTU CH₄

WIDTH OF LINES PROPORTIONAL TO MASS.

N₂

O₂ H₂OCO₂

ALLAM CYCLE

TURBINE

CO₂

O₂

100 BTU CH₄

H₂OO₂

CO₂

SIMPLE

CYCLE

GAS

TURBINE

ALLAM

CYCLE

TURBINE

> 700° C

~83 BTUs Electricity

(~24 of these BTUs used for ASU and compressors)

~40 BTUs Electricity

(can be enhanced by using output heat to drive

steam cycle)

7

THE

SUPERCRITICAL

CO2 ALLAM

CYCLE IS SIMPLE

HISTORICALLY, CO₂ CAPTURE HAS BEEN

EXPENSIVE, WHETHER USING AIRCOMBUSTION OR OXY-COMBUSTION

AIR COMBUSTION:

8𝑵𝟐 + 𝟐𝑶𝟐𝒂𝒊𝒓

+ 𝑪𝑯𝟒 → 8𝑵𝟐 + 𝑪𝑶𝟐𝒆𝒙𝒑𝒆𝒏𝒔𝒊𝒗𝒆 𝒕𝒐𝒔𝒆𝒑𝒂𝒓𝒂𝒕𝒆

+ 𝟐𝑯𝟐𝑶

OXY-COMBUSTION:

ถ𝟐𝑶𝟐𝒆𝒙𝒑𝒆𝒏𝒔𝒊𝒗𝒆𝒕𝒐 𝒑𝒓𝒐𝒅𝒖𝒄𝒆

+ 𝑪𝑯𝟒 → 𝑪𝑶𝟐 + 𝟐𝑯𝟐𝑶

THE ALLAM CYCLE MAKES OXY-COMBUSTION

ECONOMIC BY:

1.RELYING ON A MORE EFFICIENT CORE

POWER CYCLE

2.RECYCLING HEAT WITHIN THE SYSTEM TO

REDUCE O2 AND CH4 CONSUMPTION, AND ASSOCIATED COSTS OF THE AIR

SEPARATION UNIT (ASU)



NET POWER IS

ABOUT MORE

THAN

ELECTRICITY

VALUE OF INDUSTRIAL GAS STREAM

APPROACHES VALUE OF ELECTRICITY

45Q NOW BEING PASSED

INCREASES THE VALUE OF NET

POWER’S CO2 SIGNIFICANTLY



Commodity pricing:

• Natural Gas - $2.85/MMBtu• Oil - $70/bbls• Electricity - $0.04/kWh• Ar - $300/ton• O2 - $35/ton• N2 - $8/ton• CO2 - $15/ton• CO2 (45Q) - $40.19/ton (tax credit

of $35 per metric tonne converted to

short ton and grossed up at 21% rate to

represent a pretax revenue stream)

N₂

Ar

O₂

e-

CH₄

Oil

CH₄

Sour gas processing

Enhanced oil recovery

CO₂

$40M

$32M

$22M

$8M

$238M

$93M

$13M

Plus $36M-

45Q

$90M

Either

B

A

9

NET POWER’S

FIRST PLANTS

ARE EXTREMELY

COMPETITIVE

45Q AND INDUSTRIAL GAS SALES

PROVIDE NET POWER WITH A COST

ADVANTAGE TODAY.

AT MATURE COSTS, NET POWER

PLANTS ARE ABLE TO COMPETE ON

ELECTRICITY ALONE.

PRICES AND TAX CREDITS IN THE

AMERICAN MARKET.



$20

$35

$44

$64

-$50

-$25

$0

$25

$50

$75

$100

$125

$/M

Wh

Levelized Cost ComparisonAr sales ($300/t--$50/t after SN30)N₂ sales ($8/t--$2/t after SN30)CO₂ sales ($15/t EOR & $35/mt 45Q)*O&MFuel CostCapital Cost Recovery

NET Power

1st PlantNET Power

30th PlantCombined

Cycle Gas

Combined

Cycle w/ CCS

*Based on recent 45Q tax incentives in the US for EOR. $35/metric tonne tax credit for EOR is

converted to a pre-tax $/short ton basis to illustrate equivalent impact (assumes 0.907185

tonne/ton and 21% corporate tax).

Notes: Assumes $2.85/MMBTU natural gas in 2018, with annual escalation at 2%. All data for

utility-scale projects. Capacity payments and other ancillary service revenue not included

10

PATH TO

COMMERCIAL

TESTING UNDERWAY

• ENTIRE CYCLE OPERATIONAL

• DURING COMBUSTOR TEST PHASE, FLUE GAS BYPASSING

TURBINE TO ALLOW FOR EDGE-OF-ENVELOPE TESTING

DESIGN FREEZE COMMERCIAL PLANT IN 2019

COMMERCIAL SCALE-UP TO 300 MWE

• CORE CYCLE: PROVEN AND OPERATIONAL

• COMBUSTOR: NO SCALE-UP, FULL-SCALE TESTING

SUCCESSFULLY COMPLETED

• BALANCE OF PLANT: COMPONENTS ALREADY

COMMERCIALLY AVAILABLE AT SCALE AND PROVEN

• TURBINE SHELL: 2.5X SCALE-UP, TESTING UNDERWAY

EARLY 2020S TARGET COD FOR 300 MW PLANT

MULTIPLE COMMERCIAL PROEJECTS

AROUND THE WORLD IN

DEVELOPMENT



La Porte, TX Demonstration Plant

11

VAST CO₂ EOR

OPPORTUNITY

EXISTS GLOBALLY

GLOBALLY 1.1 TRILLION TONS OF

CO₂ REQUIRED TO RECOVER 470

BILLION BARRELS OF OIL

NET POWER’S CO₂ COULD

UNLEASH UP TO 18 MM BOE/D AT

COSTS COMPARABLE TO OIL FROM

THE MIDDLE EAST



Source: Spencer Dale, BP Group Chief Economist, New Economics of Oil, 13 Oct. 2015.

Stylised oil production cost curve

$/bbl, Brent equivalent

100

80

60

40

20

0

0 10 20 30 40 50 60 70 80 90 100

Source: Based on data from PIRA as of August 2015 Production (Mb/d)

Middle East Onshore/ other conventional Sh

ale

Offsh

ore

/ D

ee

pw

ate

r

Oil

san

ds/

oth

er

Cost of Oil with

NET Power CO₂and Permian

Economics

12

ONE PRODUCT, HUNDREDS OF USES



THE FUTURE OF CO₂ MANAGEMENT IS

GROWING

June 2018This material contains confidential intellectual property of NET Power, and its affiliates. Redistribution is not permitted except within the organization of a

recipient from NET Power or 8 Rivers.

GLOBAL PROJECTS





THANK YOU

IN PLANNING

FOR FIRST

COMMERCIAL

PROJECTS

NET POWER IS READY TO ENGAGE

IN DETAILED SITE PLANNING WITH

POTENTIAL PROJECT PARTNERS.

COMPLETED DETAILED PRE-FEED

FOR A 303 MWE SINGLE TRAIN

SYSTEM, 120 BAR CO2 CAPTURE.

MULTIPLE PROJECTS IN

DEVELOPMENT.



FOAK Plant outputs

Electric Output

303MW

CO2

Output• 890,000 ton/year• 40 million scf/day

N2 Output 4.2 MM ton/year

Ar Output 70,000 ton/year

ASU O₂ 4,200 ton/day

Site Area 13 acres

FOAK Commercial Plant Performance*

Thermal Heat Input (MW) 549.1 100%

Turbine Shaft Power (MW) 453.0 -18%

Shaft-mounted CO2

compressor and generator-47.9 -8%

Gross Electrical Output (MW) 405.1

ASU auxiliary load -65.1 -12%

BOP parasitics (pumps,

cooling tower, etc.)-37.5 -7%

Net Electrical Output (MW) 302.5 55.1%

Net Plant Efficiency (% on LHV)* 55.1% 55.1%

Net Plant Heat Rate (LHV)* 6,193 6,193* Efficiency optimized for US economics. For countries with high gas prices, 58.9% efficiency is achievable at higher capital cost.

17

TOTAL

ADDRESSABLE

MARKET

1

10

100

1000

10000

Canada US Europe Asia Russia MiddleEast

Africa SouthAmerica

158

450394

1856

452

302 314

182

NET

Po

we

r e

qu

iva

len

t u

nits

(lo

g s

ca

le)

N U M B E R O F N E T P O W E R 3 0 0 M W

P L A N T S N E E D E D B Y R E G I O N T O

F U L F I L L N E W A N D R E P L A C E M E N T

F O S S I L B U I L D S

Power Demand to 2040 (IEA) (total units 4,108) (3.5 billion tpy CO₂)

LARGE GLOBAL DEMAND EXISTS

FOR BOTH POWER AND CO₂ FROM

NET POWER PLANTS



Canada US Europe Asia Russia MiddleEast

Africa SouthAmerica

261

761

208

221

957

3105

58

447

1289

3816

585

11292

2908

1294

417

5

27

108

1039

23

104

4763

N U M B E R O F N E T P O W E R 3 0 0 M W P L A N T S

N E E D E D F O R T O M E E T C U R R E N T C O ₂D E M A N D F O R E O R , E C B M R , A N D C E M E N T

EOR Demand (Kuuskraa) (total unit 6,018) (4.9 billion tpy CO₂)

ECBMR Demand (Godec, Dipietro) (total units 21,601) (17.7 billion tpy CO₂)

Cement (USGS 2012) (total units 1415) (1.2 billion tpy CO₂)

Power CO₂

18

NET POWER

COMPLEMENTS

RENEWABLES

DEEP DECARBONIZATION, WITHOUT

DIMINISHING RETURNS.

SOLAR AND WIND’S RELIANCE ON

NATURAL GAS BACK-UP CEASES TO BE

A CO2 PROBLEM WITH NETPOWER



NETPOWER REMOVES SOLAR AND WIND’S RELIANCE ON COMBINED CYCLE

IT PROVIDES PEAKING, BACK-UP, AND RAMPING, WITH ZERO CO2.

OUR RAMP RATE IS HIGHER THAN CCGT AND COMPARABLE TO CT

EACH PLANT CAN CREATE >150 MWH OF ELECTRICITY STORAGE

NETPOWER’S ECONOMICS ARE DIFFERENT

MOST CARBON CAPTURE PROJECTS FAIL IN A HIGH RENEWABLES WORLD

BECAUSE THEY CAN’T SURVIVE LOW CAPACITY FACTORS.

NETPOWER RETAINS ITS ADVANTAGE OVER CCGT REGARDLESS OF CAPACITY

FACTOR, BECAUSE NET POWER’S CAPEX-OPEX RATIO IS EQUIVALENT TO

CCGT.

19

CO₂ CAN BE

SEQUESTERED

ENHANCED OIL RECOVERY (EOR) USES CO₂ FOR THE PRODUCTION

OF OIL, WHILE BEING NET CARBON

NEUTRAL (~1 CARBON ATOMS

SEQUESTERED FOR EVERY CARBON

ATOM IN OIL)

CO₂ CAN ALSO BE SEQUESTERED IN

IN DEEP SALINE FORMATIONS

IN THE US, 45Q PROVIDES FEDERAL

TAX CREDIT OF $50/TONNE FOR

SEQUESTRATION AND $35 FOR EOR



Oil and Gas ReservoirDeep Saline Formations

Freshwater Zone

CO₂ has been used for

EOR since 1971, and its

use and properties are

well understood

Image obtained from:

http://www.natcarbviewer.com/

Locations with Acceptable Geology for CO₂ Sequestration

20

http://www.natcarbviewer.com/

ALLAM CYCLE

NATURAL GAS

PLATFORM

VERY SIMPLE

OXY-FUEL, SEMI-CLOSED-LOOP, WITH A CO₂ WORKING FLUID.

55 TO 59% (LHV) NET EFFICIENCY

(CAN BE ADJUSTED DEPENDING ON

NEEDS), WITH CAPTURE OF >97% OF CO₂.

CO₂ AND WATER ARE THE ONLY

EFFLUENTS. ASU ALSO PRODUCES

SALEABLE BYPRODUCTS.

A NEAR-TERM SOLUTION THAT

UTILIZES MOSTLY EXISTING

EQUIPMENT IN A NOVEL WAY.



5

1

2

3

4

7

6

5

❶ Fuel Combustion

❷ CO₂ Turbine

❸ Heat Rejection

❹ Water Separation

❺ Compression and

Pumping

❻ Additional Heat

Input

❼ Heat Recuperation

5 MW tested in 2013

50 MW tested in 2018

Assembled

Using Existing

Technology

Except for the turbine, all equipment is mature

technology or technology that has been rigorously

tested

21

45Q TAX CREDIT

FOR CO2

CAPTURE AND

STORAGE

TAX LEGISLATION (45Q) PASSED IN THE U.S. IN FEB ‘18, PLACING SIGNIFICANT

VALUE ON CAPTURED AND SEQUESTERED CO2

TAX CREDIT VALUE IS $428M (PRE-TAX REAL VALUE BASIS) FOR A 2022 COD

PROJECT WITH EOR

ELIGIBLE FACILITIES CAN CLAIM

CREDITS FOR UP TO 12 YEARS

JANUARY 1, 2024 DEADLINE TO

COMMENCE CONSTRUCTION

IF CO₂ USED FOR EOR, MUST CAPTURE

AT LEAST 500,000 TONNES/YEAR. (300MW NET POWER PLANT

PRODUCES ~885,000 TONS/YEAR OF

CO₂, ASSUMING AN 85% CAPACITY

FACTOR).

IF CO₂ USED FOR OTHER COMMERCIAL

PURPOSES, SUCH AS ALGAE BIOFUELS, CHEMICAL CONVERSIONS, OR OTHER

USES, MAY CAPTURE AS LITTLE AS

25,000 TONNES/YEAR

CREDITS ASSIGNED TO THE FACILITY

OPERATOR, MAY BE TRANSFERRED TO

THE CO2 STORAGE ENTITY



$0

$20

$40

$60

$80

EOR CCS

45Q After-Tax vs. Pre-Tax

After-Tax Credit (2026 value)

Pre-Tax (21% tax rate)

Pre-Tax (35% tax rate)

EOR or Chemical Conversion Sequestration

2021 (ramping from present to 2026) $24/mt $36/mt

2026 (ramped at inflation after 2026) $35/mt $50/mt

22

INTEGRATION

INCREASE PROFITS BY INCREASING

PROCESS EFFICIENCIES



LNG Regas (67% Efficient)

Solar Hybrid (74% Efficient)

Direct EOR (65% Efficient)

23

ALLAM CYCLE

INTEGRATED

WITH 8 RIVERS’

GREEN H₂

TO COMPETE WITH EXISTING CCGT

WITH POST-COMBUSTION CARBON

CAPTURE, PRICE OF H₂ MUST BE

$0.85/KG OR LOWER

ALLAM CYCLE INTEGRATION WITH 8

RIVERS POX-GHR SYSTEM

TARGETED TO PRODUCE H₂ AT

$0.78/KG



UNPRECEDENTED

ECONOMIC AND

ENERGY

EFFICIENCY

PERFORMANCE



60%

65%

70%

75%

80%

85%

90%

Steam

Methane

Reforming

Retrofitted

SMR

Technology

8 Rivers

POX-GHR

Cryo-CO₂Standalone

8 Rivers

POX-GHR

with Allam

Cycle

Hydrogen Conversion

Efficiency

(H₂ btu out/thermal btu in)

Commodity pricing:

• Natural Gas - $2.85/MMBtu• Electricity - $0.04/kWh• Ar - $300/ton• H₂ - $1/kg• Oil - $70/bbls• O2 - $35/ton• N2 - $8/ton• CO2 - $15/ton• CO2 (45Q) - $40.19/ton

(tax credit of $35 per metric tonne converted to short ton and grossed up at 21% rate to represent a pretax revenue stream)

25

IMPACTFUL

ACROSS THE FULL

ENERGY AND

CHEMICALS

VALUE CHAIN

JOINS POWER SYSTEM WITH FOSSIL FUEL PRODUCTION, RESULTING IN

LARGE OVERALL REDUCTION IN CO₂

• POWER PRODUCTION GOES TO ZERO CO₂ EMISSIONS

• PRODUCED OIL IS BACKFILLED WITH CO₂ MOLECULES (~2 C SEQUESTERED

FOR EVERY C EXTRACTED)

ABILITY TO USE UNPROCESSED GAS, WHICH LOWERS ENERGY COST OF

GAS

LOWEST COST CO₂ OPENS NEW MARKETS

ADDS PRODUCTION OF INDUSTRIAL SCALE QUANTITIES OF N₂ AND AR

OPENS THE H₂ ECONOMY

CO₂ EOR COMBINES POWER

SYSTEM AND FOSSIL FUEL

PRODUCTION TO CUT ATMOSPHERIC

CARBON EMISSIONS MORE THAN

50%

INDUSTRIAL GAS BUSINESSES (CO₂, N₂, O₂ AND AR) HAVE HIGH

OPERATING MARGINS

BY OWNING THIS FACTOR OF

PRODUCTION, AN O&G OR

CHEMICALS COMPANY LOWERS

COST OF GOODS



NET POWER’S

CO2 CAN

IMPROVE EOR

ECONOMICS

TRADITIONAL CARBON CAPTURE

TECHNOLOGIES ARE ONLY

ECONOMIC WITH HIGH OIL PRICES



1. Average costs shown. Ranges represent public data from IEA (2011), EIA (2013), Black & Veatch (2012), Parsons Brinkerhoff (2013) and DOE NETL (2015).

2. Assumes 1.5 bbl/ton from EOR, fuel costs of $2.85/MMBtu gas and $1.73/MMBtu coal, and net of $40/MWh for power from the capture plant.

3. Denbury Resources. Presentation to the 21st Annual Credit Suisse Energy Summit. (2016).4. Occidental Petroleum. Presentation to the 21st Annual Credit Suisse Energy Summit. (2016).

-$5 $10 $25 $40 $55 $70 $85 $100 $115 $130 $145

Post-Combustion (NGCC)

Pre-Combustion (IGCC)

Post-Combustion (SCPC)

Oxy-Combustion (SCPC)

Geologic CO₂

Allam Cycle NG

EOR Lifting Costs ($/bbl)

Tec

hn

olo

gy

Ty

pe

Current EOR Lifting

Costs in the US 3,4

Conventional CCS

27

NET POWER

CAN HELP

TRANSFORM

GAS MARKETS

EACH NET POWER TURBINE PRODUCES AND CAPTURES 890,000 TONS

OF CO₂ PER YEAR

ONE TON OF CO₂ CAN BE USED TO CLEAN UP 100 MMBTU PER TON

OF SOUR GAS, OR $250 MILLION OF GAS EACH YEAR FOR EACH

TURBINE

THE PROCESS INVOLVES PRINCIPLES SIMILAR TO THOSE THAT ARE

CURRENTLY BEING USED BY EXXONMOBIL AT ITS LABARGE FACILITY

SOUR GAS (GAS WITH HIGH

CONCENTRATIONS OF H₂S) MAKES

UP A LARGE PORTION OF THE

WORLD’S GAS RESERVES

THIS GAS IS GENERALLY

UNECONOMIC TO PROCESS

AS A RESULT, IF THIS GAS REACHES

THE SURFACE, IT IS OFTEN VENTED

OR FLARED

SOUR GAS CAN BE INEXPENSIVELY

PURIFIED WITH CO₂ USING 8

RIVERS’ TART TECHNOLOGY



Known total worldwide resources of developed

and undeveloped natural hydrocarbon gas are estimated by IHS to be in the order of 270 trillion m3

% Sour gas

28

NET POWER

BASIC VALUE

CCS IS NOT ONLY ECONOMICALLY

VIABLE, IT MAKES CO₂ TOO

VALUABLE TO EMIT



Allam Cycle enables the world to meet it’s climate targets at a price every nation can

afford

Unlock the economic value of CO₂

Building Materials Chemicals H₂

Captures all of CO₂ and other atmospheric emissions

Electricity + industrial gases (CO₂, Ar and N₂) makes first plants economic

Nth plants economic with sales of electricity alone

29

NET POWER’S

EFFECTIVE HEAT

RATE (LHV)

NET POWER’S EFFECTIVE,

DISPATCHABLE HEAT RATE PLACES IT

AT THE TOP OF THE MERIT ORDER.

EVEN HIGHLY EFFICIENT H-CLASS

MACHINES WILL CONTINUE TO BE

PUSHED OUT OF THE MERIT STACK.

USING LIQUID O2 STORAGE, NET

POWER’S ASU CAN ACT AS A

BATTERY TO ACHIEVE AN ADDITIONAL

32MW OF PEAKING CAPACITY (BY

~50% TURNDOWN OF ASU DURING

THE DAY), ACHIEVING A REDUCED

BASELINE PEAKING HEAT RATE OF

5600 BTU/KWH (61% LHV).



1. Based on recent 45Q tax incentives in the US for EOR. $35/metric tonne tax credit for EOR is

converted to a pre-tax $/short ton basis to illustrate equivalent impact (assumes 0.907185

tonne/ton and 21% corporate tax).

5600

30

$15/ton (CCUS)

NET POWER’S

EFFECTIVE

CAPEX ($/KW)

WITH CO₂ AND AR SALES ALONE,

• FOR FOAK, THE EFFECTIVE $/KW

COST IS EQUIVALENT TO BEST-IN-CLASS MODERN CO₂-EMITTING

COMBINED CYCLE POWER PLANTS.

• FOR SN5, THE EFFECTIVE $/KW

COST IS EVEN MORE COMPELLING.



-198

-311

$15/ton (CCUS)

$42/ton (45Q incentive2)

1. Effective cost/kW can be determined by

• pricing non-electricity revenue in terms of kWh (instead of “dollars”) using $30/kWh and

• converting resulting kWh into kW capacity assuming an 85% capacity factor

2. Based on recent 45Q tax incentives in the US for EOR. $35/metric tonne tax credit for EOR is converted to a pre-tax $/short

ton basis to illustrate equivalent impact (assumes 0.907185 tonne/ton and 21% corporate tax).

Value location dependent

-305

-474 $42/ton (45Q incentive2)

Effective Capital Cost ($/kW)FOAK SN5

31

THE NET POWER

ADVANTAGE -

THE ALLAM

CYCLE

THIS DIAGRAM HAS “PRESSURE” LOGARITHMICALLY

SPACED UP AND DOWN.

AND “ENTHALPY” IS EVENLY SPACED FROM LEFT TO

RIGHT. ENTHALPY IS A MEASURE OF ENERGY. AS

YOU MOVE FROM LEFT TO RIGHT, YOU ARE INJECTING

ENERGY INTO THE SYSTEM, AND VICE VERSA.

TEMPERATURE IS ON THE UP-DOWN BLUE LINES. TO

THE RIGHT, THEY AND ENTHALPY MOVE TOGETHER.

THE “DOME” IS AN IMPORTANT LANDMARK. ABOVETHE TOP, CO₂ IS “SUPERCRITICAL”. BELOW THE TOP

AND TO THE RIGHT, CO₂ IS A GAS, AND TO THE LEFT, CO₂ IS A LIQUID. INSIDE, IT IS A MIXTURE OF GAS

AND LIQUID.

ONE MORE THING. THE PURPLE LINES ARE “ENTROPY” LINES. THINK OF THESE AS RAILROAD TRACKS FOR

GOING UP AND DOWN IN PRESSURE. IN THE TURBINE, THE TRACKS GO FROM UPPER RIGHT AND DOWN AND

TO THE LEFT. THE LEFT-RIGHT DISTANCE IN ENTHALPY

IS THE AMOUNT OF POWER THE TURBINE PRODUCES.

NOTE THAT ON THE LEFT, THESE RAILROAD TRACKS ARE

STEEPER, AND THOSE FOR THE PUMP ARE STEEPER THAN

THOSE FOR THE COMPRESSOR. THAT MEANS IT TAKES

LESS ENERGY (LEFT-RIGHT) TO PUMP THAN TO

COMPRESS.

ONE LAST THING. THE SYSTEM DESIGN POINT IS WHERE

THE TURBINE DUMPS INTO THE HEAT EXCHANGER. ASK

YOURSELF “WHY?”



Pre

ssu

re (

bar

)

Additional Heat

Specific Enthalpy (kJ/kg)

Turbine

Fuel Input

Compressor

Pump

Heat Exchanger

Heat Exchanger1

2

3

4

5

6 7

Water Separator

5

Combustor

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