NET Power Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement
$NPWR
Industrial Machinery/Components
Energy
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): September 30, 2024
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Item 1.01 Entry into a Material Definitive Agreement.
On September 30, 2024, Net Power, LLC, a subsidiary of Net Power Inc. (the “Company”), and Baker Hughes Energy Services LLC (“Baker Hughes”) entered into Variation Agreement No. 2 Regarding Letter of Limited Notice to Proceed for the Purchase of KPEP Long Lead Time Items (the “LNTP”). Pursuant to the LNTP, the Company will pay Baker Hughes up to approximately $90 million for the purchase of long-lead materials necessary for the procurement and manufacture of the turboexpander and related key process equipment and machinery (“KPEP”) for the Company’s first utility-scale power plant, along with related fees and services. Payments for long-lead materials under the original letter of limited notice to proceed commenced in December 2023, which payments are included in the $90 million total referenced above. The remainder of the payments under the LNTP are expected to continue to be made through April 2026. However, the Company and Baker Hughes intend to enter into a definitive purchase agreement for the turboexpander and KPEP in 2025, which will supersede the LNTP once executed.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: | October 4, 2024 | NET POWER INC. | ||||||||||||
| By: | /s/ Akash Patel | |||||||||||||
| Name: | Akash Patel | |||||||||||||
| Title: | Chief Financial Officer | |||||||||||||