Net Power Inc. Acquires Owner Rights for 123 MW EPC Project

What Happened
Net Power, Inc. (through its indirect subsidiary Net Power, LLC) filed an 8-K reporting that on August 31, 2026 it closed an Assignment and Assumption Agreement to acquire EMPower USA, LLC’s rights and assume owner commitments under a December 15, 2025 EPC Agreement with Saulsbury Industries and related owner flow-down rights under a Wärtsilä equipment supply agreement. The EPC covers engineering, procurement and construction of an approximately 123‑megawatt reciprocating‑engine natural‑gas power generation facility using ten Wärtsilä 20V31SG‑B engine‑generator sets.

The Transaction consideration included a $40.0 million premium (with $20.0 million deposited pre-closing), reimbursement of $18,947,272.70 paid by EMPower, and assumption of contract commitments. On the Closing Date the Purchaser paid a total of $97,581,163.52 in cash (including $58,633,890.82 to Saulsbury for a milestone payment for Wärtsilä equipment). The EPC Agreement’s total contract price is $196,711,035.70; after payments made and reimbursements, remaining payment commitments are approximately $119.1 million, including a $10,153,524.85 Mobilization Payment due on or before October 15, 2026 under a consent from Saulsbury.

Key Details

• Closing date: August 31, 2026; press release issued September 3, 2026.
• Total EPC contract price: $196,711,035.70; Purchaser’s assumed payment commitments ≈ $177.8M before amounts paid on Closing; remaining ≈ $119.1M.
• Cash paid on Closing: $97,581,163.52 (includes $38,947,272.70 to EMPower and $58,633,890.82 milestone to Saulsbury).
• Project status & schedule: work suspended since July 1, 2026; Saulsbury extended deadline to deliver full notice to proceed and Mobilization Payment to October 15, 2026; relocation/resumption change order not yet executed and subject to negotiated caps on cost increases.

Why It Matters
This transaction transfers contractual owner rights and material construction and payment obligations for a 123 MW facility to Net Power’s subsidiary — a substantial operational step beyond prior development activities. The company used significant cash on hand at closing (~$97.6M) and now faces remaining payment commitments (≈$119.1M) and contractor negotiation risks (relocation change order, suspension charges, potential price escalation). Financing for remaining commitments is not committed (company expects cash on hand, project financing, customer funding or partner capital but has no firm commitments), and Net Power has not made a final investment decision on the Facility. Investors should note the immediate cash impact, the contingent future funding needs, and project execution risks documented in the 8‑K.