NET Power Inc.

Greetings and welcome to the Net Power Incorporated second quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Bryce Mendez, Director, Investor Relations. Please go ahead.

Thank you. Good morning everyone and welcome to Net Power's second quarter 2025 earnings conference call. With me on the call today, we have our Chief Executive Officer, Danny Rice, and our Chief Operating Officer, Mark Horstman. Yesterday, we issued our earnings release for the second quarter of 2025, along with an updated presentation, both of which can be found on our Investor Relations website at .NetPower.com. During this call, our remarks may include forward-looking statements. Actual results may differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with our business. These risks and uncertainties are discussed in our FTP filings. Please note that we assume no obligation to update any forward-looking statements. With that, I'll now pass it over to Danny Rice, Net Power's Chief Executive Officer.

Thanks, Bryce, and thanks everyone for joining our second quarter earnings call. Mark and I are excited to share some really positive developments. We're going to reference some slides in our latest investor presentation. I'd ask you all to have those handy and follow along. And after our prepared remarks, we'll open the line for questions. So let's get started. So the energy market's experiencing unprecedented demand, driven largely by the surge in artificial intelligence and data center growth. As noted on slide four, grid load growth from AI is outpacing the ability to add 24-7 generation, putting pressure on prices and grid reliability. For example, the 2025 PJM capacity auction saw cleared prices rise to $329 per megawatt per day, an 11x increase over two years. Corporate sustainability goals are now competing with reliability and affordability concerns compounded by long interconnect cues and rising intermittency in local grids. From our conversations with prospective customers, the focus is now on securing reliable power as soon as possible and having credible pathways to decarbonize over time. We've seen more and more announcements along these lines. Capture ready gas projects, pairing gas projects with nature-based offsets, and we've even started to see next-gen nuclear link up with gas power developers to create a bridge. We think many of those solutions are optical at best, with no tangible industrial, mechanical, or thermodynamic bond between these gas solutions and these clean solutions. Be that as it may, the market is signaling its need to utilize gas because of its availability, reliability, and affordability, but wanting a credible, demonstrable pathway to lower emissions in the future. So what does this have to do with net power? Our net power cycle can be a fairly autonomous technology. It's sufficient in generating power from natural gas and inherently capturing the CO2 in the process, but it doesn't need to be self-sufficient, especially if integrating with other solutions that unlocks a pathway to give the market what it needs now, more reliable power, and what it wants in the future, lower emissions.