Net Power Shares Rise After Rights to Acquire 123 MW of Power Equipment
Net Power (NPWR) shares rose more than 18% in afternoon trading on Monday after the company said it secured the rights to acquire 123 megawatts of new power generation equipment.Upon closing, the agreement would bring Net Power's total potential power generation capacity to almost 200 megawatts for the first phase of its inaugural powered land project in Texas called Project Permian, the company said.Net Power said it has made a $20 million deposit, which will be credited toward the total purchase price. The transaction is expected to close in Q3.Net Power has also entered into a separate agreement under which a prospective end customer may reimburse specified, approved and documented third-party costs incurred in connection with the proposed acquisition, the company added.Price: $2.02, Change: $+0.32, Percent Change: +18.53%
