NET Power Inc (NPWR) 2024 Q3 法說會逐字稿

Greetings and welcome to the NET Power Third Quarter 2024 Earnings Call.

您好，歡迎參加 NET Power 2024 年第三季財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

A question-and-answer session will follow the formal presentation.

正式演講後將舉行問答環節。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce Bryce Mendes, Director, Investor Relations.

現在我很高興向大家介紹投資者關係總監布萊斯門德斯 (Bryce Mendes)。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good morning and welcome to NET Power's third quarter 2024 earnings conference call.

早上好，歡迎參加 NET Power 2024 年第三季財報電話會議。

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.

今天與我一起參加電話會議的還有我們的執行長 Danny Rice；我們的總裁兼營運長布萊恩艾倫 (Brian Allen)；以及我們的財務長阿卡什·帕特爾。

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.

昨天，我們發布了 2024 年第三季的收益報告，您可以在我們的投資者關係網站上找到該報告以及 ir.netpower.com 上的簡報。

During this call, our remarks and responses to questions may include forward-looking statements.

在這次電話會議中，我們的言論和對問題的回答可能包括前瞻性陳述。

Actual results may differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with our business.

由於與我們業務相關的風險和不確定性，實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異。

These risks and uncertainties are discussed in our SEC filings.

我們向 SEC 提交的文件中討論了這些風險和不確定性。

Please note that we assume no obligation to update any forward-looking statements.

請注意，我們不承擔更新任何前瞻性陳述的義務。

With that, I'll now pass it over to Danny Rice, NET Power's Chief Executive Officer.

現在，我將把它交給 NET Power 執行長 Danny Rice。

Good morning everybody and thanks for joining us.

大家早安，感謝您加入我們。

The team has some positive updates for you today.

團隊今天為您帶來了一些積極的更新。

And as we've done on previous calls, I'll provide some overview comments before passing it over to Brian and Akash for the operational and financial updates.

正如我們在之前的電話會議中所做的那樣，我將提供一些概述評論，然後將其傳遞給 Brian 和 Akash 以獲取營運和財務更新。

We continue to focus our efforts on developing and improving our technology at the utility-scale, which starts with Baker Hughes' validation testing at our La Porte facility.

我們繼續專注於在公用事業規模上​​開發和改進我們的技術，這首先從貝克休斯在我們拉波特工廠的驗證測試開始。

We recently kicked off Phase 1 of our equipment validation program with Baker at La Porte, which will result in the down selection of the oxy-fuel burner.

我們最近與 La Porte 的 Baker 一起啟動了設備驗證計劃的第一階段，這將導致全氧燃燒器的向下選擇。

I'd like to extend a big thanks to our site team and operational partners for their hard work in getting us to this point.

我要向我們的網站團隊和營運合作夥伴表示衷心的感謝，他們的辛勤工作讓我們走到了這一步。

We celebrate this milestone as it marks a critical step towards developing and improving our technology at the utility-scale and we look forward to progressing through our outlined four-phase testing program at La Porte with Baker Hughes now through 2026.

我們慶祝這一里程碑，因為它標誌著我們在公用事業規模上​​開發和改進技術的關鍵一步，我們期待著從現在到 2026 年，與貝克休斯一起在 La Porte 完成我們概述的四階段測試計劃。

We're excited to announce the selection of Air Liquide as our air separation supplier for Project Permian FEED, marking another significant milestone for the team.

我們很高興地宣布選擇液化空氣作為二疊紀飼料項目的空氣分離供應商，這標誌著該團隊的另一個重要里程碑。

The air separation unit represents one of the major equipment components of the NET Power plant.

空氣分離裝置是 NET 發電廠的主要設備組件之一。

We look forward to working alongside the Air Liquide team on Project Permian and future opportunities as we continue to build out our standardized NET Power plant design.

我們期待與液化空氣團隊在二疊紀項目上合作，並在我們繼續建造標準化淨電廠設計的過程中尋找未來的機會。

Shifting gears, we held an Investor Day in early September where we outlined a recent market study conducted in collaboration with Boston Consulting Group.

換個方式，我們在 9 月初舉辦了投資者日活動，概述了最近與波士頓顧問集團合作進行的一項市場研究。

In summary, the opportunity set for 24/7 low-carbon energy is immense and our targeted North American competitive markets of MISO, ERCOT, PJM, CAISO, and AESO, we view the serviceable opportunity is as high as 2,000 NET Power plants, focusing on the areas with sufficient CO2 storage and infrastructure in place.

總之，24/7 低碳能源的機會是巨大的，我們的目標是北美競爭市場 MISO、ERCOT、PJM、CAISO 和 AESO，我們認為可服務的機會高達 2,000 個淨電廠，重點在於二氧化碳儲存充足且基礎設施到位的地區。

And again, this opportunity set is before moving into regulated markets with utilities.

再說一遍，這個機會是在公用事業公司進入受監管市場之前提供的。

In our view by leveraging clean cheap and abundant natural gas, NET Power presents as the lowest cost quickest to market option to provide clean, affordable, and reliable power.

我們認為，透過利用清潔、便宜和豐富的天然氣，NET Power 是提供清潔、負擔得起和可靠電力的成本最低、上市速度最快的選擇。

And we're focused on executing against our strategic pillars to ensure we can realize this massive opportunity set here in North America.

我們專注於執行我們的戰略支柱，以確保我們能夠實現北美的這一巨大機會。

On the market front, we continue to believe the world will be short clean baseload power and NET Power will be well-positioned to be the first-to-market with a proven and scalable clean power solution.

在市場方面，我們仍然相信世界將缺乏清潔基載電力，而 NET Power 將處於有利位置，成為第一個擁有經過驗證且可擴展的清潔電力解決方案的市場。

We've seen a handful of announcements lately from tech firms with early-stage nuclear companies, but load growth will not wait a decade for new generation solutions to be proven out.

我們最近看到了一些擁有早期核電公司的科技公司發布的公告，但負載成長不會等待十年才能證明新一代解決方案的有效性。

With Project Permian coming online in 2027/2028, we'll be in excellent position to capture a meaningful portion of this demand nearly a decade ahead of other potential solutions.

隨著二疊紀計畫於 2027/2028 年上線，我們將處於有利地位，比其他潛在解決方案提前近十年來捕獲這一需求的有意義的部分。

And it's not just getting to market sooner, but it's doing so with solutions without compromise.

它不僅僅是更快地進入市場，而是透過不妥協的解決方案來實現這一目標。

One of the dual challenges the grid is facing is filling large baseload growth with new clean power, while also supplying flexible peaking power to the grid.

電網面臨的雙重挑戰之一是用新的清潔電力滿足基荷的大幅成長，同時為電網提供靈活的調峰電力。

There's no solution today that can do both at the same time but our oxy-combustion cycle inherently can do this.

目前還沒有解決方案可以同時做到這兩點，但我們的富氧燃燒循環本質上可以做到這一點。

One of the features we've been advancing more thoroughly is the application of our oxygen-based storage which acts as a battery for our ASU auxiliary load.

我們一直在更徹底地推進的功能之一是氧基儲存的應用，它充當 ASU 輔助負載的電池。

Our oxy-combustion process utilizes oxygen to generate clean power and storing excess oxygen on site enables us to utilize this oxygen in lieu of the air separation unit, which increases our net electric output.

我們的富氧燃燒過程利用氧氣產生清潔電力，並在現場儲存多餘的氧氣，使我們能夠利用這種氧氣代替空氣分離裝置，從而增加我們的淨電力輸出。

On slide 6, we have illustrated this configuration which we think is an entirely practical and economic way to provide power to co-located assets like data centers, while simultaneously providing peaking power to the grid.

在投影片 6 中，我們展示了這種配置，我們認為這是一種完全實用且經濟的方式，可以為資料中心等共置資產提供電力，同時為電網提供尖峰電力。

So the data center complex always receives its 24/7 power and the grid receives the peaking power of our oxygen-based storage.

因此，資料中心綜合體始終接收其 24/7 電力，而電網接收我們基於氧氣的儲存的尖峰電力。

And in terms of storage and dispatch capacity, a day's worth of oxygen stored equates to 1.2 gigawatt hours and dispatch can be anywhere from 15 megawatts to 80 megawatts.

就儲存和調度能力而言，一天儲存的氧氣相當於 1.2 吉瓦時，調度量可以從 15 兆瓦到 80 兆瓦不等。

So we're talking extremely large energy storage potential, which we think can be far more economical than traditional battery storage.

因此，我們談論的是巨大的能源儲存潛力，我們認為這比傳統的電池儲存要經濟得多。

In commercial conversations, the early response to this hybrid application has been extremely positive, and it's something we're looking to incorporate into many of our originated projects.

在商業對話中，對這種混合應用程式的早期反應非常積極，我們希望將其納入我們的許多原創項目中。

Additionally, we'll have a small oxygen storage at Project Permian to help validate this application.

此外，我們將在二疊紀專案中建立一個小型氧氣儲存庫，以幫助驗證此應用程式。

While the future clean energy mix will certainly require multiple technologies, it's a good time to reiterate what NET Power is focusing on today.

雖然未來的清潔能源組合肯定需要多種技術，但現在正是重申 NET Power 今天關注的重點的好時機。

We are actively progressing the financing and supply offtake discussions for our first commercial scale plant Project Permian based on current market pricing conditions.

我們正在根據目前的市場定價條件，積極推進我們首個商業規模工廠二疊紀專案的融資和供應承購討論。

Getting our first utility-scale plant financed and operational with safe reliable operations will change the world and catalyze our future fleet deployments.

讓我們的第一座公用事業規模工廠獲得融資並以安全可靠的方式投入運行，將改變世界並促進我們未來的機隊部署。

Meanwhile, we continue to push forward on the origination front.

同時，我們繼續在源頭戰線上推進。

Our origination approach gives us total creative latitude of how we commercialize our technology and how we structure the financial and operational terms around future NET Power clean energy hubs.

我們的創始方法為我們提供了完全的創造性自由，包括如何將我們的技術商業化，以及如何圍繞未來的 NET Power 清潔能源中心建立財務和營運條款。

We're developing an extensive shadow backlog of projects by tackling the low dollar early development work now, such that when our first utility-scale project is up and running we have that visibility into where the next 10-plus originated hubs can go with each hub with the ability to support two to 20 NET Power plants.

我們現在正在透過解決低美元的早期開發工作來開發大量的影子積壓項目，這樣當我們的第一個公用事業規模項目啟動並運行時，我們就可以了解接下來的10 多個起源中心可以與每個中心一起去哪裡中心能夠支援 2 到 20 個 NET 發電廠。

At our first originated project in Northern MISO OP1, we continue to support the MISO interconnect process and are progressing through the site and permitting phase.

在我們位於北部 MISO OP1 的第一個專案中，我們繼續支持 MISO 互連流程，並正在完成選址和許可階段。

Our interconnect there is sized for 300 megawatts.

我們在那裡的互連規模為 300 兆瓦。

So our plan here is power from the first plant or two goes to the grid to bring reliable clean power to MISO and any future plants can be connected to the grid for peaking while baseload is servicing co-located load from data centers.

因此，我們的計劃是，第一座或第二座工廠的電力進入電網，為MISO 帶來可靠的清潔電力，並且任何未來的工廠都可以連接到電網以實現峰值，同時基本負載為來自數據中心的同地負載提供服務。

We're in a region that we believe could have total CO2 storage capacity for a dozen or more NET Power plants.

我們相信我們所在的地區可以擁有可供十幾個或更多淨發電廠使用的總二氧化碳儲存容量。

Up in Alberta, we recently signed an MOU with a local partner and are jointly progressing through the project feasibility phase.

在艾伯塔省，我們最近與當地合作夥伴簽署了一份諒解備忘錄，並正在共同推進專案可行性階段。

And Alberta is quickly becoming a focus area for data center growth because of favorable ambient temperatures for data center cooling, proximity to low-cost natural gas for energy and favorable industry and regulatory environments that support economic growth.

由於有利於資料中心冷卻的環境溫度、靠近低成本天然氣能源以及支持經濟成長的有利產業和監管環境，艾伯塔省正迅速成為資料中心成長的重點地區。

Back in the US, we're pursuing several MOUs in the western part of the country to establish NET Power hubs, again a combination of providing clean power to the grid to restore reliability plus providing co-located power for data centers.

回到美國，我們正在該國西部地區尋求幾份諒解備忘錄，以建立 NET Power 中心，再次向電網提供清潔電力以恢復可靠性，並為資料中心提供同地供電。

This is the right technology for what the world needs for the coming decades and we look forward to sharing more information on these opportunities when appropriate.

這是滿足世界未來幾十年需求的正確技術，我們期待在適當的時候分享更多有關這些機會的資訊。

Quick reaction to the election -- to the US election.

對選舉的快速反應——對美國大選。

We're on the doorstep of commercializing a breakthrough solution that both sides can get behind, one that the power sector wants to succeed and one that the tech industry needs in order to meet their clean energy needs.

我們即將將雙方都可以支持的突破性解決方案商業化，電力產業希望獲得成功，科技業也需要這樣的解決方案來滿足其清潔能源需求。

We look forward to working with the new administration to facilitate broad commercialization of our clean affordable reliable power solution.

我們期待與新政府合作，促進我們清潔、經濟、可靠的電力解決方案的廣泛商業化。

So with that, I'll hand it over to Brian for the operational updates.

因此，我會將其交給 Brian 進行操作更新。

Thanks, Danny.

謝謝，丹尼。

I would like to echo Danny's sentiment and congratulate our La Porte team and our partners that have worked tirelessly this last year to upgrade the facility and begin plant and combustor test rig commissioning for Phase 1 of the Baker Hughes validation campaigns.

我想同意丹尼的觀點，並祝賀我們的La Porte 團隊和我們的合作夥伴，他們去年不知疲倦地工作，升級了設施，並開始為貝克休斯驗證活動的第一階段進行工廠和燃燒室測試台調試。

Thanks to the Baker Hughes team, and thanks to Constellation's site staff and leadership team that supported us.

感謝貝克休斯團隊，感謝星座的現場工作人員和領導團隊對我們的支持。

Together, we manage a set of highly skilled contractors and craft that worked over 140,000 hours to complete these upgrades, all while working safely with no recordable injuries.

我們共同管理著一群技術精湛的承包商和製程人員，他們工作了超過 14 萬個小時來完成這些升級，同時安全工作，沒有發生可記錄的傷害。

They installed several new pieces of major equipment, welded over 2,000 feet of stainless steel piping and installed approximately 80 new instruments and over a dozen new valves to improve the facility's operational flexibility for the upcoming campaigns.

他們安裝了幾台新的主要設備，焊接了 2,000 多英尺的不銹鋼管道，並安裝了大約 80 台新儀器和十多個新閥門，以提高該設施在即將到來的活動中的運作靈活性。

It is worth noting that while the initial validation campaigns are targeted towards Baker Hughes combustion system, NET Power will benefit immensely from the overall plant's operation.

值得注意的是，雖然最初的驗證活動針對貝克休斯燃燒系統，但 NET Power 將從整個工廠的運作中受益匪淺。

We have incorporated lessons learned from prior testing, not only in the physical facility design, but in the control system and way we collect and utilize our plant data.

我們不僅在實體設施設計中，而且在控制系統以及我們收集和利用工廠數據的方式中吸取了先前測試的經驗教訓。

The additional plant data will allow us to further improve our plant operations and to calibrate our process simulation models that were the original basis of the plant design.

額外的工廠數據將使我們能夠進一步改進工廠運作並校準作為工廠設計原始基礎的製程模擬模型。

Our goal is to develop highly accurate digital twin virtual models of our demonstration plant at La Porte and our utility-scale plants like Project Permian.

我們的目標是為 La Porte 示範工廠和二疊紀專案等公用事業規模工廠開發高精度數位孿生虛擬模型。

We can then apply AI machine learning algorithms to the digital twin to help our engineers more rapidly improve our plant design and performance.

然後，我們可以將人工智慧機器學習演算法應用於數位孿生，以幫助我們的工程師更快地改進我們的工廠設計和性能。

Turning to slide 10.

轉到投影片 10。

The operations team is executing on schedule against our highlighted equipment validation campaigns with Baker Hughes.

營運團隊正在按計劃與貝克休斯一起執行我們重點關注的設備驗證活動。

The first two phases of equipment validation are being conducted in a Baker Hughes combustor test rig, shown on the bottom right of this slide.

設備驗證的前兩個階段正在貝克休斯燃燒室試驗台中進行，如本幻燈片右下角所示。

The test rig was assembled in Baker Hughes Florence, Italy facility and installed in NET Power and La Porte demonstration facility during the third quarter of 2024.

該測試裝置在義大利佛羅倫薩貝克休斯工廠組裝，並於 2024 年第三季安裝在 NET Power 和 La Porte 示範工廠。

We recently commenced commissioning of the first phase of Baker Hughes equipment validation at La Porte on schedule.

我們最近開始按計畫在拉波特進行貝克休斯設備驗證第一階段的調試。

This first phase will ultimately result in the down selection of the combustor burner that will be used in future validation phases at La Porte as well as Project Permian and beyond.

第一階段最終將導致燃燒室燃燒器的向下選擇，該燃燒器將用於 La Porte 以及二疊紀項目及其他項目的未來驗證階段。

In the past couple of weeks we have been flowing CO2 and oxygen streams through the test rig and dialing in the upgraded plant equipment and controls to ensure the conditions required by Baker Hughes specification are being achieved.

在過去的幾周里，我們一直在試驗台中輸送二氧化碳和氧氣流，並調整升級後的工廠設備和控制裝置，以確保達到貝克休斯規範要求的條件。

It is great to see the plant operating as intended and embarking on this multi-year campaign.

很高興看到該工廠按預期運作並開始這項多年活動。

Upon successful completion of Phase 1 testing, we will roll into Phase 2, taking the selected oxy-fuel burner and testing it alongside a combustion liner and other hardware to form a single demonstrator size combustion can.

在成功完成第一階段測試後，我們將進入第二階段，採用選定的氧燃料燃燒器並將其與燃燒襯套和其他硬體一起進行測試，以形成單一演示器尺寸的燃燒槽。

The next slide shows some of the Baker Hughes hardware currently in manufacturing in Florence or at their suppliers' facilities.

下一張幻燈片顯示了目前在佛羅倫薩或其供應商工廠生產的一些貝克休斯硬體。

As we have mentioned in previous communications, the Baker team is dual tracking the development of the demo scale turboexpander for La Porte and utility-scale turboexpander for Project Permian.

正如我們在先前的通訊中提到的，貝克團隊正在雙重追蹤 La Porte 演示級透平膨脹機和 Permian 專案公用事業規模透平膨脹機的開發。

The left-hand side of this slide shows some of the demonstrator turboexpander components including a single bucket also known as a Blade, a nozzle segment also known as a [indiscernible] segment, and the casting of their primary outer casing that will house the combustion cans.

這張幻燈片的左側顯示了一些演示透平膨脹機部件，包括單個鏟鬥（也稱為葉片）、噴嘴段（也稱為[音頻不清晰]段）以及用於容納燃燒室的主外殼的鑄造件罐頭。

On the right-hand side, you can see the utility-scale turboexpander's external casing, along with a simplified 3D utility-scale turboexpander model.

在右側，您可以看到公用事業規模透平膨脹機的外殼，以及簡化的 3D 公用事業規模平整膨脹機模型。

It is great to see hardware in production to meet our Project Permian schedule and demonstrates the concurrent engineering approach that NET Power and Baker Hughes are taking in our turboexpander joint development program.

很高興看到硬體投入生產以滿足我們的二疊紀專案時間表，並展示了 NET Power 和貝克休斯在我們的透平膨脹機聯合開發計劃中採用的平行工程方法。

On slide 12, we provide a few updates on Project Permian.

在投影片 12 上，我們提供了有關二疊紀專案的一些更新。

We remain on track for initial power generation in the latter half of 2027 to first half of 2028.

我們仍有望在 2027 年下半年至 2028 年上半年首次發電。

Yesterday, we announced our selection of Air Liquide as the air separation unit supplier for the Project Permian FEED.

昨天，我們宣布選擇液化空氣作為二疊紀飼料計畫的空氣分離裝置供應商。

Air Liquide has been an outstanding partner for years at La Porte where their adjacent ASU facility supplies us industrial gases and other services.

液化空氣集團多年來一直是 La Porte 的傑出合作夥伴，其鄰近的 ASU 工廠為我們提供工業氣體和其他服務。

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

我們很高興能夠與一家與我們擁有相同技術創新價值觀並專注於永續發展的公司繼續合作。

Regarding the ASU design, we are progressing the FEED for [2 x 50%] configuration for Project Permian.

關於 ASU 設計，我們正在推進二疊紀專案 [2 x 50%] 配置的 FEED。

This configuration entails construction of two separate adjacent ASUs, each one delivering approximately 2,000 tons per day of oxygen to meet our total requirements of approximately 4,000 tons of oxygen per day.

這種配置需要建造兩個獨立的相鄰 ASU，每個 ASU 每天輸送約 2,000 噸氧氣，以滿足我們每天約 4,000 噸氧氣的總需求。

ASUs of this smaller size are easier to transport to Project Permian and the majority of the sites we anticipate building NET Power plants.

這種較小尺寸的空分裝置更容易運輸到二疊紀專案和我們預計建造 NET 發電廠的大多數地點。

It is also a more prevalent size in the industrial gas industry and will allow us to leverage a more robust supply chain as we scale into manufacturing mode in the future.

這也是工業氣體產業中更普遍的規模，將使我們能夠在未來擴展到製造模式時利用更強大的供應鏈。

During Q3, we publicly announced the signing of our third Limited Notice to Proceed with Baker Hughes for a total of approximately $90 million of purchases for long lead materials required to meet schedule for the utility scale turboexpander and related key process equipment.

在第三季度，我們公開宣布與貝克休斯簽署了第三份有限通知，採購總額約 9000 萬美元的長週期材料，以滿足公用事業規模透平膨脹機和相關關鍵工藝設備的進度。

Additionally to preserve our schedule, purchase orders were placed for identified long lead electrical equipment denoted here on this slide.

此外，為了維持我們的時間表，也針對本投影片中所示的已確定的長引線電氣設備下了採購訂單。

The FEED for Project Permian with Zachry Group remains on schedule to conclude in the fourth quarter of this year, which will include the cost estimate, schedule and overall plant design deliverables for the project.

Zachry Group 與二疊紀專案的 FEED 仍按計劃於今年第四季完成，其中將包括該專案的成本估算、進度表和整體工廠設計交付成果。

Moving into next year, we plan for Zachry's engineering team to roll out of the FEED phase and write into continued engineering work with substantially the same team.

進入明年，我們計劃讓 Zachry 的工程團隊退出 FEED 階段，並與基本相同的團隊一起繼續進行工程工作。

This work will include detailed design, value engineering where feasible and not impacting schedule and incorporation of Air Liquide's ASU FEED into the overall plant EPC contract.

這項工作將包括詳細設計、在可行且不影響進度的情況下進行價值工程，以及將液化空氣的 ASU FEED 納入整個工廠 EPC 合約。

We are underway with Zachry preparing the contract and execution plan for the kick-off of the EPC phase and beginning of construction for the second half of 2025.

我們正在與 Zachry 一起為 EPC 階段的啟動和 2025 年下半年開始施工準備合約和執行計劃。

I will now pass it to Akash for the financial updates.

我現在將其傳遞給 Akash 以獲取最新財務資訊。

Thanks, Brian.

謝謝，布萊恩。

As mentioned in Brian's comments, Zachry's estimating team is hard at work preparing the total cost roll-up for Project Permian which we expect to receive in December.

正如 Brian 的評論中提到的，Zachry 的估算團隊正在努力準備二疊紀專案的總成本匯總，我們預計將在 12 月收到該資訊。

This initial estimate will be subject to review and negotiation prior to the EPC contract being executed.

在執行 EPC 合約之前，該初步估算將接受審查和談判。

Similar to other market participants, we expect to see continued inflation in capital equipment and construction costs compared to our previously provided guidance of $1.1 billion for Project Permian.

與其他市場參與者類似，與我們先前為二疊紀計畫提供的 11 億美元指引相比，我們預計資本設備和建築成本將持續上漲。

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

重要的是，我們也預期這種通膨將被清潔可靠電力市場價格的持續改善所抵消。

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

我們正在積極就二疊紀專案的主要供應和承購進行談判，並期待在最終確定後分享更多資訊。

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

此外，我們將繼續與現有的業主團體就二疊紀專案的資本形成進行合作，我們預計將在費用結束以及供應和承購協議後最終確定該專案。

Moving to slide 14.

轉到投影片 14。

NET Power continues to prudently deploy our capital ending the third quarter of 2024 with approximately $580 million of cash and investments.

截至 2024 年第三季度，NET Power 繼續謹慎部署我們的資本，擁有約 5.8 億美元的現金和投資。

In the third quarter, our cash flow used in operations was approximately $8 million which included a cash payment of approximately $5 million under the Baker Hughes JDA.

第三季度，我們的營運現金流量約為 800 萬美元，其中包括根據貝克休斯 JDA 支付的現金約 500 萬美元。

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

如前所述，隨著我們組織的建設、與貝克休斯的聯合開發計劃的進展以及 La Porte 的活動的增加，我們預計營運中使用的現金流量將繼續增加。

For the quarter, our total capital expenditures were approximately $22 million comprised of approximately $10 million of capitalized costs associated with ongoing Project Permian development activities and approximately $13 million spent on La Porte modifications and upgrades ahead of testing.

本季度，我們的總資本支出約為2,200 萬美元，其中包括與正在進行的二疊紀專案開發活動相關的約1,000 萬美元資本化成本，以及測試前用於La Porte 改造和升級的約1,300 萬美元。

NET Power's fully diluted share count was approximately 249 million shares as of September 30.

截至 9 月 30 日，NET Power 完全稀釋後的股票數量約為 2.49 億股。

This was comprised of approximately 215 Class A and Class B vested shares, 19.5 million shares issuable upon the exercise of outstanding public and private warrants, which if exercised would give NET Power an additional $225 million of cash, 2.7 million shares subject to earn-outs or vesting requirements and approximately 11.5 million authorized shares issuable pursuant to the joint development agreement with Baker Hughes.

其中包括約215 股A 類和B 類既定股票、1,950 萬股可在行使未償還公開和私人認股權證後發行的股票，如果行使，將為NET Power 帶來額外2.25 億美元的現金、270 萬股受獲利影響的股票或歸屬要求，以及根據與貝克休斯的聯合開發協議可發行約 1,150 萬股授權股份。

For a detailed breakdown of our diluted share count, please refer to our annual and quarterly financials on file with the SEC.

有關我們稀釋後股份數量的詳細細目，請參閱我們向 SEC 備案的年度和季度財務數據。

That concludes our prepared remarks.

我們準備好的演講到此結束。

I'll now pass it back to the operator to open up the line for Q&A.

我現在將其傳回接線員以打開問答線路。

Thanks.

謝謝。

Thank you.

謝謝。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

Thomas Merrick, Janney Montgomery Scott.

湯瑪斯·梅里克，珍妮·蒙哥馬利·史考特。

Yes.

是的。

Good morning.

早安.

Thanks for the time.

謝謝你的時間。

A couple of questions.

有幾個問題。

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

我將從在一個站點上整合多個 NET Power 工廠開始。

Just curious if you can walk through both the opportunities for cost savings and just the challenges of integrating multiple plants things like shared control rooms, CO2 export compression, ASU those types of things?

只是好奇您是否可以了解整合多個工廠的成本節約機會和挑戰，例如共享控制室、二氧化碳出口壓縮、空分裝置等類型的東西？

And then I have a follow-up on the capital equipment inflation.

然後我對資本設備通膨進行了追蹤。

Yes.

是的。

Hey, Thomas, this is Danny.

嘿，托馬斯，這是丹尼。

Good to have you on today.

很高興今天有你在。

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

我想我會介紹一些類似經濟命題的內容，然後布萊恩可以介紹其中的一些技術操作上的細微差別。

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

我認為，當我們審視二疊紀計畫的第一座工廠時，它將成為我們有史以來建造的最昂貴的工廠中的第一個，而且它將是一個單一的單元。

I think as we look at just getting down the cost down curve the CapEx curve for all future plants those capital improvements are really going to come from a combination of just getting into manufacturing mode and deploying more of these plants, just continuous improvement in iterations from one generation to the next.

我認為，當我們著眼於降低所有未來工廠的成本下降曲線和資本支出曲線時，這些資本改進實際上將來自進入製造模式和部署更多此類工廠的組合，以及不斷迭代的改進一代人到下一代人。

But we really do see like the largest cost savings in terms of overnight cost of a new -- NET Power plant is really going to come from being able to deploy multiple plants together in a fleet configuration.

但我們確實看到，就新的 NET 發電廠的隔夜成本而言，最大的成本節省確實來自於能夠在機群配置中一起部署多個發電廠。

So I think like the nice thing for us sitting here today is not only is it more economic for us to deploy multiple plants together, but it's also what the market is looking for in terms of just new load growth.

因此，我認為對我們今天坐在這裡的好處不僅是對我們來說同時部署多個工廠更加經濟，而且這也是市場在新負載成長方面所尋求的。

And not just load growth across an entire region, but load growth at a concentrated site where one location could see demand for a gigawatt or a couple of gigawatts of power.

不僅是整個地區的負載成長，而且集中站點的負載成長，其中一個位置可能需要一千兆瓦或幾千兆瓦的電力需求。

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

因此，我們現在在發起方面真正要做的是，確實提高了範圍的過濾級別，並且我們正在尋找的網站的大小變得更大了。

I think the nice thing for us is we're starting with such a small footprint.

我認為對我們來說好處是我們從很小的足跡開始。

We're talking about 15 acres for each of these plants.

我們討論的是每種植物的種植面積為 15 英畝。

And so we're really now starting to look for locations, where we have 100 or 200 acres of land, which is not a lot of land I think especially, when you compare it to the other clean alternatives that need a couple of thousand acres.

因此，我們現在確實開始尋找擁有 100 或 200 英畝土地的地點，我認為這並不是很多土地，特別是當你將其與其他需要數千英畝的清潔替代品進行比較時。

So we're talking about being able to have a gigawatt scale sort of fleet deployment on 60 acres.

因此，我們談論的是能夠在 60 英畝的土地上部署千兆瓦級的車隊。

And that's a pretty incredible set-up for us that allows us to really start looking at a lot of areas and opportunities that I think most other potential solutions aren't able to look at.

這對我們來說是一個非常令人難以置信的設置，它使我們能夠真正開始關注我認為大多數其他潛在解決方案無法關注的許多領域和機會。

So the fleet sort of deployments are really what we're starting to look at.

因此，我們真正開始考慮的是艦隊部署。

And I think just kind of part and parcel of that is if we're looking at just the sequencing of those deployments, what does it look like?

我認為其中重要的一部分是，如果我們只專注於這些部署的順序，它會是什麼樣子？

And I think I kind of alluded to it with what we're looking to do up in MISO and we'll probably do in some of these other regions, which is the first plant or two are going to be going into the grid.

我想我有點提到了我們希望在 MISO 做的事情，我們可能會在其他一些地區做，這是第一兩個工廠將進入電網。

The grid needs that power right away.

電網立即需要這種電力。

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

我認為資料中心方面的許多人，特別是因為這項技術是一種新型的燃氣發電技術，他們會希望擁有電力冗餘，但他們也希望看到它活躍在該領域。

And so I think just naturally the way you're going to see it play out is the first batch of plants go on to the grid.

因此，我認為很自然地，您將看到它的發揮方式是第一批工廠進入電網。

That also then starts to become the back-up power for future deployments.

然後，這也開始成為未來部署的備用電源。

And then those future deployments can be co-located behind that meter.

然後，這些未來的部署可以共同位於該儀表後面。

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

因此，您可以將冗餘的電廠接入電網。

You have the co-located power behind the meter.

您擁有電錶後面的同位電源。

And like we mentioned in the prepared remarks, we're always going to have that peaking storage capability of the oxygen oxy plus storage.

就像我們在準備好的評論中提到的那樣，我們總是會擁有氧氣加儲存的峰值儲存能力。

So we're always able to provide that peaking power back to the grid even when we're servicing that baseload behind the meter co-located.

因此，即使我們在同一位置的電錶後面提供基本負載服務，我們也始終能夠向電網提供峰值功率。

But maybe I'll turn it over to Brian a little bit to give you guys some color on how we're thinking about just the operational side.

但也許我會把它交給布萊恩一點，讓你們了解我們如何考慮營運方面。

Yes.

是的。

Thanks, Danny.

謝謝，丹尼。

I think you covered it well.

我認為你覆蓋得很好。

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

還有一點是，情況並不總是如此——如果您並排建造多個工廠，則並不總是需要擴大設備規模。

So we would foresee of course, it's the same turboexpander, it's the same compressors pumps but there is significant construction savings just for the EPC to do duplicate powertrains.

因此，我們當然可以預見，它是相同的透平膨脹機、相同的壓縮機泵，但僅 EPC 重複動力系統就可以節省大量建造成本。

And this plays out in the power industry when you do let's say, a combined cycle plant and you're doing multiple turbines that are the same.

在電力產業中，當您在聯合循環發電廠中使用多個相同的渦輪機時，就會發生這種情況。

There's just significant learnings on the site and spreading of let's say, your overhead indirect construction costs across a larger facility.

網站上有重要的經驗教訓，可以說，您的間接建造成本可以擴展到更大的設施。

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

因此，正如您在問題中所說，有些項目是不重複的。

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

您仍然需要一間控制室和一套水處理設備。

So there are pure savings by combining multiple plants with the same site.

因此，透過在同一地點合併多個工廠可以節省成本。

And then in other cases it's savings on construction doing project-over-project.

在其他情況下，它可以節省逐項的施工費用。

Thanks Helpful for both of those.

感謝對這兩個問題的幫助。

And then on the inflation of capital equipment just curious on a couple of things.

然後關於資本設備的通貨膨脹，我對幾件事感到好奇。

First is it electrical equipment and broad-based across other components that you need, pipes valves, fittings, et cetera?

首先是電氣設備以及您需要的廣泛的其他組件，管道閥門、配件等？

And then is it -- are you seeing it more on manufactured finished products or are you also seeing it on the upstream materials for those goods?

那麼，您是在製成品上看到更多它，還是在這些商品的上游材料上也看到它？

And that's it for me.

對我來說就是這樣。

Thank you.

謝謝。

Yes, it's Danny, I'll take that.

是的，是丹尼，我接受。

I mean right now what we're getting quotes for directly is the large engineered equipment.

我的意思是，現在我們直接得到的報價是大型工程設備。

So definitely we're seeing it there.

所以我們肯定在那裡看到了它。

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

如果你看看熱交換器、渦輪機械、電氣設備，這些都是我們要么長期採購要么從我們的合作夥伴那裡獲得指示性報價的東西。

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

就大部分而言，所有這些都將真正透過 Zachry、FEED 來實現。

So we anticipate, whether it's pipes fittings, valves, all the smaller commodities that will come through that FEED estimate.

因此，我們預計，無論是配件、閥門或所有較小的商品都將透過 FEED 估算。

We do anticipate increases but can't really put an exact number on that at this point.

我們確實預計會增加，但目前無法給出確切的數字。

Yes.

是的。

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

我要補充的唯一一件事是，我們確實有一本關於這些事情的談判手冊。

So we have received indicatives.

所以我們收到了指示。

We have still to go through the negotiating process.

我們還需要完成談判過程。

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

因此，關於這一點，我們確實可以說更多。

Betty Jiang, Barclays.

蔣貝蒂，巴克萊銀行。

Hi.

你好。

Good morning.

早安.

So I want to ask about this oxygen storage opportunity here.

所以我想在這裡問一下這個儲氧機會。

One, just help us frame -- you talked about one day of extra oxygen storage is equating to I think 1.2 gigawatt hours.

一，請幫助我們框架 - 您談到一天額外的氧氣存儲量相當於我認為 1.2 吉瓦時。

Just how much -- like how much spare capacity is currently baked into the base power plant design to generate that excess oxygen currently?

目前，基礎發電廠設計中有多少閒置產能可以產生多餘的氧氣？

Or is that a separate design decision that you have to make from the get-go to add in that optionality initially?

或者這是您必須從一開始就添加該選項的單獨設計決策？

Yes.

是的。

Betty thanks for the question.

貝蒂謝謝你的提問。

Let me turn it over to Brian, to give you just some of the high-level things.

讓我把它交給布萊恩，給你一些高級的東西。

I would say before I do, it really does become a very customizable sort of decision of how much storage do you want to have on-site and how much excess oxygen do you want to be able to produce in order to recharge the battery storage.

在我這樣做之前，我想說，它確實成為一種非常可定制的決定，即您希望在現場擁有多少存儲空間以及您希望能夠產生多少過量氧氣以便為電池存儲充電。

So it really is going to be on an application-by-application basis.

因此，這確實是基於每個應用程式的。

How quickly do you want to recharge.

您想多快充電。

And how quickly do you want to -- how much -- how many hours or days of storage do you want to have?

您想要多快、多少、多少小時或天的儲存空間？

Brian, any.

布萊恩，任何一個。

Yes.

是的。

Nuances you want to add to it?

您想添加一些細微差別嗎？

Yeah.

是的。

Sure.

當然。

So the oxygen storage is inherent, in our cycle.

因此，氧氣儲存是我們的循環中固有的。

We use gaseous oxygen, but we would store liquid oxygen, as let's say, back-up.

我們使用氣態氧，但我們會儲存液態氧，例如備用。

So there always will be some liquid oxygen tank at the site.

所以現場總是會有一些液態氧罐。

It's just a question of how do you size it for the minimum, we would need just for back-up redundancy for start-up and so forth or do you oversize it for the storage mechanism.

這只是一個如何將其調整為最小值的問題，我們只需要用於啟動等的備份冗餘，或者您是否為儲存機制加大它的大小。

And that's why we put a range on the slide that you saw of 10% to 25% of baseload.

這就是為什麼我們在投影片上設定了基本負載的 10% 到 25% 的範圍。

So as Danny said, we'll work with each application including on Permian.

正如丹尼所說，我們將處理每個應用程序，包括二疊紀。

We're considering this right now in our FEED, how much we would potentially want to oversize the locks tank.

我們現在正在我們的 FEED 中考慮這一點，即我們可能希望將船閘水箱的尺寸加大到多大。

But yeah, it really comes down to, how you would treat a battery?

但是，是的，這實際上取決於，您將如何處理電池？

How you would look at the economics and payback of charging and discharging?

您如何看待充電和放電的經濟性和投資回報？

So it can be oversized.

所以它可以是超大的。

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

當然，填充它需要能量，這會影響您的基本負載容量。

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

因此，這將是我們逐一應用程式進行研究的內容。

No.

不。

That's helpful.

這很有幫助。

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

因此，也許從這個解決方案的經濟角度考慮，您是否會考慮單獨將其貨幣化，作為單一淨發電廠，但基本負載與尖峰功率分開貨幣化？

Right.

正確的。

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

是的，貝蒂，我認為如果你從我們的角度僅從出售建造 NET 發電廠的許可證的角度來考慮這個問題，那麼客戶實際上會考慮 NET 發電廠的總內在價值是多少。

I think everything that we've really been doing internally to-date has really been focused on the baseload power output of this facility.

我認為迄今為止我們內部所做的一切實際上都集中在該設施的基本負載功率輸出上。

And we really haven't been trying to ascribe much value to this peaking supplement, which doesn't eat into the baseload.

我們確實並沒有試圖賦予這種峰值補充劑太多價值，因為它不會佔用基本負荷。

It's really just supplemental to it.

它實際上只是對其的補充。

I think now that we kind of see what's kind of happening in the market where you're starting to see these data centers trying to put their power on to these grid systems, you're starting to see a lot of reluctance and just resistance from a lot of these system operators both on front of the meter, but also on the behind the meter co-located situations.

我認為，現在我們已經看到了市場上正在發生的情況，你開始看到這些資料中心試圖將電力連接到這些電網系統，你開始看到很多不情願和阻力許多這些系統操作員既在電錶前面，又在電錶後面共處一處。

This sort of peaking capability that we can provide to the grid for their benefit, while at the same time servicing the co-located data center really is a solution where I think everybody gets what they want.

我們可以向電網提供這種峰值能力，以使其受益，同時為同地資料中心提供服務，我認為每個人都可以得到他們想要的解決方案。

The data center gets their 24/7 power, 365 days a year for a set amount of power.

資料中心全年 365 天、每天 24/7 提供固定電量。

And at the same time the grid gets the dispatchable peaking power that it needs to be able to meet its night time power load, really as you look at just the cycling of renewables from daytime to night time.

同時，電網獲得了滿足夜間電力負載所需的可調度尖峰電力，實際上就像您看到再生能源從白天到夜間的循環一樣。

That's what the grid needs is that sort of dispatchable response power.

這就是電網所需要的那種可調度的響應電力。

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

因此，現在我認為資料中心方面發生的情況有點僵局，無論是在 RTO 內，還是在 FERC，他們都在努力弄清楚我們如何能夠透過新的解決方案來滿足這種負載增長。電網系統的可靠性。

So we're kind of just sitting here today with this inherent solution that's part of that oxy-combustion process where we're kind of saying we can do both.

因此，我們今天坐在這裡，提出了這個固有的解決方案，它是富氧燃燒過程的一部分，我們可以說我們可以同時做到這兩點。

We can provide the baseload co-located power that the data centers need, while also at the same time from the same asset meet the peaking capabilities and peaking demand that the grid needs.

我們可以提供資料中心所需的基本負載共置電力，同時還可以透過相同資產滿足電網所需的調峰能力和峰值需求。

And so there's real value there, right?

所以那裡有真正的價值，對嗎？

If you can provide peaking power to the grid at higher than just 24-hour round-the-clock prices there's real value there.

如果您能夠以高於 24 小時全天候價格的價格向電網提供尖峰電力，那麼它就具有真正的價值。

And back to Brian's point in mind earlier on just how quickly you can recharge and dispatch?

回到布賴恩之前提到的觀點，充電和調度的速度有多快？

If that is like a nightly occurrence or if you're in an area where there's weather events whether it's cold winters or hot summers, you can have those seasonal opportunities to be able to capture much, much higher prices.

如果這種情況每晚都會發生，或者您所在的地區有天氣事件，無論是寒冷的冬天還是炎熱的夏天，您都可以利用這些季節性機會來獲得更高的價格。

So there really is a ton of intrinsic value in this oxygen storage peaking capability.

因此，這種儲氧峰值能力確實具有巨大的內在價值。

But again, it's going to be customized for each market.

但同樣，它將針對每個市場進行客製化。

But I would say if you look at just like the intrinsic value of this oxygen piece relative to the cost to install oxygen storage tanks, our back of the envelope math suggests this is probably the cheapest form of long duration energy storage granted this energy storage is really in the form of auxiliary load right, because you're able to turn down your ASU to pick-up where that energy is coming from.

但我想說，如果你看看這個氧氣片的內在價值相對於安裝氧氣儲存罐的成本，我們的粗略數學表明，這可能是最便宜的長期能量儲存形式，因為這種能量儲存是實際上是以輔助負載的形式存在的，因為你可以調低ASU 的值來接收能量的來源。

But no matter how we slice it this becomes probably the lowest cost long duration energy storage in the world.

但無論我們如何分割它，這都可能成為世界上成本最低的長期儲能。

So it's a really, really interesting one and it's something that the market really needs given the struggle to be able to meet both grid demand for reliable power along with being able to meet this 24/7 large load that's coming down the pike from data centers.

因此，這是一個非常非常有趣的產品，也是市場真正需要的東西，因為既要滿足電網對可靠電力的需求，又要滿足來自資料中心的 24/7 大負載。

Thank you very much for that color.

非常感謝你的那種顏色。

Pavel Molchanov, Raymond James.

帕維爾·莫爾恰諾夫，雷蒙德·詹姆斯。

Yes.

是的。

Thanks for taking the question.

感謝您提出問題。

In your prepared remarks, you gave some thoughts kind of post election.

在您準備好的演講中，您提出了一些關於選舉後的想法。

I wanted to zoom in specifically on 45Q.

我想專門放大 45Q。

Obviously, there will be some conversations in Congress about making changes to the Inflation Reduction Act potentially cutting some of the stuff out of there.

顯然，國會將進行一些關於修改《通貨膨脹削減法案》的討論，可能會削減其中的一些內容。

Any concerns that 45Q might be on the proverbial chopping block?

您是否擔心 45Q 可能會被砍掉？

Yes.

是的。

No, it's a great question, Pavel, and it's good to have you on the call with us today.

不，這是一個很好的問題，帕維爾，很高興您今天與我們通話。

No, not really.

不，不是真的。

I think when we look at all of the things that are eligible for the IRA and what things really kind of become those bipartisan solutions.

我認為，當我們審視所有符合 IRA 資格的事物以及哪些事物真正成為兩黨解決方案時。

I would say, carbon capture is probably near the top of that list, because I think if you take a step back and look at what carbon capture enables us to do.

我想說，碳捕獲可能接近該列表的頂部，因為我認為如果您退後一步，請看看碳捕獲使我們能夠做什麼。

One, it's -- we think it's the most impactful way to be able to decarbonize.

第一，我們認為這是脫碳最有效的方式。

And I think if you look at just what NET Power is able to offer just being able to replace every existing coal-fired power plant and carbon emitting natural gas power plant in the United States with a NET Power plant you've eliminated total CO2 emissions from U.S. power generation.

我認為，如果您看看 NET Power 能夠提供什麼，只要能夠用 NET Power 發電廠取代美國現有的所有燃煤發電廠和碳排放天然氣發電廠，您就已經消除了二氧化碳總排放量來自美國發電。

And that is the largest source of emissions in the United States is from power generation.

美國最大的排放源是發電。

So it is the most impactful thing to be able to decarbonize.

所以能夠脫碳是最有影響力的事。

And so that's certainly one thing that pleases certainly, one side of the aisle more than the other.

因此，這肯定是一件令人高興的事情，而過道的一側比另一側更令人高興。

But I think more importantly, especially within this new administration, NET Power is a unique technology in that it actually leverages fossil fuels.

但我認為更重要的是，特別是在這個新政府中，NET Power 是一項獨特的技術，因為它實際上利用了化石燃料。

And I think, if you look at everything that Trump has been advocating for it's increasing fossil fuel development, in order to be able to lower energy prices to consumers.

我認為，如果你看看川普一直倡導的一切，那就是增加化石燃料的開發，以便能夠降低消費者的能源價格。

And so NET Power, it's a natural gas-fired power plant.

NET Power 是一座天然氣發電廠。

So we actually use that feedstock to our benefit.

所以我們實際上利用這種原料來為我們謀取利益。

And certainly, within the 45Q, it's not just using natural gas, but it's developing new wells using the natural gas and the oil industry to be able to do that work for us.

當然，在 45 季度內，它不僅使用天然氣，而且還利用天然氣和石油工業開發新油井，以便能夠為我們完成這項工作。

And so, carbon capture really is a tool that's predicated on the success and the skills of the fossil fuel industry.

因此，碳捕獲確實是一種基於化石燃料產業的成功和技能的工具。

So, I would say, if there's really anything within the IRA that makes it through completely unscathed, it's going to be carbon capture for all the reasons that I just mentioned.

所以，我想說，如果愛爾蘭共和軍內部真的有什麼東西能夠毫髮無傷地度過難關，那麼出於我剛才提到的所有原因，這將是碳捕獲。

And then, obviously, the other thing that would be really, really nice to see is an administration that actually supports the 45Q for EOR.

然後，顯然，另一件非常非常高興看到的事情是政府實際上支持 45Q EOR。

Right now, there's a $60 per ton 45Q credit.

目前，45Q 信用額度為每噸 60 美元。

If you use the CO2 for EOR, does that go higher to be able to encourage and incentivize even greater oil production?

如果您使用二氧化碳進行 EOR，那麼排放量是否會更高，從而能夠鼓勵和激勵更大的石油產量？

Possibly.

可能吧。

It's certainly not our focus area.

這當然不是我們的重點領域。

Our focus area is, Class VI permanent geologic sequestration.

我們的重點領域是 VI 級永久地質封存。

But I think, as we're being able to demonstrate with Project Permian in West Texas, there is a ton of economic and industrial value for being able to take that CO2 and use it in a really derisked way and enhance oil recovery applications.

但我認為，正如我們在德克薩斯州西部的二疊紀項目所展示的那樣，能夠吸收二氧化碳並以真正降低風險的方式使用它並增強石油採收率應用，具有巨大的經濟和工業價值。

So, that's what we're doing on Project Permian to be able to derisk and catalyze our commercialization.

因此，這就是我們在二疊紀專案上所做的事情，以便能夠降低風險並促進我們的商業化。

And again, that plays right into the skill set and experience of the fossil industry that has allowed the US, to get to where it is today as an economic superpower.

再說一次，這正好利用了化石工業的技能和經驗，使美國能夠成為今天的經濟超級大國。

So we hope to see the 45Q continue for something like NET Power.

因此，我們希望看到 45Q 能夠繼續發揮 NET Power 等功能。

And again, we think if anything makes it through completely unscathed, we think it will be something like carbon capture.

再說一次，我們認為，如果有東西能夠毫髮無傷地通過，我們認為這將是碳捕獲之類的東西。

Appreciate that.

很欣賞這一點。

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

我想，在同樣的情況下，我確信有某種後備計劃，即針對所有可能發生的情況的 B 計劃。

So maybe talk about the kinds of conversations, you're having outside of North America?

那麼，也許可以談談您在北美以外地區進行的對話類型？

What kind of the international opportunity set looks like?

國際機會是什麼樣的？

Yes.

是的。

I would say, our primary effort, especially, because we're really focused on the origination, front origination really is focused around North America.

我想說，我們的主要努力尤其是因為我們真正專注於起源，前沿起源確實集中在北美地區。

And the reason is fairly simple.

原因很簡單。

North America is the market, where these plants probably have the highest intrinsic value, and it's a function of access to the lowest cost natural gas in the world, access to great CO2 sequestration potential where there is tangible value in the form of the carbon incentives from the programs like the 45Q or from a carbon tax like you have up in Alberta Canada.

北美是這些工廠可能具有最高內在價值的市場，它的功能是獲得世界上成本最低的天然氣，獲得巨大的二氧化碳封存潛力，其中以碳激勵的形式存在有形價值來自45Q 等計劃或加拿大艾伯塔省的碳稅。

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

因此，北美是這些工廠不僅具有最高內在價值的地方，也是我們能夠擴展和追求的最大市場。

So North America, is certainly our priority.

因此，北美當然是我們的首要任務。

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

但當我們看看世界各地的一些其他市場時，我們確實很感興趣，澳洲正在開始加速，就那裡的興趣而言。

Southeast Asia, is a little bit interesting.

東南亞，有點意思。

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

我認為現在更大的挑戰是弄清楚他們將在哪裡獲得真正低成本的天然氣，以及他們將在封存方面做什麼。

And so as the market just continues to mature, we're really going to be focused on scaling up here in the United States.

因此，隨著市場不斷成熟，我們將真正專注於在美國擴大規模。

And then as we've mentioned before, conversations in the Middle East are progressing.

正如我們之前提到的，中東的對話正在取得進展。

The Middle East is an interesting place just because they really do have some of the lowest cost gas on the planet and they do have major power ambitions that just continue to scale.

中東是一個有趣的地方，因為他們確實擁有地球上成本最低的天然氣，而且他們確實擁有不斷擴大的強大權力野心。

The biggest thing over there is there going to be an incentive on the sequestration side that you can get paid for the sequestration rather than just allowing the free market to put a price on or a value on it.

最重要的是，在扣押方面將會有激勵措施，你可以獲得扣押的報酬，而不是僅僅讓自由市場為其定價或估值。

So these other markets are interesting.

所以這些其他市場很有趣。

Europe just needs to get its Energy Act together altogether.

歐洲只需將其能源法案整合在一起即可。

But as they do that it will certainly -- I think it will certainly lead people to see that solutions like NET Power are going to be the lowest cost 24/7 clean power solution.

但當他們這樣做時，我認為這肯定會讓人們看到像 NET Power 這樣的解決方案將成為成本最低的 24/7 清潔電源解決方案。

It's just taking a lot of these countries a little bit more time to be able to get there really to be able to compete with the economics of projects here in the United States and Canada.

這些國家中的許多國家只是需要多一點時間才能真正實現與美國和加拿大計畫的經濟競爭。

So we're focused we think in the absolute right markets the absolute biggest markets.

因此，我們專注於我們認為絕對正確的市場和絕對最大的市場。

And it's nice that this US-based technology is going to be not just commercialized here in the US but it's going to be scaled here in the US and Canada really for the benefit of global deployments further down the line.

令人高興的是，這項基於美國的技術不僅會在美國商業化，而且還將在美國和加拿大進行規模化推廣，真正有利於未來的全球部署。

Thank you very much.

非常感謝。

Thanks, Pavel.

謝謝，帕維爾。

(Operator Instructions)

（操作員說明）

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

Hi, good morning.

嗨，早安。

Hi Noel.

嗨諾埃爾。

Just a couple of things.

只是幾件事。

One I was wondering about you mentioned that -- or one thing I've been thinking about is, of the various types of partnerships that you already have in place and some of them extending to additional regions, is there any value in direct partnership with gas infrastructure or pipeline players?

我想知道你提到的一件事——或者我一直在考慮的一件事是，在你已經建立的各種類型的合作夥伴關係中，其中一些擴展到其他地區，與他們直接合作是否有任何價值？

Because I'm assuming there are some sites with pretty ready access to the gas supply that you'd need others where upgrades or expansions might be necessary.

因為我假設有些站點已經可以輕鬆獲得天然氣供應，而您可能需要其他站點進行升級或擴展。

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

所以只是想知道這是否符合你現在的情況。

Yes, it totally does.

是的，確實如此。

I think when we create that picture of like all of the potential strategic stakeholders that need to come together or that would want to come together as part of these NET Power hubs, certainly, like the gas supply piece is a big one, right?

我認為，當我們創建這樣一幅圖景時，所有潛在的戰略利益相關者都需要聚集在一起，或者希望聚集在一起作為這些網絡電力中心的一部分，當然，就像天然氣供應部分是一個很大的部分，對嗎？

I think one of the interesting things that you're seeing in the space is the folks that do a lot of the gas transportation whether it's through existing long-haul interstate pipelines or just the regional gathering systems in some of these basins where we're looking to deploy these plants a lot of those midstream companies are now starting to figure out, I have a tangential skill set in providing CO2 transportation and sequestration.

我認為你在這個領域看到的有趣的事情之一是人們進行大量的天然氣運輸，無論是通過現有的長途州際管道還是只是我們所在的一些盆地的區域收集系統在尋求部署這些工廠時，許多中游公司現在開始意識到，我在提供二氧化碳運輸和封存方面擁有一套切線技能。

So a lot of the conversations that we're having with folks on the gas supply that happen to have just that regional presence.

因此，我們與人們就天然氣供應進行的許多對話恰好都有該地區的存在。

They're also looking at how can we twin these lines with the CO2 line, because it's a skill set they have with being able to construct and operate gas transportation facilities and CO2 is not terribly different.

他們也正在研究如何將這些生產線與二氧化碳生產線結合起來，因為他們擁有建造和營運天然氣運輸設施的技能，而二氧化碳也沒有太大不同。

So the conversations that we're having with folks on the gas supply side, I would say in many of those instances, we're also having similar conversations with them about being able to provide the transportation and sequestration of the CO2 as well.

因此，我想說，在許多情況下，我們與天然氣供應方面的人員進行的對話，我們也與他們進行了類似的對話，討論是否能夠提供二氧化碳的運輸和封存。

So, it's that dual skill set that they provide just to be able to do both.

因此，他們提供的雙重技能只是為了能夠同時完成這兩件事。

And it just becomes another way for them to be able to create value alongside us within some of these hubs.

這只是他們能夠在其中一些中心與我們一起創造價值的另一種方式。

Does that make sense?

這樣有道理嗎？

It does.

確實如此。

It's really interesting.

這真的很有趣。

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

其中任何一個是否有可能為這些提供資金——例如，用於纏繞生產線，或者他們是否希望採取一種與供應商保持一定距離的情況？

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

不，我認為他們將更具策略性地建立新資產、升級——增加某些資產的容量。

And I think that's just one of like the beauties of NET Power is, our plants will be able to increase new demand for natural gas in certain areas that can justify increasing the size of the gas pipeline, while at the same time justifying and being able to underwrite the construction of a CO2 line just given the volumes that we're talking about coming from our plants.

我認為這就是 NET Power 的優點之一，我們的工廠將能夠增加某些地區對天然氣的新需求，這可以證明增加天然氣管道的規模是合理的，同時證明並能夠考慮到我們正在談論的來自我們工廠的二氧化碳排放量，就可以承保二氧化碳生產線的興建。

I mean, it's a lot of CO2 that we're capturing, nearly 900,000 tons for each of these plants.

我的意思是，我們捕獲了大量的二氧化碳，每個工廠捕獲了近 90 萬噸。

And so, if you're talking -- if we're talking about a fleet configuration of 4 to 10 NET Power plants, you're talking about 3.5 million to 9 million tons of CO2 per year.

因此，如果您談論的是 4 到 10 個 NET 發電廠的機隊配置，那麼您談論的是每年 350 萬到 900 萬噸二氧化碳。

And 3.5 million to 9 million tons of CO2 per year, you can justify building a 200 to 500 mile pipeline, which is a really, really big pipeline.

每年排放 350 萬到 900 萬噸二氧化碳，你可以證明建造一條 200 到 500 英里長的管道是合理的，這是一條非常非常大的管道。

Obviously, if we do it right, we're putting these plants right on top of the sink.

顯然，如果我們做得正確，我們就可以將這些植物放在水槽的頂部。

We're really not going to have to build that much CO2 infrastructure.

我們真的不需要建造那麼多的二氧化碳基礎設施。

But as we talked about deploying NET Power plants across like the Southeast of the United States, where there's no great place to store the CO2, you're going to have to build a CO2 pipeline to be able to get that CO2 either back to the Gulf Coast or to the Midwest.

但是，正如我們討論的那樣，在美國東南部等地區部署 NET 發電廠，那裡沒有儲存二氧化碳的好地方，因此您將必須建造一條二氧化碳管道，以便能夠將二氧化碳返回墨西哥灣沿岸或中​​西部地區。

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

因此，您將需要足夠的規模來承保這些投資。

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

因此，NET Power 將成為能夠幫助促進新基礎設施建設的解決方案之一，從而能夠使某些可能不位於這些地質匯之上的區域脫碳。

So, I think it does become very strategic and collaborative between us and the gas infrastructure players.

因此，我認為我們和天然氣基礎設施參與者之間確實變得非常具有策略性和協作性。

They certainly want to see increased demand for natural gas.

他們當然希望看到天然氣需求增加。

And we can provide not only that, but we could provide another revenue line for them which is the CO2 transport and sequestration on the back end of the plant, so really, really strategic and symbiotic sort of relationship between us and the gas infrastructure players.

我們不僅可以提供這一點，還可以為他們提供另一條收入線，即工廠後端的二氧化碳運輸和封存，因此我們與天然氣基礎設施參與者之間確實具有戰略性和共生性的關係。

Thanks.

謝謝。

Its great to hear.

很高興聽到。

That’s all I had.

這就是我所擁有的一切。

Thank you.

謝謝。

I'm showing no further questions at this time.

我目前沒有提出任何進一步的問題。

I'd now like to hand the call back over to Danny Rice for any closing comments.

我現在想將電話轉回丹尼·賴斯以徵求結束意見。

Okay.

好的。

Thank you everybody for joining us today.

感謝大家今天加入我們。

We're busy at work.

我們工作很忙。

We're excited with this testing that we're starting with Baker right now.

我們對貝克現在開始的這項測試感到很興奮。

A lot of things coming on the pike.

很多事情都在發生。

The open book estimate from Zachry will be coming back later this year.

Zachry 的開卷估算將於今年稍後返回。

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

因此，我期待在明年初再次與您聯繫，提供有關我們將這一獨一無二的技術商業化的更多最新信息，我們認為該技術將首先進入市場。

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

因此，我們埋頭苦幹，專注於執行這個計劃、將這項技術商業化並改變世界。

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

因此，感謝您的支持，感謝您的參與，我們很快就會聊聊。

Thank you.

謝謝。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect your lines at this time.

此時您可以斷開線路。

Enjoy the rest of your day.

享受你一天剩下的時間。