DURHAM – NET Power is moving closer to building what it calls “the world’s first large-scale gas-fired power facility with near-zero emissions” and includes carbon capture technology.

The Durham based, privately held company announced this week it had selected Zachry Group as the engineering firm for the project. And it’s a big one.

The NET Power Process

The NET Power process from the company’s website

The facility, which is to be built near Odessa, Texas, will cost between $750 million and $950 million, a company spokesperson tells WRAL TechWire.

The selection of Zachry Group, which is based in San Antonio, follows NET Power’s announcement in December to pursue going public in a merger with Rice Acquisition Corp. The move would be valued at $1.46 billion and is backed by “$235 million of committed investments” from backers such as 8 Rivers, the Rice family and Occidental. Danny Rice, the leader of the Rice Group, will be NET Power’s CEO as part of the deal, which is expected to close in the second quarter.

The new plant is also expected to benefit from federal legislation regarding carbon capture and from other incentives.

The future of electricity? Durham’s NET Power charges forward with zero emissions tech

“NET Power is pursuing government support available at the federal, state, and local level, with special focus on grant and loan opportunities arising from the Bipartisan Infrastructure Law [passed last year],” the company said in November’s announcement for the plant.

“The long-term opportunity for NET Power projects is further improved with the Inflation Reduction Act and its enhancements to the 45Q carbon capture tax credit available to capturing facilities. To qualify for these credits, electric generation units must be designed to capture at least 75 percent of carbon dioxide emissions, a number which NET Power facilities easily exceed.”

NET Power. Image from NET Power video embedded on company website.

NET Power already operates a demonstration plant for its technology in Texas. Design work for the larger plant is expected to be completed in 2024, according to the company. Target launch date is 2026.

“NET Power’s patented oxy-combustion supercritical CO2 power cycle has already undergone successful proof of concept at its demonstration facility in La Porte, Texas,” the company points out.

“The construction and operation of NET Power’s first utility-scale plant will pave the way for more environmentally responsible power generation, marking a major milestone in NET Power’s mission to deliver the energy trifecta—clean, reliable, and low-cost energy.”