DURHAM – NET Power, co-owned by multiple entities including Durham-based 8 Rivers Capital, is adding another strategic partner and investor, the company announced today.
Baker Hughes, an energy technology company based in Houston, Texas, has joined with and invested in NET Power to advance the technical and commercial development of the organization’s electric power system.
NET Power’s power system does not generate atmospheric emissions and “inherently captures all carbon dioxide,” according to a company statement.
The partnership includes McDermott; Constellation; Oxy Low Carbon Ventures, a subsidiary of Occidental; 8 Rivers Capital, and now Baker Hughes.
According to a statement, Baker Hughes will apply its “advanced technology capability to develop supercritical CO₂ turboexpanders and other critical pumping and compression technology for NET Power plants.”
NET Power announced last year that it would build a plant in Colorado in partnership with The Southern Ute Indian Tribe Growth Fund. In announcing that project, NET Power called the project “paradigm shifting,” noting that when completed, the plant would produce 280 megawatts of clean power every hour of every day while simultaneously capturing and storing carbon dioxide.
The company’s technology is known as the Allam Cycle, which 8 Rivers Capital told WRAL TechWire in 2018 was “the only technology that will enable the world to meet all of its climate targets without having to pay more for electricity.”
NET Power is working with other clients, the company statement noted. Plants could come online within the next four years, NET Power said. Once completed, the company’s clean power plants will “operate with high efficiency and produce only electricity, water, and pipeline-ready or sequestration-ready CO₂ that will be permanently locked away from the atmosphere,” the company statement noted.
The company wishes to see rapid adoption of its technology solution, and could license the technology to other customers who seek to decarbonize industrial and energy sectors, according to the statement.
“Having recently demonstrated the NET Power technology with the synchronization of our La Porte, Texas, plant to the grid, NET Power now welcomes Baker Hughes into NET Power,” said Ron DeGregorio, CEO of NET Power, in the statement. “Our focus now shifts excitedly to full commercialization and global deployment, and the world-class experience of Baker Hughes fully completes and strengthens the NET Power team’s plan to deliver this innovative clean-energy system.”