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FINWIRES

Net Power Secures 123-MW Equipment Rights to Accelerate Permian Project

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Net Power (NPWR) has secured rights to acquire 123 megawatts of new power generation equipment, pushing capacity for its inaugural Texas project near 200 MW, the company said on Monday.

Backed by a $20 million deposit, this acquisition upon its expected Q3 closing will elevate Net Power's total potential generation capacity to nearly 200 MW for the initial phase of Project Permian, its flagship powered land development in Texas, it stated.

Simultaneously, the company has entered into a strategic cost-reimbursement framework with a prospective end customer.

While the arrangement does not constitute a formal power purchase agreement or obligate either party to sign an energy services contract, it provides for the reimbursement of specified, documented third-party development and procurement costs, the company stated.

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