NET Power is a venture-stage clean-power option on AI-driven baseload demand, with major upside if Project Permian works—and severe downside if it does not.
Overview
NET Power is a pre-revenue clean energy developer that recently made a major strategic pivot away from its proprietary oxy-combustion Allam-Fetvedt Cycle toward modular “Clean Gas” plants using commercially available natural gas turbines and licensed post-combustion carbon capture. Its near-term focus is Project Permian, an 80 MW West Texas facility targeting low-carbon, dispatchable power for utilities, industrial customers, and AI data centers. The opportunity is substantial, supported by 45Q tax credits and strategic partners, but the investment remains highly speculative and dependent on execution, offtake, permitting, financing, and technology integration.