NET Power Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>NET Power Inc. (NPWR) filed its 2023 10-K, detailing financial structure and corporate history.</b>

AI Summary

NET Power Inc. (NPWR-WT) filed a Annual Report (10-K) with the SEC on March 11, 2024. NET Power Inc. filed its 2023 Form 10-K on March 11, 2024. The company was formerly known as Rice Acquisition Corp. II. NET Power Inc. is incorporated in North Carolina. The fiscal year end for the company is December 31. The filing includes information related to common stock, preferred stock, and additional paid-in capital.

Why It Matters

For investors and stakeholders tracking NET Power Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of NET Power Inc.'s financial position and operational details for the fiscal year ending December 31, 2023. Understanding the company's historical structure, including its former name Rice Acquisition Corp. II and its incorporation in North Carolina, is crucial for assessing its evolution and current standing.

Risk Assessment

Risk Level: low — NET Power Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational disclosures without immediate market-moving news.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand NET Power Inc.'s financial health and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (FISCAL YEAR END)
• 2024-03-11 — Filing Date (FILED AS OF DATE)
• 0001845437-24-000006 — Accession Number (ACCESSION NUMBER)
• NC — State of Incorporation (STATE OF INCORPORATION)

Key Players & Entities

• NET Power Inc. (company) — FILER
• Rice Acquisition Corp. II (company) — FORMER COMPANY
• North Carolina (location) — STATE OF INCORPORATION
• 0001845437-24-000006 (other) — ACCESSION NUMBER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240311 (date) — FILED AS OF DATE

FAQ

Industry Context

NET Power Inc. operates in the electrical industrial apparatus sector.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for the fiscal year ended December 31, 2023.
2. Review any disclosed risk factors to understand potential challenges.
3. Examine the company's capital structure, including common and preferred stock details.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-11: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for NET Power Inc. under its current name, following its previous identity as Rice Acquisition Corp. II.

Key Financial Figures

• $11.50 — e of Class A Common Stock at a price of $11.50 NPWR-WT The New York Stock Exchange S
• $13.00 — Stock on the New York Stock Exchange of $13.00 on such date). The registrant had outs
• $0.0001 — ans the Class A common stock, par value $0.0001 per share, of NET Power; "Class B Comm
• $540,449,950 — on Stock for aggregate consideration of $540,449,950 in private placements pursuant to subsc

Filing Documents

• npwr-20231231.htm (10-K) — 1875KB
• ex42-descriptionofsecuriti.htm (EX-4.2) — 6KB
• ex101arexecutiveseverancep.htm (EX-10.1) — 145KB
• ex108-formofdirectorrsuagr.htm (EX-10.8) — 59KB
• ex211-subsidiarylist.htm (EX-21.1) — 6KB
• a07np-q42023xex231.htm (EX-23.1) — 2KB
• a03np-q42023xex311.htm (EX-31.1) — 11KB
• a04np-q42023xex312.htm (EX-31.2) — 11KB
• a05np-q42023xex321.htm (EX-32.1) — 4KB
• a06np-q42023xex322.htm (EX-32.2) — 4KB
• ex971-clawbackpolicy.htm (EX-97.1) — 27KB
• npwr-20231231_g1.jpg (GRAPHIC) — 70KB
• 0001845437-24-000006.txt (&nbsp;) — 10476KB
• npwr-20231231.xsd (EX-101.SCH) — 77KB
• npwr-20231231_cal.xml (EX-101.CAL) — 116KB
• npwr-20231231_def.xml (EX-101.DEF) — 489KB
• npwr-20231231_lab.xml (EX-101.LAB) — 874KB
• npwr-20231231_pre.xml (EX-101.PRE) — 680KB
• npwr-20231231_htm.xml (XML) — 1191KB

Business

Business 7 I tem 1A. R isk Factors 20 I tem 1B. Unresolved Staff Comments 44 I tem 1C. Cybersecurity 44 I tem 2.

Properties

Properties 45 I tem 3.

Legal Proceedings

Legal Proceedings 45 I tem 4. Mine Safety Disclosures 45 PART II. I tem 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46 I tem 6. Reserved 46 I tem 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 47 I tem 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 I tem 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 I tem 9. Changes in and Disagreements with Accounts on Accounting and Financial Disclosure 54 I tem 9A.

Controls and Procedures

Controls and Procedures 55 I tem 9B. Other Information 55 I tem 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 55 P ART III. I tem 10. Directors, Executive Officers and Corporate Governance 56 I tem 11.

Executive Compensation

Executive Compensation 56 I tem 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 56 I tem 13. Certain Relationships and Related Transactions and Director Independence 56 I tem 14. Principal Accountant Fees and Services 56 P ART IV. I tem 15. Exhibit and Financial Statement Schedules 57 I tem 16. Form 10-K Summary 59 Table of Contents Certain Defined Terms Unless otherwise expressly stated or, unless the context otherwise requires, references in this Annual Report on Form 10-K (this "Report") to: "8 Rivers" means 8 Rivers Capital, LLC, a Delaware limited liability company (a company controlled by SK Energy); "Amended and Restated JDA" means the Amended and Restated Joint Development Agreement, dated December 13, 2022, by and among Old NET Power, RONI, RONI OpCo, NPI and NPT, as amended, supplemented or otherwise modified from time to time in accordance with its terms; "Baker Hughes" or "BH" means Baker Hughes Company, a Delaware corporation; "BHES" means Baker Hughes Energy Services LLC, a Delaware limited liability company and affiliate of Baker Hughes; "BHES JDA" means collectively, the Original JDA and the Amended and Restated JDA "Board" or "Board of Directors" means the board of directors of the Company; "Business Combination Agreement" means the Business Combination Agreement, dated as of December 13, 2022, by and among RONI, RONI OpCo, Buyer, Merger Sub and Old NET Power, as amended by the First Amendment to the Business Combination Agreement, dated as of April 23, 2023, by and between Buyer and Old NET Power; "Business Combination" means the Domestications, the Merger and other transactions contemplated by the Business Combination Agreement, collectively, including the PIPE Financing; "Buyer" means Topo Buyer Co, LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of OpCo (following the Domestications) or of RONI OpCo (prior to the Domestications); "Class A Common Stock" means the Cla

Business

Item 1. Business Overview NET Power is a clean energy technology company that has developed a novel power generation system (which we refer to as the "NET Power Cycle") designed to produce clean, reliable and low-cost electricity from natural gas while capturing virtually all atmospheric emissions. Old NET Power was founded in 2010 and methodically progressed the technology from a theoretical concept to reality with the construction and commissioning of the Company's demonstration facility in La Porte, Texas (the "Demonstration Plant"). The NET Power Cycle is designed to inherently capture CO 2 while producing virtually no air pollutants such as SO X , NO X , and other particulates. It is nearly immune to differences in altitude, humidity and temperature and can be a net water producer rather than consumer, which can facilitate project siting and operation in a variety of climates. It can operate as a traditional baseload power plant, providing reliable electricity to the grid at capacity factors targeted to be above 90%. It can also complement intermittent renewables, providing clean dispatchable electricity that can be programmed on demand at the request of power grid operators and according to market needs, while demonstrating substantial improvements in effectiveness, affordability and environmental performance as compared to existing carbon capture technologies for power generation. It leverages existing natural gas infrastructure and avoids issues of generation capacity and grid transmission overbuild created by other technologies, helping to further reduce system-wide decarbonization costs. The NET Power Cycle is designed to achieve clean, reliable and low-cost electricity generation through NET Power's patented highly recuperative oxy-combustion process. This process involves the combination of two technologies: Oxy-combustion, a clean heat generation process in which fuel is mixed with oxygen such that the resulting byproducts from combustion consist o

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View this 10-K filing on SEC EDGAR