NET Power Inc. (NPWR) Stock Analysis

NET Power’s principal competitive advantage lies in its proprietary “Net Power Cycle” technology, which enables natural gas power generation with near-total carbon capture and minimal air pollutants. This process is protected by a robust patent portfolio—485 issued patents and 48 pending applications across 30+ countries—creating significant barriers to entry for would-be imitators.

Compared to traditional combined cycle gas turbines (CCGTs) with post-combustion carbon capture, NET Power’s system is more compact (requiring less than 15 acres per plant) and achieves over 97% CO₂ capture, while also eliminating most NOx and SOx emissions. This positions NET Power as a cleaner, more siting-flexible solution than CCGTs or coal plants, and as a more reliable, dispatchable alternative to wind and solar, which require large land footprints and long transmission buildouts.

Relative to advanced nuclear and geothermal, NET Power’s technology is closer to commercial readiness and leverages abundant, low-cost natural gas. The company’s modular design and focus on standardization aim to drive down costs with scale, targeting a levelized cost of energy (LCOE) below $100/MWh for its first utility-scale project—potentially undercutting new nuclear and renewables with storage.

Strategic partnerships with Baker Hughes and Oxy provide manufacturing, engineering, and CO₂ sequestration expertise, further strengthening execution capabilities. However, the company’s competitive edge remains contingent on successful commercialization, cost control, and continued access to favorable carbon incentives.