NET Power (NPWR) 12 Nov 242024 Q3 Earnings call transcript

Greetings, and welcome to the NET Power Third Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Bryce Mendes, Director, Investor Relations.

Good morning, and welcome to NET Power's third quarter 2024 earnings conference call. With me on the call today we have our Chief Executive Officer, Danny Rice; our President and Chief Operating Officer, Brian Allen; and our Chief Financial Officer, Akash Patel. Yesterday, we issued our earnings release for the third quarter of 2024, which can be found on our Investor Relations website along with this presentation at ir.netpower.com.

remarks to our forward-looking may call, statements. this and questions responses include During differ stated with from forward-looking results materially Actual may those to and statements risks or uncertainties business. associated our due by implied uncertainties and our discussed These risks are SEC in filings. no that to any over forward-looking to note NET Rice, Power's I'll Please Officer. obligation pass that, now update assume we it Danny statements. With Chief Executive

calls, updates we've for Akash Good us. financial The to previous positive and done some as And thanks over joining provide updates. comments for everybody, for overview today. morning, has you it and some before I'll on team the passing operational and Brian

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We relationship that company our are excited continue technology our a innovation shares with on focus and values to of sustainability.

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During to and the utility-scale signing Limited QX, turboexpander million schedule lead approximately process we key of publicly our of for related with for Hughes long Proceed a materials announced required total Baker equipment. meet $XX to for third purchases the Notice of

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out FEED incorporation contract. design, the team. Liquide's and same FEED where and not EPC detailed roll will phase for Zachry's This team engineering continued the Moving include of to into and engineering engineering the work plan with into write overall of substantially we Air year, next work ASU impacting plant into feasible schedule value

the updates. for with underway construction Akash the and half kick-off for the for contract preparing Zachry XXXX. I the EPC execution the are second will now beginning financial plan of to phase We of and it of pass

Thanks, Brian.

continued construction the see billion being to As to mentioned December. will receive review we expect prior market to EPC to subject estimating expect inflation Similar participants, Project total and hard provided in and is capital of compared $X.X negotiation team Brian's the Permian, preparing work for other to contract comments, our we costs be in estimate for Permian. at guidance cost roll-up Zachry's initial which to in executed. previously equipment Project This

offset improvement for clean, expect also we price in by power. the continued Importantly, this market inflation be reliable the will

active and more are and for Permian's We in Project they negotiations supply as finalized. key information offtakes sharing look forward are to

work capital with and Additionally, existing and owner conclusion to we on offtake Project agreements. we group expect to fee finalize after continue for our formation the which supply Permian,

Baker under the cash $X in quarter to which our third Hughes XX. In cash our million, to $X deploy JDA. $XXX continues prudently approximately Slide investments. payment and of NET the ending with XXXX included was of Moving Power approximately the million of capital, used million flow a third approximately cash quarter, operations

flow As progress joint out ramp at to program operations increasing and with the continue build mentioned the activity previously, Baker Porte. in used Hughes organization, we as expect we La development up cash

approximately of XXX were give approximately diluted For of upgrades million million to was quarter, million $XX testing. NET comprised million if and Project Permian cash, authorized issuable activities of Porte capitalized pursuant spent an additional XX. shares as Hughes. associated La earn-outs XXX share was September our and $XX approximately million the the approximately shares which shares, vesting $XXX or total with approximately of requirements count public and fully $XX development expenditures agreement exercised, This million private modifications costs with on capital million Power's to development million ahead of outstanding of Power B shares comprised issuable the of Class exercise XX.X approximately X.X subject joint A Baker Class and vested and shares XX.X NET would warrants, upon ongoing

the prepared it on breakdown quarterly open line share our operator refer to Q&A. a financials of to and remarks. to concludes I'll pass detailed file back For please diluted with annual the now our up the our count, for SEC. That

of with Our Montgomery from [Operator Meric coming is Scott. line Janney first the Thomas Instructions] question

couple a I'll A integrating kind of site. single on Power start plants of with NET multiple questions.

walk just things? for things and cost types if follow-up ASU, can curious like savings integrating rooms, the compression, the shared equipment inflation. Just And through then control multiple of you capital challenges export COX the plants, opportunities those of I a have both on

this Danny. on you is Thomas, Good to have today.

just economic think cover cover of operational proposition can Brian of and nuances some I just technical sort it. like of the I'll the then

I Permian, the and to unit. of we be first think built plant single it's expensive going be it's the kind, first look as a ever we a to plant, most at going Project

overnight iterations to we to a down the I just plants, those going from see at for from -- curve, Power the really a from plants, But these savings like largest as in really we NET deploying to a configuration. improvements in cost just going look the cost being manufacturing multiple all cost come one is come of the and getting deploy continuous of terms getting of fleet generation of just are curve next. combination into to do new able future think down together plants improvement capital CapEx really mode in more plant

market where economic a see it's growth also load here a like of a for nice for thing So gigawatts I entire of load is not the across power. or at sitting to today concentrated only together, for growth just region, an gigawatt new just site of could one load couple demand growth. And but not multiple location us what plants terms us in it looking for think is deploy is more the but

that now really and that little a bit size origination And the increased is the sites becoming level we're looking filter of for bigger. what scope it's of so are the the we're on side really doing

thing XX think we're I the us starting with about small such plants. these We're acres talking for nice for a is of each footprint.

now compare clean we're when starting especially land XXX of think land, other locations alternatives And look of acres. have where I for we which you lot to so a XXX of thousand need acres the really to is not it or that a couple

XX that I So we're opportunities looking that's deployment areas fleet look being that sort a start really aren't most of to able for gigawatt of solutions other lot to set-up pretty to a able And us a on at. us scale have talking at think allows incredible about and acres. potential

of really we're think like? to of And starting what And So kind at. of kind looking the looking grid first alluded are what going parcel probably or the does power I look think I the deployments it and what sort regions, to it these in we're we'll if that be grid. just plant look into away. and part we're those up is fleet at deployments, needs which sequencing of I going with just is, some of do other in The right MISO the X that of to to do are

the think going they're technology active also gas on area. in is the power side, center because type to the want technology, new especially a of to want generation going a redundancy they're power, on lot it see of but data folks I that have to this that to

way starts co-located be you're back-up to deployments. is, also future then play see And naturally, the deployments meter. so I think And on the behind power that batch become then to for plants future the going grid. can go it That the out of first just to those

have the the into of grid. redundancy you plant the So going

have the peaking going remarks, co-located that oxload ] You meter. the the of in mentioned oxygen have power like capability And we storage to we're prepared always [ behind storage. the

when little we're provide co-located. But guys that meter about the a to maybe So baseload even servicing behind to some just peaking it side. thinking we're back to how we're that to the you color able power bit the turn I'll give over always grid Brian on operational

you covered I Danny, think Yes. it well.

plants other the up necessarily few it's a it's scaling multiple always if you're -- side-by-side, not not is, always equipment. points Just doing

in let's that across multiple say, do it's of, a So the we and site same construction just the on this the There's same EPC let's the your And and same. indirect duplicate to plays say, cycle out powertrains. turboexpander, significant is overhead the course, power it's industry compressors, for construction combined do, doing a you're but costs significant there would you spreading larger foresee, plant the when turbines of are facility. savings just learnings pumps,

said there are So the -- then that some duplicate. in don't as and you items question,

still going have and control to You're one of water set treatment. one room

plants there And are cases, doing with So savings site. construction project-over-project. then in pure multiple savings same it's other on combining by the

on And on inflation curious capital couple just Helpful things. of of of a the for those. both then equipment,

fittings, it you valves, seeing finished for then equipment you also And that are -- you First, And electrical products cetera? me. on goods? more the and for broad-based or other is on that's upstream et pipes, it across is it materials those components are seeing it need, it manufactured

I mean, we're what Yes, it's Danny, right getting I'll that. the large now, take is directly equipment. engineered quotes for

definitely, there. So seeing it we're

electrical look getting we've leads you partners. that at purchasing equipment, exchangers, heat or the those with our long been quotes If either turbomachinery, indicative are things

all terms bulk, really be will the of through the that FEED. In Zachry coming of

fittings, exact anticipate We put whether estimate. it's the that at will really that do we come valves, on but that number this point. all through can't FEED increases, an commodities smaller anticipate So pipes,

have we I'd these thing negotiating things. other only the playbook And add do to for is, that a Yes. on

So we're have we indicatives. -- received

through process. still to the have go negotiating We

more there's we that can really on that point. say So

coming question line Betty next the from Our of Barclays. is Jiang with

just about you oxygen I help One, X extra storage So day frame is us gigawatt to to ask think X.X hours. want storage I about opportunity oxygen here. of talked equating this --

that a spare optionality Just excess initially? to how the into from currently generate to get-go you design that or design is the -- like in separate add decision make plant baked much currently capacity that how have to power oxygen is base much that

the question. Yes, Betty, thanks for

want oxygen a much site say, to battery recharge of able turn it things. be do give much I of you very really the storage. Brian want over how of do, I how to do to produce does and to to you have some high-level you in excess order on become would decision me customizable Let just to storage the before it sort

you So to do to How hours nuances of want application-by-application you -- much want to you it? going is want -- or days to quickly have? Brian, recharge add how do basis. many to and really it how quickly do be you an any want on to how storage

Yes, sure.

oxygen storage in the is let's So store but inherent gaseous We cycle. our as, oxygen, back-up. say, oxygen liquid would use we

forth So do question tank there just will start-up just the the it you XX% for site. you on how the the oversize oxygen do always we redundancy why you be put storage range liquid of some XX% saw that's of it at for size It's that need for mechanism. and a so or a minimum back-up And baseload. for of slide we to would

So how would considering each a economics on the discharging. in you this want it Danny to down how including really FEED, We're said, oversize and yes, how at and Permian. battery, much now we'll we application, comes treat of as would locks work potentially payback would you right to tank. our with But look the charging

So it be oversized. can

your Of takes to which it, baseload capacity. affect fill course, it would energy

at So something we application-by-application. be this look will

No, that's helpful.

the monetizing peak maybe single this of the but separately being NET plant, be power? would monetized thinking Power economic So this thinking through the as from is separately baseload a about side you solution,

Power the is the customer look about just what's think of going to it a to think really total I our Betty, you perspective, NET intrinsic value NET if plant. selling license build the lens a the of plant, Power Yes, through at from Right.

It's date to I it. eat this supplemental that focused And think much value really which baseload to has really internally supplement, of baseload. been output to power everything into on we've doing ascribe really we the facility. to peaking just haven't this doesn't been been the really trying

I data meter be the its think they dispatchable power these the The that the servicing their power. behind centers you're also sort on to a time, grid that night from daytime and of system but at it same set capability gets data solution benefit, look meet front to on power peaking lot power. the we year trying co-located center time, gets of the from kind the sort night the you're a days just at see starting reluctance can these I their data lot see happening to in meter, resistance see their of a is a both same to that grid of the while This operators, co-located of as needs what's everybody starting where put power, kind want. grid amount XXX of renewables what we think the now systems, situations. really to XX/X power of a at center the And the where what gets these is market to of load, provide for cycling peaking grid to that really able time response of dispatchable time. That's just needs the you to for on

so to compromising new the bit we but center just without with what's meet this a on figure data reliability there's a the little load both trying side, at within growth happening really of of system. I they're generation also out FERC, where are RTOs, think grid right now, the And with logjam how able to the

sitting at also that just need, of needs. centers the oxy-combustion co-located the and with provide grid can asset, demand of where kind same same capabilities process here of we're solution that's today So that peaking peaking baseload part do inherent the while time, meet the saying data power we're this both. that the we from kind the can We

in a you opportunities can like that right? prices, weather whether just the much, Brian's If just an XX-hour at in recharge to real those on events, power how there's nightly and you higher to to provide back earlier peaking mind capture be quickly area summers, value there, round-the-clock there's than higher grid there's prices. so there. And And If able can you're you it's point have can real is or hot cold where winters or dispatch? occurrence if to much seasonal value

the would say, intrinsic So math it's value of peaking this cost matter storage to our ASU you're piece in in coming long right, energy oxygen at probably if in load, there this duration to probably oxygen form the becomes be granted I you this really we for the to energy install of envelope slice of form of duration going down able is cheapest But is to oxygen capability. just turn cost the market. But ton suggests energy storage of this it, world. like storage look is relative the customized your value from. long tanks, a the no energy really But pick-up the where this storage, that back lowest because auxiliary to how again, is intrinsic each storage

a and the one be grid centers. that large really reliable really to load down market for coming really, meet the it's needs data struggle with meet able able both from XX/X to pike to that's given the being it's along power So something this interesting demand

next coming Our Molchanov line is with Raymond question from the James. Pavel of

zoom your the chopping potentially remarks, about kind gave Any be there block? changes Inflation some thoughts XXQ specifically on the there. some Act, to making I Congress out proverbial you In be of Reduction to might in the of election. conversations wanted that in of on Obviously, prepared cutting some post stuff XXQ. will concerns

to question, and with Yes. No, it's us really. good on call the great No, a it's today. have Pavel, not you

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I Appreciate context, of in back-up plans, there that B I'm eventualities. kind that. Plan all sure guess, same are for

international looks So opportunity maybe outside set like? What of the of kinds talk you're North the about of having kind conversations America?

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is markets but go able us just also plants And have it's value, be the to not America a largest these just to like after. intrinsic where for the scale and North just place so highest like

interest Australia markets America pick-up these are priority. But terms to some North So steam other our the at in as certainly really, starting of us, look around interesting really we over there. is world that of is to

is a bit little Asia Southeast interesting.

challenge really out I low-cost do to there going the bigger side. they really where figuring going to and are access to they now gas get is what think right on natural sequestration the are

up East market price over they you The in the the market before, planet continues just really sequestration just interesting we're an to biggest can that on just there the ambitions do power just have a Middle get on the gas for scale. side United or And they the cost the to so on on the mature, be do as continue as a progressing. to in we've is it. really some and here that is put on place are going allowing scaling an be going major paid conversations thing to there the mentioned to than East lowest rather value incentive free sequestration because The focused of then Middle States. And have

Act certainly think altogether. needs get that, they -- I going Energy to to interesting. Europe markets other will are solutions its certainly see NET these it like it But Power So do are people lead that together to will just the as be cost able United the in It's and lowest projects power States here economics little to more just really be with time Canada. compete of get the taking there countries these XX/X to to able to a of be bit clean solution. lot a

in So going And here that really to it's absolute technology absolute the just further right Canada the here scaled U.S.-based going we're is it's of to focused for and the U.S. be global commercialized biggest in deployments be benefit U.S., but line. markets, the in nice we not markets. down the think the this

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Sorry about that.

the is of question with coming Tuohy from line Noel Brothers. next Our Parks

partnership things. was been extending of additional some I've already One, thing couple to have -- a is, of necessary. direct or or of that the in or wondering I'm I assuming with to that access them expansions of there and one about thinking gas types players? Just you'd where various might about, be supply you infrastructure sites there you pipeline place any partnerships in mentioned is that gas regions, need value with Because ready pretty some are the upgrades others

fit into where if you wondering now. just So are picture that the

totally it does. Yes,

the we things is of sequestration. that looking transportation, of lot figure the think COX seeing now to supply when together picture these stakeholders interesting the like just systems and midstream of that you're these that transportation in a Power these regional one, that have a through of gathering to basins or potential providing folks strategic think we're that a in I of together of create where do of existing starting skill a hubs, long-haul one the deploy need right? out, those plants, the the interstate in whether to big pipelines part or all are is I like to want some the tangential companies NET it's as gas would come lot set come certainly, piece space gas I

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that provide So the we're and we're in those as I able transportation about conversations on with sequestration well. with the having supply of gas folks instances, say, would being COX conversations side, similar the to them of also many having the

alongside that both. us to to of create value dual it's becomes they another for within it sense? hubs. Does that them And be provide able some able do skill to be to set So that just these way make just

there interesting. those to for sort those arm's twining looking It Is the more for of is for of it does. the be provide would potential lines of It's of to do? vendor -- or length example, an capital really they for any sort situation

the -- No, with certain increasing of be I think assets. assets, will upgrading capacity they strategic more constructing new

natural COX our our of increasing underwrite is, volumes at just time, tons justifying to And certain we're one of a it's the gas justify COX the Power NET the capturing, plants. a that that can and I I being size mean, coming of think that's plants. the the we're XXX,XXX be lot nearly same these construction areas while the able plants talking each line just given about will increase of from able new pipeline, beauties of for to in demand like of that gas for

to Gulf Coast the no COX, that to sink. to X million the Obviously, building able putting to be And going of these you we're justify great And per tons really, configuration which X.X place build so on XX get to of a to But to a either NET plants the a -- X build X.X talking do tons right, to is Power talking of We're COX really back pipeline to X big year. million about States COX if to we going fleet not if really million we're about the to have you're there's to infrastructure. talked talking have if of deploying you're the much Midwest. NET to we of or like million Southeast year, as XXX can COX you're COX a store right top where the COX XXX it pipeline. across per Power United plants pipeline. about plants, mile that

And so underwrite need investments. those volume you're to to going able be to

infrastructure, on solutions going help Power is not to geologic And of able to may catalyze to be of sinks. these top so able NET those of one these that's be be to some areas new to that decarbonize be going right

infrastructure gas on see the the and natural players. line become could we them, the COX collaborative the strategic only demand us and we end it think I is but back certainly gas. revenue between They provide for want for increased not and very of which And does another can sequestration provide transport to that, plant. So

infrastructure So the and gas of between strategic and really, really players. relationship us symbiotic sort

at questions like now further to no call showing closing time. over this back the hand I'm to I'd Rice any for comments. Danny

on things with testing coming from this Okay. right now. with that year. Zachry back everybody, We're us will this A pike. today. work. excited lot be We're we're at joining of coming you, book the open for starting estimate Thank busy later The Baker

the back one to we I forward market in So additional commercialization anything with this path that towards to a to way you our of provide next on of updates will technology else. of beginning before get year think be coming look kind

plan, we just focused have and commercializing this down this So changing the our on executing world. heads technology

support, you. So your appreciate we chat soon. your Thank appreciate participation and will

participation. This you. Thank We teleconference. your does appreciate today's conclude

your of your day. this the disconnect time. at may lines You Enjoy rest