NET Power Inc (NPWR) 2024 Q4 法說會逐字稿

Greetings and welcome to the NET Power Inc fourth-quarter 2024 earnings call.

問候並歡迎參加 NET Power Inc 2024 年第四季收益電話會議。

(Operator instructions).

（操作員指令）。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to Bryce Mendes, Director of Investor Relations.

現在我很高興將電話轉給投資者關係總監布萊斯·門德斯。

Bryce, please go ahead.

布萊斯，請繼續。

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

早上好，歡迎參加 NET Power 2024 年第四季財報電話會議。

With me on the call today, we have our Chief Executive Officer, Daniel 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丹尼爾賴斯 (Daniel Rice)；我們的總裁兼營運長 Brian Allen；以及我們的財務長 Akash Patel。

Today we issued our earnings release for the fourth quarter of 2024, which can be found on our investor relations website along with this presentation at IR.netpower.com.

今天，我們發布了 2024 年第四季的收益報告，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 上的此簡報。

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

在本次電話會議中，評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.

由於與我們的業務相關的風險和不確定性，實際結果可能與前瞻性陳述明確或暗示的結果有重大差異。

These risks and uncertainties are discussed in our SEC filings.

這些風險和不確定性在我們的美國證券交易委員會文件中進行了討論。

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, and I'll pass it over to Daniel Rice, NET Power's Chief Executive Officer.

說完這些，我將把話題交給 NET Power 的執行長 Daniel Rice。

Thank you, Bryce, and good morning, everyone.

謝謝你，布萊斯，大家早安。

I'd like to start by saying 2024 was a year of significant progress for NET power, even amidst the challenging market conditions we faced while commercializing our technology.

首先我想說，即使在我們將科技商業化時面臨的嚴峻市場條件下，2024 年也是 NET power 取得重大進展的一年。

We completed the front end engineering and design or feed for Project Permian, which we refer to as SN1 marking a major milestone for the world's first utility scale, fully integrated clean gas power plant of its kind.

我們完成了二疊紀專案的前端工程和設計，我們稱之為 SN1，這標誌著世界上第一個此類公用事業規模、完全整合的清潔燃氣發電廠的一個重要里程碑。

We also kicked off the first phase of our equipment validation program with Baker Hughes at our report demonstration facility, achieving successful admission demand in accumulating over $145 today.

我們還與貝克休斯在報告演示設施啟動了設備驗證計劃的第一階段，今天成功實現了累計超過 145 美元的入場需求。

As many of you know, the energy sector has been grappling with unprecedented demand for reliable generation capacity Driven by more than a decade of underinvestment in power infrastructure and baseload generation, which is now compounded by rapid load growth, especially from AI and data centers.

眾所周知，能源產業一直在努力應對對可靠發電能力的空前需求，原因是十多年來對電力基礎設施和基載發電的投資不足，而現在又因負載的快速增長而加劇，尤其是來自人工智慧和數據中心的負載增長。

This unprecedented demand response for new baseload generation, which net power is developing has led to significant inflationary pressures across the sector.

這種對新基荷發電（淨電力正在開發）的前所未有的需求響應已經導致整個行業出現巨大的通膨壓力。

Completing the feed gave us a detailed indicative estimate, including a buildup of material quantities and labor costs, but it also revealed areas where we can meaningfully reduce costs at our first deployment.

完成回饋後，我們得到了詳細的指示性估算，包括材料數量和勞動力成本的累積，但它也揭示了我們在首次部署時可以顯著降低成本的領域。

I'd characterize this is fairly standard in bringing in new technology to market.

我認為這是將新技術推向市場的相當標準的做法。

As a result, we've shifted our focus to a post feed optimization and value engineering exercise to strip costs from SN1 and our standard plant designed with minimal impact performance bringing us closer to delivering the lowest cost form of clean firm power that's scalable.

因此，我們將重點轉移到後期進料優化和價值工程練習上，以剝離 SN1 的成本，而我們的標準工廠以最小的影響性能設計，使我們更接近提供可擴展的最低成本清潔穩定電力。

Before I dive deeper into our strategic pivot outlook, I'd like to frame the broader macro context we're operating in.

在深入探討我們的策略支點前景之前，我想先介紹一下我們營運的更廣泛的宏觀背景。

The surge in led growth, particularly from AI , just further underscores the value of reliable energy.

尤其是人工智慧帶來的成長激增，進一步凸顯了可靠能源的價值。

We believe NET power can be this logical solution to deliver clean, reliable and affordable energy.

我們相信，淨電力可以成為提供清潔、可靠且經濟實惠能源的合理解決方案。

Over the last 48 years, the macro pendulum was swinging far in the direction of prioritizing and incentivizing clean generation capacity with little consideration towards overall power prices or grid reliability.

在過去的48年裡，宏觀鐘擺一直在優先考慮和激勵清潔發電能力的方向上擺動，而很少考慮整體電價或電網可靠性。

But now, the incoming load growth has quickly swung that pendulum in the opposite direction driving a singular focus on adding reliable, affordable power as quickly as possible.

但現在，電力負荷的成長已迅速將鐘擺擺到了相反的方向，促使人們將注意力集中在盡快增加可靠、經濟的電力上。

We're caught in the middle of this frenzy.

我們正陷入這股狂熱之中。

Our plant's expected costs are impacted by the same tightness everyone in the power sector is seeing, especially those developing new baseload thermal generation solutions, which makes it a little bit tougher for us to negotiate when we're competing with companies, ordering much more than we are.

我們工廠的預期成本受到電力行業所有人都看到的同樣緊張局面的影響，特別是那些開發新的基載火力發電解決方案的人，這使得我們在與訂購量比我們多得多的公司競爭時更難進行談判。

But we remain focused on improving our technology and positioning to be the lowest cost source of clean from power in the coming decade.

但我們仍將專注於改進我們的技術，並定位於成為未來十年成本最低的清潔能源來源。

With over $530 million in liquidity year end, we're in a strong position to advance our technology, optimize our plant designs and attract the right strategic partners to unlock this technology's potential.

憑藉著年末超過 5.3 億美元的流動資金，我們有能力推進我們的技術，優化我們的工廠設計，並吸引合適的戰略合作夥伴來釋放這項技術的潛力。

I'll now walk through our key milestones from 2024 in our priorities for 2025 before handing it over to Brian for operational updates and I cash for the financials.

現在，我將介紹我們自 2024 年以來在 2025 年優先事項中的關鍵里程碑，然後將其交給 Brian 進行營運更新，並提供財務現金。

Starting with Project Permian.

從二疊紀計畫開始。

Completing the feed was a major undertaking between us and our feed partner, the Zachry Group.

完成飼料是我們和我們的飼料合作夥伴 Zachry 集團之間的重大任務。

As far as we know, this was the largest ever completed in the last few years for a clean gas power plant.

據我們所知，這是近年來建成的規模最大的清潔燃氣發電廠。

In some ways, the feed was a significant de-risking event for the company as it identified no fatal flaws in the technology or plant design, and as the plant, we can go build today absent the cost economic and fundraising constraints, I'll now touch on.

從某種程度上來說，此次進料對於公司來說是一個重大的風險降低事件，因為它沒有發現技術或工廠設計中的致命缺陷，而且我們今天就可以開始建造該工廠，而不受成本、經濟和融資限制的限制，我現在就來談談。

On the cost side, the indicative estimate highlighted the market challenges we face as our technology isn't immune to the inflationary pressures impacting the entire sector as I just mentioned.

在成本方面，指示性估計凸顯了我們面臨的市場挑戰，因為正如我剛才提到的，我們的技術無法免受影響整個行業的通膨壓力的影響。

For reference, when we went public in 2023, our preliminary CapEx estimate for SN1 was $950 million.

作為參考，當我們在 2023 年上市時，我們對 SN1 的初步資本支出估計為 9.5 億美元。

In the years that followed, we've revised that forecast upwards to $1.1 billion and then hired to better reflect the rising costs around us, and now, based on the completed feed and where we think we'll land with the value engineering work we started this quarter.

在隨後的幾年裡，我們將這一預測上調至 11 億美元，然後聘請專業人士來更好地反映我們周圍不斷上升的成本，現在，基於已完成的反饋以及我們認為本季度開始的價值工程工作將取得的成果。

We're estimated total installed costs will be $1.7 billion to $2 billion.

我們預計總安裝成本將達到 17 億至 20 億美元。

This represents an approximately 100% increase in our total installed cost estimate, with the inflationary pressure being a large factor, along with the sight and project specific items, I'll touch on later.

這意味著我們的總安裝成本估算增加了約 100％，其中通貨膨脹壓力是一個重要因素，還有我稍後會談到的視力和專案特定專案。

This increases in line with the cost increases being seen by unabated gas projects.

這一增長與未減排天然氣項目的成本增長一致。

For reference, combined cyclo gas turbines or CCGTs had estimated costs of around $1,100 per kilowatt just a few years ago.

作為參考，幾年前聯合循環燃氣渦輪機或 CCGT 的估計成本約為每千瓦 1,100 美元。

That figure rose to $1,500 per kilowatt last year, and now we're seeing new combined cycle projects priced north of $2,200 per kilowatt.

去年，這一數字上漲至每千瓦 1,500 美元，而現在我們看到新的聯合循環項目的價格已超過每千瓦 2,200 美元。

If and when the global supply chain catches up to this demand, we'd expect to see meaningful cost deflation above and beyond the cost savings we hope to achieve through value engineering and our multi-plat initiatives.

如果全球供應鏈能夠滿足這一需求，我們期望看到有意義的成本縮減，並超越我們希望透過價值工程和多平台計劃實現的成本節約。

Part and parcel with the cost inflation is just the tightness in the global energy supply chain.

成本上漲的一個重要因素就是全球能源供應鏈的緊張。

Anybody looking to order a CCGT is likely be looking at 2030 for base case deliveries.

任何想要訂購 CCGT 的人都可能會將 2030 年作為基準交付時間。

And I think we've done a commendable job lining up the supply chain to deliver our plants on a timeline that's competitve with other gas solutions.

我認為我們在協調供應鏈方面做得非常出色，能夠按時交付我們的工廠，與其他天然氣解決方案相比具有競爭力。

With Project Permian feed, we also learned that a significant amount of costs are unique to West Texas in the first of the kind nature of SN1.

透過二疊紀計畫的資訊回饋，我們也了解到，SN1 計畫中很大一部分成本是西德州獨有的。

Brian will go into more detail on our value engineering, but I'll just add that the premium has great features that make it an ideal place to put a first of a kind facility, including access to low-cost natural gas and well established CO2 sinks, but unfortunately the inherent higher cost to build in West Texas challenges to plants economics and ultimately hinders our ability to get the project financed today.

布萊恩將更詳細地介紹我們的價值工程，但我只想補充一點，溢價具有很好的特點，使其成為放置首批設施的理想場所，包括使用低成本天然氣和完善的二氧化碳吸收匯，但不幸的是，在西德克薩斯州建設固有的較高成本對工廠經濟構成了挑戰，並最終阻礙了我們今天獲得項目融資的能力。

With this backdrop, our focus is now on plant cost reductions.

在這樣的背景下，我們現在的重點是降低工廠成本。

For 2025, we're focused on three things.

展望2025年，我們將重點放在三件事上。

First, we'll continue the value engineering exercise to further reduce costs for Project Premium.

首先，我們將持續進行價值工程活動，進一步降低專案保費的成本。

Second, we'll complete the feasibility studies we kicked off earlier this year for multi-unit projects along the Gulf Coast, which we believe will demonstrate further cost reductions.

其次，我們將完成今年稍早啟動的墨西哥灣沿岸多單元計畫的可行性研究，我們相信這將進一步降低成本。

And third, with the lower cost project premium in a line of sight to material cost reductions from the Gulf Coast mega projects will seek to raise capital and form projects to commercialize the technology.

第三，隨著成本項目溢價降低以及墨西哥灣沿岸大型項目的材料成本降低，它們將尋求籌集資金並組建項目來實現該技術的商業化。

Now, the ultimate goal here is to be the lowest cost form of clean firm power at a reasonable premium to carbon-emitting alternatives.

現在，我們的最終目標是以比碳排放替代能源更合理的溢價率，以創造成本最低的清潔穩定能源。

So quickly touching on our competitive positioning versus the alternative forms of clean firm power that can be deployed.

因此，讓我們來快速談談我們的競爭定位與可以部署的替代形式的清潔能源相比。

First, there's post combustion carbon capture or PCC.

首先，有燃燒後碳捕獲或PCC。

PCC increases the development and operational complexity of a combined cycle and the costs are not well established because it hasn't yet been successfully deployed at scale, particularly for CCGT, where there is a low concentration of CO2 in the fuel gas stream.

PCC增加了聯合循環的開發和操作的複雜性，而且由於尚未成功大規模部署，特別是對於燃氣渦輪機聯合循環（CCGT）而言，因為其中燃料氣流中的二氧化碳濃度較低，所以其成本尚未確定。

And with commercial demand here today to build new ungraded combined cycles.

如今，這裡存在著建設新型未分級聯合系統的商業需求。

Developers aren't required to install PCC in order to secure long term PPAs to help underwrite project funding.

開發商不需要安裝 PCC 來獲得長期 PPA 來幫助承保專案資金。

Interestingly, PCC reduces the amount of net electric output from combined cycles.

有趣的是，PCC 減少了聯合循環的淨電力輸出量。

So in a low growth scenario like we're in now, installing PCCs counterproductive to the grid's primary needs.

因此，在我們現在所處的低成長情況下，安裝 PCC 對滿足電網的主要需求會產生反效果。

Nuclear is the other scalable clean power generation option.

核能是另一種可擴展的清潔發電選擇。

And while it looks promising on paper, we don't believe it's a credible deployment option for the next 10 years.

儘管從紙上看它看起來很有希望，但我們不認為它是未來 10 年內可靠的部署選擇。

Bottoms up estimates suggest new nuclear projects carrying LCOE of over $200 per megawatt hour today, and first deployments are 10 years away.

自下而上的估計表明，目前新核電專案的平準化電力成本 (LCOE) 超過每兆瓦時 200 美元，而首次部署則需要 10 年時間。

We consider ourselves energy altruists, and we want to see all forms of clean, reliable, affordable power succeed, but we're also energy realists too, and it's hard to see nuclear as a viable option for at least the next decade.

我們認為自己是能源利他主義者，我們希望看到各種形式的清潔、可靠、經濟實惠的能源取得成功，但我們也是能源現實主義者，很難將核能視為至少在未來十年內的可行選擇。

Now that doesn't mean the US and others shouldn't invest in advancing nuclear technology, but we think there's a big difference between deploying now, which is impossible and advancing the technology through 2035 and deploying a decade from then.

這並不意味著美國和其他國家不應該投資推進核子技術，但我們認為，現在部署（這是不可能的）與到 2035 年推進該技術以及此後十年部署之間存在很大差異。

Nuclear has time to mature, thankfully due to the availability today of firm technologies like combined cycles and clean firm solutions available much sooner, like ours.

核能還有時間成熟，幸運的是，由於當今已有聯合循環等可靠技術，而且像我們這樣的清潔可靠解決方案可以更早面世。

So as we think about our timing, operationally we'll be ready to go this decade if we can get costs down and create a viable pathway to economic commercialization.

因此，當我們考慮時間安排時，如果我們能夠降低成本並創建一條可行的經濟商業化途徑，那麼從營運上來說，我們將為這個十年做好準備。

This pause is frustrating but necessary, and yet, we think we're still years ahead of competing technologies.

這種停頓令人沮喪但卻是必要的，而且我們認為我們仍然領先競爭技術數年。

So in a way we have the benefit of time to ensure we get it right before embarking on a pathway that will require billions of dollars from strategic commercial partners for project level funding to reach our desired end state as the lowest cost form of clean firm power.

因此，從某種意義上說，我們有足夠的時間來確保在踏上一條需要來自戰略商業夥伴的數十億美元的項目級資金才能達到我們期望的最終狀態——以最低成本形式實現清潔能源的道路之前，我們能做好正確的事。

In addition to the value engineering and multi-unit pre-feed exercise, a related area of focus this year is securing sites along the Gulf Coast for modular multi-unit deployments of up to 1 gigawatt each.

除了價值工程和多單元預供電練習之外，今年的一個重點領域是確保墨西哥灣沿岸的模組化多單元部署場地，每個部署場地最高可達 1 千兆瓦。

These sites can also co-locate with large load data centers or industrial users.

這些站點也可以與大型負載資料中心或工業用戶共置。

However, which of these projects should become slotted for SN2 or SN3 will ultimately depend on the carrying strategic capital partners.

然而，這些項目中的哪一個應該被列入 SN2 或 SN3，最終將取決於承擔的策略資本合作夥伴。

Beyond SN1, we've begun evaluating other creative ways to commercialize this technology and unlock its embedded value.

除了 SN1 之外，我們已經開始評估其他創新方法來將這項技術商業化並釋放其內在價值。

For example, Baker Hughes and Woodside have kicked off the industrial scale program to target industrial applications looking for clean reliable power.

例如，貝克休斯和伍德賽德已經啟動工業規模計劃，針對尋求清潔可靠電力的工業應用。

This smaller scale power plant would be a true licensing opportunity for NET Power with limited capital required from us.

這個規模較小的發電廠對於 NET Power 來說是一個真正的許可機會，而且我們所需的資本有限。

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

因此，我將把它交給 Brian 來報告營運更新。

Thanks, Danny.

謝謝，丹尼。

On Project Permian as Danny mentioned, we completed the feed in the fourth quarter, a major milestone for our team.

正如丹尼所提到的，二疊紀專案在第四季度完成了交付，這對我們團隊來說是一個重要的里程碑。

The resulting project total installed cost estimate was higher than expected.

最終的專案總安裝成本估算高於預期。

I will provide a little more detail on what we have learned and what we will do next.

我將更詳細地介紹我們所學到的知識以及下一步要做的事情。

The feed provided us crucial design information and an indicative cost estimate and schedule that reflect today's market realities.

此回饋為我們提供了關鍵的設計資訊以及反映當今市場現實的指示性成本估算和時間表。

The engineering work that has been completed has identified and solved many of the technical issues that emerge as you apply a technology like ours for the first time to a project specific site application.

已完成的工程工作已經識別並解決了當您首次將我們的技術應用於特定專案現場應用時出現的許多技術問題。

This is a notable de-rising event for us.

對我們來說，這是一個值得注意的下降事件。

And as we have worked through and identified no fatal technical flaws to date in the balance of the plant when deploying our technology at full scale to a site like Project Permian.

當我們將我們的技術全面部署到二疊紀專案等現場時，我們已經研究並發現迄今為止工廠的平衡中沒有致命的技術缺陷。

The engineering deliverables also form a really solid basis for us to develop our standard plant design, which I will speak about later.

工程交付成果也為我們開發標準工廠設計奠定了堅實的基礎，我稍後會談到。

Regarding technoeconomics, our engineering team has been optimizing our process design and making trade-off decisions based on our most recent pre-feed using our best judgment on how to account for cost escalation.

關於技術經濟學，我們的工程團隊一直在優化我們的流程設計，並根據我們最近的預進料，利用我們對如何解釋成本上漲的最佳判斷做出權衡決策。

By working through this feed process, we now have up to date indicative cost, including equipment pricing, bulk material costs, craft labor installation rates and transportation costs.

透過這個進料過程，我們現在有了最新的指示性成本，包括設備定價、散裝材料成本、製程勞動力安裝率和運輸成本。

This is a large industrial project, and we have now matured the design to be able to directly quantify the site-specific costs for Permian.

這是一個大型工業項目，現在我們已經完善了設計，能夠直接量化 Permian 的特定場地成本。

There are many great attributes to Project Permian, including the de-risking afforded by utilizing Oxy's existing CO2 infrastructure.

Permian 專案有許多優點，其中包括利用 Oxy 現有的二氧化碳基礎設施來降低風險。

The access to skilled craft labor, a regional need for clean base load power and a supportive local community.

獲得熟練的技術勞動力、區域對清潔基載電力的需求以及當地社區的支援。

Like any site though, there are also areas that can drive cost challenges.

不過，與任何站點一樣，也有一些區域可能會帶來成本挑戰。

The natural gas in this part of the country has 4 times to 5 times the nitrogen content of other basins in North America, which requires pure patient equipment, which adds CapEx and adds to the parasitic load of the plant reducing efficiency.

該地區天然氣的氮含量是北美其他盆地的4到5倍，需要純粹耐心的設備，這會增加資本支出並增加工廠的寄生負荷，從而降低效率。

Another challenge is the inland site location.

另一個挑戰是內陸站點的位置。

Large equipment shipments into the major ports in Texas will encounter several 100 bridges and a couple 100 transmission lines along the route to get to this site.

當大型設備運送到德克薩斯州主要港口時，在到達該地點的途中將會遇到幾百座橋樑和幾百條輸電線路。

This can be dealt with, but it does lead to overall weight and size restrictions we need to meet.

這可以解決，但它確實導致我們需要滿足整體重量和尺寸限制。

Therefore, we have to break up our equipment, [skids] and modules into smaller transportation modes by rail or truck.

因此，我們必須將我們的設備、滑橇和模組分解成更小的運輸方式，透過鐵路或卡車進行運輸。

When coupling that reality with our desire for the fastest feasible project schedule, it really forced the design into what the EPC industry would call a stick built design, which limits the ability to modularize and drives up the crack labor hours at the job site.

當將這一現實與我們對最快可行專案進度的渴望結合起來時，它實際上迫使設計變成了 EPC 行業所稱的框架式設計，這限制了模組化能力並增加了施工現場的人工時間。

Other challenges to the site include the cooling water availability and water quality driving a very expensive water treatment plant design that has had an impact to our cooling system material selection and cost.

該網站面臨的其他挑戰包括冷卻水的可用性和水質，這需要非常昂貴的水處理廠設計，這對我們的冷卻系統材料選擇和成本產生了影響。

We now have this design and cost information and it informs us on what to do next.

我們現在有了這個設計和成本訊息，它告訴我們下一步該做什麼。

We have started a two-prong approach.

我們已開始採取雙管齊下的辦法。

One is related to next steps in Project Permian, and the others related to our standard product for deployment on future projects.

其中一個與二疊紀專案的下一步有關，其他的則與我們在未來專案上部署的標準產品有關。

For Project Permian, we have now shifted into a post feed optimization and value engineering process with Zachry, expected to finalise and result in a firm this year.

對於二疊紀項目，我們目前已轉向與 Zachry 合作的後期進料優化和價值工程流程，預計今年將完成並成立公司。

In the past two months, we and Zachry have identified hundreds of opportunities to value engineer the design and to date have already reduced the site footprint by approximately 25%.

在過去的兩個月裡，我們和 Zachry 已經發現了數百個對設計進行價值工程的機會，到目前為止已經將場地佔地面積減少了約 25%。

Our goal remains to get total installed costs as close to $1.7 billion as possible or below without compromising performance or validation of the technology.

我們的目標仍然是在不影響技術性能或驗證的情況下，使總安裝成本盡可能接近或低於 17 億美元。

We will focus on areas like technoeconomic trade-offs, truckable module designs for the pipe racks, reducing design allowances and contingencies and making sites specifics go to adjustments.

我們將重點放在技術經濟權衡、管架的卡車模組設計、減少設計餘裕和意外事件以及根據場地具體情況進行調整等領域。

We're also beginning to get a better view on the site specific performance impacts and now have better information optimize cost and performance similar to the approach taken with other power plants.

我們也開始更了解場地特定的性能影響，現在擁有更好的資訊來優化成本和性能，類似於其他發電廠採用的方法。

Given this ongoing value engineering, we felt it prudent to stop any further long lead equipment releases and ensure that we have maximum flexibility to reduce costs and not block ourselves from making changes to equipment specs.

鑑於這項正在進行的價值工程，我們認為明智的做法是停止任何進一步的長期設備發布，並確保我們擁有最大的靈活性來降低成本，並且不會阻礙我們自己更改設備規格。

The schedule therefore needs to adjust.

因此時間表需要調整。

Assuming we secure the necessary capital for Project Permian after finalizing the firm project costs, the project timeline likely pushes to a best case of groundbreaking in 2027 with an in-service date in 2029.

假設我們在確定專案成本後為二疊紀專案籌集到了必要的資金，那麼專案時間表很可能推進到最好的情況，即 2027 年破土動工，2029 年投入使用。

On the next slide, I would like to shift gears to our standard product approach.

在下一張投影片中，我想轉到我們的標準產品方法。

We have always viewed that the best way for us to achieve our cost targets and ability to scale was to take a product-driven approach, encompassing a set of standard plant designs with pre-engineered standard options.

我們一直認為，實現成本目標和擴大規模能力的最佳方法是採取產品驅動的方法，包括一套具有預先設計的標準選項的標準工廠設計。

This is similar to the approach taken by power generation turbine OEMs.

這與發電渦輪機原始設備製造商 (OEM) 採取的方法類似。

Permian has helped inform what our single unit inland standard design should look like.

Permian 幫助我們了解了單元內陸標準設計應該是什麼樣子。

Once we power back some of its site specific features and adjust the design for truckable modules.

一旦我們恢復其某些特定於站點的功能並調整卡車模組的設計。

Targeting those competitive products we can develop, we have launched a large modular multi-unit feasibility study to develop a standardized design targeting coastal locations that enhance the scalability and reduces cost.

針對我們能夠開發的有競爭力的產品，我們啟動了一項大型模組化多單元可行性研究，以開發針對沿海地區的標準化設計，以提高可擴展性並降低成本。

This compliments are broader cost down exercise for both SN1 and future deployments with the goal of our generation one, achieving the most competitive, clean, base load power costs and market.

這對 SN1 和未來部署而言是更廣泛的成本降低措施的補充，我們的目標是第一代實現最具競爭力、最清潔的基本負載電力成本和市場。

As part of this design effort, we're also evaluating coastal site locations for projects in the 2030 to 2033 time frame which could benefit from modularization and eliminate costly inland transportation challenges, and the large construction labor man hours for stick build sites.

作為這項設計工作的一部分，我們也正在評估 2030 年至 2033 年期間專案的沿海場地位置，這些位置可以從模組化中受益，並消除昂貴的內陸運輸挑戰以及木結構建築工地的大量施工勞動力。

We're also looking to drive up the size of our standard product, no different than the economies of scale achieved today by CCGTs that have scaled up to 600 megawatts and up.

我們也希望擴大我們標準產品的規模，這與目前已擴大到 600 兆瓦及以上的 CCGT 所實現的規模經濟沒有什麼不同。

On the next slide, I will address our (inaudible) port demonstration facility where we commenced the first phase of our equipment validation program with Baker Hughes in the fourth quarter.

在下一張投影片中，我將介紹我們的（聽不清楚）港口簡報設施，我們在第四季度與貝克休斯一起啟動了設備驗證計畫的第一階段。

In order to begin the burner testing, we first had to upgrade and recommission the plan after having been idled since the 2021 testing campaign.

為了開始燃燒器測試，我們首先必須升級並重新啟動自 2021 年測試活動以來一直閒置的計劃。

Our team along with Constellation and a dedicated group of skilled contractors performed over 150,000 hours of construction work to upgrade and improve the plan to meet the test requirements.

我們的團隊與 Constellation 以及一群技術精湛的承包商一起進行了超過 150,000 小時的施工工作，以升級和改進該計劃以滿足測試要求。

I am really proud of the team and our contractors for safely performing this construction work with no recordable injuries.

我為團隊和承包商安全地完成這項施工工作並且沒有造成任何可記錄的傷害感到非常自豪。

As we commission the plant, we worked through a typical shakeout issues as we operated the facility that has been idle for a few years.

當我們調試工廠時，我們解決了在運作已閒置幾年的設施時出現的典型震盪問題。

After working through those [teething] pains, we've brought the facility up in pressure and temperature.

在克服了這些初期困難之後，我們提高了設施的壓力和溫度。

I'm proud to say the facility has now achieved an operating window of higher pressure and temperature combinations than those achieved in the 2021 test campaign.

我很自豪地說，該設施現在已經實現了比 2021 年測試活動更高的壓力和溫度組合的運行窗口。

Regarding the burner testing, Baker Hughes has a achieved burner ignition, such that the facility is often operated in what we would call fired operation, where heat is being put into the CO2 working fluid by the burner and recirculated throughout the entire plant.

關於燃燒器測試，貝克休斯已經實現了燃燒器點火，因此該設施通常以我們所謂的燃燒操作運行，其中熱量由燃燒器放入二氧化碳工作流體中並在整個工廠中循環。

To date, the facility has accumulated over 140 fired hours of operation during Phase 1.

迄今為止，該設施第一階段的累積運行時間已超過 140 小時。

And had a continuous run of over 24 hours.

並且連續運轉超過24小時。

Turning to the next slide, we will continue to work with Bakers.

在下一張投影片中，我們將繼續與 Bakers 合作。

They test multiple burner configurations and collect the data they require to move to Phase 2 later this year.

他們測試了多種燃燒器配置並收集了今年稍後進入第二階段所需的數據。

In Phase 2, they will begin testing selected combustor cans for final down selection after which they will manufacture multiple combustor cans to support the Phase 4 demonstrator turbo expander testing.

在第二階段，他們將開始對選定的燃燒室進行測試以進行最終選定，之後他們將製造多個燃燒室以支援第四階段演示渦輪膨脹機的測試。

This four phase testing program is scheduled to be completed in 2027.

這個四階段測試計劃預計於 2027 年完成。

Each phase builds on the [left], giving us critical data to refine our utility scale designs and ensure reliability as we scale.

每個階段都以[左邊]為基礎，為我們提供關鍵數據，以改善我們的公用事業規模設計並確保擴展時的可靠性。

Finally, I'm excited about the collaboration framework announced by Baker Hughes and Woodside Energy to develop an industrial scale NET Power solution for smaller applications like oil and gas, LNG, heavy industries and small scale data centers.

最後，我很高興看到貝克休斯和伍德賽德能源宣布合作框架，旨在為石油和天然氣、液化天然氣、重工業和小型資料中心等小型應用開發工業規模的淨電力解決方案。

This program will benefit from our ongoing validation efforts at the port and the development of SN1 and our standard products.

該計劃將受益於我們在港口的持續驗證工作以及 SN1 和標準產品的開發。

While opening up new licensing opportunities with minimal capital outlay from NET Power.

同時以 NET Power 最少的資本支出開啟新的授權機會。

We stand ready to support Baker, Woodside, and other future program participants with NET Power process IP we have developed in order to ensure a competitive and successful program.

我們隨時準備透過我們開發的 NET Power 製程 IP 為 Baker、Woodside 和其他未來的專案參與者提供支持，以確保專案的競爭力和成功。

This program is a great compliment to our utility scale efforts and broadens the potential applications of our technology.

該計劃是對我們公用事業規模努力的極大讚美，並拓寬了我們技術的潛在應用。

With that, I'll turn it over to Akash for the financial update.

說完這些，我將把財務更新交給 Akash。

Thank you, Brian, and good morning to everyone.

謝謝你，布萊恩，大家早安。

Let's start with our liquidity position, which remains a key strength for NET Power.

讓我們從流動性狀況開始，這仍然是 NET Power 的關鍵優勢。

We closed 2024 with $533 million in cash, cash equivalents and investments down from approximately $580 million at the end of Q3.

截至 2024 年末，我們的現金、現金等價物和投資總額為 5.33 億美元，低於第三季末的約 5.8 億美元。

This decrease reflects approximately $13 million in operating cash outflows and approximately $29 million in capital expenditures, primarily tied to the port upgrades and SN1 development.

這一減少反映了約 1300 萬美元的營運現金流出和約 2900 萬美元的資本支出，主要與港口升級和 SN1 開發有關。

For the full year, our operating cash outflows were approximately $32 million, with total capital expenditures of roughly $70 million.

全年，我們的營運現金流出約為 3,200 萬美元，總資本支出約為 7,000 萬美元。

The operating cash upflow included approximately $18 million in cash payments to Baker Hughes under the JDA in 2024.

經營現金流入包括 2024 年根據 JDA 向貝克休斯支付的約 1,800 萬美元現金。

Thus, the operating cash outflow in 2024, excluding the Baker Hughes JDA cash payments was approximately $14 million.

因此，不包括貝克休斯 JDA 現金支付，2024 年的營運現金流出約為 1,400 萬美元。

Looking ahead to 2025, we'll continue to deploy capital prudently focusing on advancing our validation program at La Porte through Phases 1 and 2, as well, as well as preparing for phases 3 and 4.

展望 2025 年，我們將繼續審慎部署資本，重點在於推進拉波特驗證計畫的第 1 階段和第 2 階段，並為第 3 階段和第 4 階段做好準備。

On the funding side for SN1.

關於 SN1 的資金方面。

If we had $1.7 billion to $2 billion today, we'd wrap up the value optimization exercise this year, declare FID at year end and break round in the middle of 2026 to target having the plant online in 2028.

如果我們今天有 17 億到 20 億美元，我們將在今年完成價值優化工作，在年底宣布 FID，並在 2026 年中期開始實施，目標是在 2028 年讓工廠上線。

We're keeping things moving on many project fronts to preserve the ability to deploy Project Permian as quickly as possible, but there will be a day for day slippage in first fire until we reach FID.

我們正在多個專案方面保持進展，以保持盡快部署二疊紀專案的能力，但在我們達成最終投資決定之前，第一次開工將逐日推遲。

So if FID occurs middle of next year, we'd expect to have the plant online in 2029.

因此，如果 FID 在明年年中做出，我們預計該工廠將於 2029 年投入營運。

But given the uncertainty in raising the capital, it's nearly impossible to attempt to put a date when we could reach FID.

但考慮到籌集資金的不確定性，幾乎不可能確定何時達成 FID。

As Danny mentioned, we've earmarked $200 million in our liquidity for SN1.

正如丹尼所提到的，我們已為 SN1 預留了 2 億美元流動資金。

We spent about $50 million to date on engineering and long lead items.

到目前為止，我們在工程和長週期專案上花費了約 5000 萬美元。

We believe current SN1 economics can support up to approximately $600 million project level financing which combined with our $200 million and initial indications from our strategic owners, these roughly $600 million to $900 million in new capital needed to fully fund the project.

我們相信，目前的 SN1 經濟可以支持高達約 6 億美元的專案級融資，加上我們的 2 億美元和我們戰略所有者的初步指示，大約需要 6 億至 9 億美元的新資本來為該專案提供全額資助。

We're actively exploring strategic partnerships and capital solutions at both the project and the power levels to fill this gap.

我們正在積極探索專案和電力層面的策略合作夥伴關係和資本解決方案，以填補這一空白。

Now, like many of you know, the investor proposition for net power is to develop and license these plants, not to be the constructor and owner of that.

現在，就像你們許多人所知，投資者對淨電力的提議是開發和許可這些工廠，而不是成為這些工廠的建造者和所有者。

We're well capitalized and developed our technology and get a commercial ready, but we're not properly capitalized to fund an FID the projects themselves.

我們擁有充足的資本，開發了我們的技術並做好了商業化的準備，但我們沒有足夠的資本來為專案本身提供 FID 資金。

They're just too big for a company of our size.

對於我們這種規模的公司來說，它們太大了。

But they are certainly right size for the broad array of customers looking to install hundreds of gigawatts of clean reliable power generation over the coming decade.

但對於希望在未來十年內安裝數百千兆瓦清潔可靠發電的廣大客戶來說，它們的規模無疑是合適的。

Our balance sheet gives us significant runway to execute our 2025 priorities while navigating the challenging market environment.

我們的資產負債表為我們在應對充滿挑戰的市場環境的同時執行 2025 年優先事項提供了重要的空間。

We remain focused on maximizing the value of our proprietary NET Power cycle and positioning the company for long-term success.

我們始終致力於最大化我們專有的 NET Power 循環的價值，並為公司的長期成功做好準備。

With that, I'll pass it back to Danny for closing remarks before we open it up for Q&A.

說完這些，在我們開始問答環節之前，我會將發言交還給丹尼，請他作結束語。

Thanks, Akash.

謝謝，阿卡什。

To wrap up, our mission remains clear to deliver clean, reliable and affordable power at scale.

總而言之，我們的使命仍然很明確，那就是大規模提供清潔、可靠且價格合理的電力。

Well, the macroenvironment presents challenges, particularly around costs and capital access it also underscores the immense opportunity for NET Power.

嗯，宏觀環境帶來了挑戰，特別是在成本和資本取得方面，它也凸顯了 NET Power 的巨大機會。

The world needs solutions that balance low growth with decarbonization, and we believe our technology is uniquely positioned to meet that.

世界需要平衡低成長與脫碳的解決方案，我們相信我們的技術具有獨特的優勢可以滿足這項要求。

With our focus on cost optimization, modular design and strategic partnerships, we're committed to getting SN1 across the finish line and paving the way for future multi-unit deployments.

我們專注於成本優化、模組化設計和戰略合作夥伴關係，致力於讓 SN1 跨越終點線並為未來的多單元部署鋪平道路。

We continue to advance our utility scale validation testing with Baker Hughes at La Porte complete our value engineering for SN1 and line up the capital to break ground.

我們繼續與拉波特的貝克休斯合作推進我們的公用事業規模驗證測試，完成 SN1 的價值工程並籌集破土動工的資金。

At the same time, we'll keep exploring opportunities to unlock the embedded value of this technology, whether through licensing, industrial scale applications or new deployments.

同時，我們將繼續探索釋放這項技術內在價值的機會，無論是透過授權、工業規模應用還是新的部署。

We've got a lot of work ahead, but I'm confident in our team's ability to execute and deliver value to our shareholders.

我們還有許多工作要做，但我對團隊的執行能力和為股東創造價值的能力充滿信心。

So with that operator, let's open it up for questions.

因此，有了這位操作員，我們可以開始提問了。

(Operator instructions)

（操作員指令）

Thomas Merrick, Janney Montgomery Scott.

湯瑪斯·梅里克、珍妮·蒙哥馬利·史考特。

Good morning, Danny ,Brian Akash, thanks for all the details on the call, especially with regards to CapEx and what you're working on.

早安，丹尼，布萊恩·阿卡什，感謝您在電話中提供的所有詳細信息，特別是有關資本支出和您正在開展的工作。

And, I have a couple of questions on CapEx.

另外，我對資本支出 (CapEx) 有幾個問題。

You not surprisingly, but appreciate congratulations on getting the feed done and you know technical fatal flaws there.

您並不感到意外，但很感激祝賀您完成了提要，並且您知道那裡存在技術致命缺陷。

So congrats.

恭喜你。

On, excuse me, on CapEx, wondering if you could break out labor costs, maybe labor productivity assumptions within the feed at this point and you just have to think about some of those changes versus prior expectations and maybe raw materials in there as well.

關於資本支出，對不起，我想知道您是否可以分解勞動成本，也許是此時飼料中的勞動生產力假設，您只需要考慮其中的一些變化與先前的預期以及其中的原材料。

Hey Thomas, this is Brian.

嘿，湯瑪斯，我是布萊恩。

Thanks for the question.

謝謝你的提問。

Yeah, we're not going to be able to provide a breakdown at this point.

是的，我們目前無法提供細目分類。

I will provide a summary of some of the drivers here, First of all, there's, I'd say market supply, demand imbalance that we've been seeing in the energy industry in whole electrical gear, for instance, so some of the things that we've been releasing long leads, I'd say, and others are supply demand challenges.

我將在這裡對一些驅動因素進行總結，首先，我認為市場供需失衡是我們在能源行業（例如整個電氣設備）中看到的，因此，我認為我們已經發布了長期線索的一些因素，其他因素則是供需挑戰。

Others are just the escalation that we've seen in the industry across the board.

其他的只是我們在整個產業中看到的升級。

I will note that on Permian as you work through the feed all the site specific, issues start to emerge in a real project versus let's say standard type $1 per (inaudible) or early indicative numbers we've put out in the past.

我要指出的是，在 Permian 上，當您處理所有特定於網站的動態時，實際專案中的問題開始出現，而不是像我們過去發布的標準類型 1 美元/（聽不清楚）或早期指示性數字那樣。

And then we talked about those in our prepared remarks.

然後我們在準備好的發言中討論了這些內容。

So it's really a combination of all of those things of, let's say supply demand, pure escalation on some of the material and labor and then first of a kind, issues with our first project that we have to add extra scope and certain things to make sure the plant is operates reliably and we can pair some of those back once SN1 operates for future plants.

因此，這實際上是所有這些因素的結合，例如供應需求、一些材料和勞動力的純粹升級，然後是第一個問題，我們必須增加額外的範圍和某些東西以確保工廠可靠運行，一旦 SN1 為未來的工廠運行，我們就可以將其中一些問題重新配對。

And then you have the Permian specific items.

然後你就有了二疊紀特有的物品。

So they're somewhat all intermingled.

因此它們在某種程度上都是混雜在一起的。

It's kind of hard to break it up into percentages, but in totality, that's what drove the increase.

很難將其分解成百分比，但總體而言，這就是推動成長的因素。

Got you, helpful.

明白了，很有幫助。

And then follow up question just on broader CapEx for thermal technologies.

然後是關於熱技術的更廣泛的資本支出的後續問題。

I think everyone's pretty familiar with the numbers you cited as well as the chart in your deck, I appreciate that.

我想大家都很熟悉你引用的數字以及你的簡報中的圖表，我對此表示讚賞。

But, yeah, I'm asking this question more from your perspective with your owners' group and your partners.

但是，是的，我更多的是從你與你的業主團體和你的合作夥伴的角度來問這個問題。

Just how do you see thermal CapEx declining over the next several years, just folks look to bring projects online, you're getting from 2,200 to 1,000 for an unabated CCGT, you certainly seems

您如何看待未來幾年熱能資本支出的下降，只是人們希望將專案上線，對於不減排的 CCGT，您將獲得 2,200 到 1,000 的收益，您肯定看起來

(inaudible).

（聽不清楚）。

So just how do you, from your conversations, how do you see that transpiring and then they kind of follow up to that and then I'll be done is just as you have conversations with potential data center operators, how are they looking at these cost increases as potentially an opportunity to kind of bridge a funding gap.

那麼，從您的談話中，您如何看待這種情況的發生，然後他們對此進行跟進，然後我會完成，就像您與潛在的數據中心運營商進行對話一樣，他們如何看待這些成本增加作為彌補資金缺口的潛在機會。

You're certainly thinking of a cost that, that's $600 million and $900 million gap you mentioned.

您當然考慮到了成本，這就是您提到的 6 億美元和 9 億美元的差距。

So all of those would be helpful and appreciate it.

所以所有這些都是有幫助的並且值得感激。

Thank you.

謝謝。

Hey, Thomas, this is Danny.

嘿，托馬斯，這是丹尼。

I think, when we look at the cost of really what's the marginal cost of new supplier, which is the combined cycles, at 2,200 KW, that kind of back of the envelope gets to like $65.70 per megawatt do hour for their LCOE.

我認為，當我們真正考慮新供應商的邊際成本時，即聯合循環，在 2,200 KW 的情況下，其 LCOE 的底價為每兆瓦時 65.70 美元。

From our vantage point, we don't think we're going to see CapEx deflation anytime soon, while people continue to have pretty tight supply chains going up to the beginning of next decade.

從我們的角度來看，我們認為短期內不會出現資本支出通貨緊縮，同時到下個十年初人們的供應鏈仍將相當緊張。

So we're not contemplating, we're going to see this deflation as another way for us to see CapEx reductions, and I think that's one of like the big reason behind this initiative on, all right, let's start to get ahead of really being able to scope out cost savings of this multi pack deployment because I think, as Brian kind of talked about earlier, one of the bigger drivers of just the Project Permian, or really the first project being the most expensive one is because it's going to be a single unit pack, whereas, we can say here comfortably saying today, if we can deploy this in two to four pack installments, you're going to see meaningful CapEx reductions on a per unit facility.

因此，我們不會考慮，我們將把這種通貨緊縮視為減少資本支出的另一種方式，我認為這是這項舉措背後的一個重要原因，好吧，讓我們開始真正能夠確定這種多包部署的成本節約範圍，因為我認為，正如 Brian 之前談到的，二疊紀項目的一個更大驅動因素，或者說第一個項目是最昂貴的項目，它可以將其部署到四個包顯著減少。

So that, plus the prefabrication, the modularization and sort of that coastal application is going to be a huge driver of cost reduction for us absent deflation in the power sector.

因此，在電力產業沒有通貨緊縮的情況下，預製、模組化和沿海應用將成為我們降低成本的巨大動力。

We just don't see it coming and so I think, as we look at where do we think we need to get to, with CCGTs at [65, 70] maybe that goes to [75] those things being contracted out, $90 to $95 per megawatt hour, we're going to be setting a bogey that's not going to be terribly higher than that, but for us to be able to get to that sort of number, it's going to multi configuration in an area that that's not quite challenging for construction, which means, trying to get to places where we don't necessarily have to stick build everything the way we're going to have to for the first plant.

我們只是沒有預見到它的到來，所以我認為，當我們考慮我們需要達到什麼水平時，CCGT 的價格為 [65, 70]，也許會達到 [75]，那些東西被外包，每兆瓦時 90 到 95 美元，我們將設定一個不會比這高很多的標準，但對於我們來說，為了能夠達到這樣一個施工工廠的方式建造所有東西。

But, kind of like we've, we've said all along, the first plan is really to prove the technology.

但是，就像我們一直說的那樣，第一個計劃實際上是為了驗證這項技術。

It's not going to be the plant that demonstrates the economics.

它不會成為展示經濟性的工廠。

It's to prove the safe, reliable operations and so the bigger initiative, the first one isn't so much on demonstrating the economics, it's getting the project funded.

這是為了證明操作的安全性和可靠性，因此更大的舉措，第一個不是為了展示經濟性，而是為了獲得專案資金。

And so with this CapEx increase that we're seeing right now, it's really just a function of, can we get the capic down to a place that we can get it funded?

因此，對於我們現在看到的資本支出增加，這實際上只是一個問題，我們能否將資本支出降低到我們可以獲得資金的水平？

And I think part and parcel with being able to get it funded is being able to demonstrate a pathway to really, really competitive LCOE relative to the next best alternative, which is unabated CCGT.

我認為獲得資金的關鍵在於能夠展示出一條通往真正具有競爭力的 LCOE 的道路，相對於下一個最佳替代方案，即無減排 CCGT。

Yeah, and then Thomas, maybe I'll take the second part, your second question there which is, how do we think about the funding gap and what are the different avenues and and potential counterparties to help with that.

是的，然後托馬斯，也許我會回答第二部分，你的第二個問題是，我們如何看待資金缺口，以及有哪些不同的途徑和潛在的交易對手可以幫助解決這個問題。

So, I think broadly there's really four ways to approach funding, right?

所以，我認為大體上來說，募款有四種方式，對嗎？

There's project level capital, there's NET Power topcode level capital, there's government support, whether that's the DOE at the federal level or the Texas energy fund at the state level and and then the fourth can go to both top (inaudible) or project, which is commercial partnerships, right?

有專案級資本，有 NET Power 頂級代碼級資本，有政府支持，無論是聯邦級別的能源部還是州級別的德克薩斯能源基金，然後第四個可以用於頂級（聽不清楚）或項目，即商業夥伴關係，對嗎？

Whether that's partnering with your off taker, whether that's partnering with another strategic, to have preferential treatment on deploying projects and those types of things.

無論是與承購商合作，還是與其他策略合作夥伴合作，在部署專案等方面享有優惠待遇。

And so we're thinking certainly very creatively on how to pursue all of those areas, particularly that last leg of the stool there on the commercial partnerships.

因此，我們正在非常有創意地思考如何處理所有這些領域，特別是在商業夥伴關係方面的最後一條腿。

Martin Malloy, Johnson Rice.

馬丁·馬洛伊、約翰遜·賴斯。

Good morning.

早安.

I want to ask about the modularization in that path and maybe if you might be able to talk about some of the milestones we should look for the timetable there.

我想問一下該路徑中的模組化問題，也許您可以談論一些里程碑，我們應該在那裡尋找時間表。

I think it's modularization is proved to be effective in terms of reducing costs and reducing the construction timeline on larger projects and Baker Hughes and on some LNG projects has proven that they're capable of helping reduce the cost and everything through modernization.

我認為模組化在降低成本和縮短大型項目的建設時間方面被證明是有效的，而貝克休斯和一些液化天然氣項目已經證明他們能夠透過現代化來幫助降低成本和一切。

Could you just talk about milestones or timelines we should look forward with that.

您能否談談我們應該期待的里程碑或時間表。

Yeah, Marty, this is Brian.

是的，馬蒂，這是布萊恩。

Yeah, you're right.

是的，你說得對。

And it's a known lever that's really powerful, right, which is why we're pursuing it.

這是一個眾所周知的非常強大的槓桿，這就是我們追求它的原因。

I would say just stepping back to Permian, I mean, we've known in our, have been pushing for as much modularization as an inland site would allow, but as I had said in my remarks, any inland site typically has hundreds of bridges and so forth that you have to traverse.

我想說，回到二疊紀，我的意思是，我們知道，我們一直在推動內陸站點允許的盡可能多的模組化，但正如我在評論中所說的那樣，任何內陸站點通常都有數百座橋樑等需要穿越。

So, it just sets a maximum logistical constraint.

因此，它只是設定了最大的後勤約束。

I would say with the speed we've been driving on this project, there's still more to squeeze there in terms of more modularization at that project site.

我想說，隨著我們在這個專案上的進展，在這個專案現場的模組化方面還有更多的工作要做。

So that's something we're working with Zachry on the value engineering as we speak.

因此，我們正在與 Zachry 合作進行價值工程。

It's just maxed out the size of the loads, pre-assembly, pre-fabrication, and smaller modules that we send to inland sites.

這只是達到了我們發送到內陸站點的負載、預組裝、預製和較小模組的最大尺寸。

Now back to coastal, and mega module was always in our plans, but as Danny said, as you look forward to the future deployment of our technology likely would be the most cost-effective ways scale up to multi-unit configuration and heavy modularization or mega module potentially with almost no inland transport.

現在回到沿海，巨型模組一直在我們的計劃中，但正如丹尼所說，正如你所期待的那樣，我們技術的未來部署很可能是最具成本效益的方式，擴展到多單元配置和重型模組化或巨型模組，幾乎不需要內陸運輸。

So we've already kicked off work with an engineering firm on that, and this year we'll look for feasibility and potentially precede to start getting a design together and indicative costs.

因此，我們已經與一家工程公司開始合作，今年我們將尋求可行性，並可能首先開始匯總設計和估算成本。

I think in future quarters, we'll lay out milestones of that you should expect, but right now that's the work we're going to do this year to quantify that and quantify, as Danny was saying, future, target healthy that we could hit with that configuration.

我認為在未來的幾個季度，我們會列出您應該期望的里程碑，但是現在這是我們今年要做的工作，以量化和量化，正如丹尼所說的，未來，目標是健康的，我們可以用這種配置達到。

Right.

正確的。

And for my follow up question, just wanted to ask about what the new administration any change in terms of discussions with the DOE or anything else that you might be able to add to to how much support there is for this type of project.

對於我的後續問題，我只想問一下新政府在與能源部討論方面有什麼變化，或者您可以補充的關於對此類項目的支持程度的其他信息。

Yeah, that's a great question, Marty.

是的，馬蒂，這個問題問得真好。

I mean, we can't talk about specific combos, but I would say at a high level, I think if you look at all of the qualities of Net Power in terms of its ability to use domestic natural gas in certain applications, you can use the CO2 to increase oil production, domestic oil production.

我的意思是，我們不能談論具體的組合，但我想從高層次上說，我認為如果你從淨電力在某些應用中使用國內天然氣的能力方面來看待它的所有品質，你就可以使用二氧化碳來增加石油產量，國內石油產量。

Those are the two key pillars of the Trump administration and what they're trying to achieve over the next four years is really just to ensure domestic energy security and I think NET Power is able to do both of those along with the third one, which is reliable power with the low growth that we're seeing in the importance of reliable energy in the scope of AI and geopolitical security that way.

這是川普政府的兩大關鍵支柱，他們在未來四年試圖實現的目標實際上只是確保國內能源安全，我認為 NET Power 能夠同時實現這兩個目標以及第三個目標，即可靠的電力，我們看到可靠能源在人工智慧和地緣政治安全領域的重要性。

So I think, everything that Net power stands for really aligns with the Trump administration.

所以我認為，網路力量所代表的一切都與川普政府的立場一致。

And we'll see where things go there.

我們將拭目以待事情將如何發展。

And then I think like the other piece that's still hanging out there is the fate of the [45k] what's going to happen.

然後我認為另一個懸而未決的問題是[45k]的命運將會發生什麼。

It's still to be determined.

這還有待確定。

It's interesting where, you hear from some people [45] keep getting get cut, and then you hear from others, it's 45Q actually going to get increased with changing the effective date for the inflation rate, which could add, $10 to $20 per ton and then also getting to utilization parity with permanent sequestration which would take the $65 up to the $85.

有趣的是，你會聽到一些人 [45] 繼續削減，然後你又聽到其他人說，隨著通膨率的生效日期改變，45Q 實際上會有所增加，這可能會增加每噸 10 到 20 美元，然後通過永久性封存達到利用率平價，這將使 65 美元上漲到 85 美元。

So there's a couple like credible scenarios that there were, you could see the utilization go from the [65] to something like [105] in the [85] going up to the

因此，有幾個可信的場景，你可以看到利用率從[65]上升到[105]，[85]上升到

[105].

[105]

So those two things would definitely be beneficial to us.

所以這兩件事對我們肯定是有益的。

And look I think when we look at it from our vantage point today, seeing this inflation that we're seeing, it's all the more reason why you probably should see an increase in those sorts of features because of the inflation that we're seeing isn't isn't specific to our technology.

我認為，當我們從今天的角度來看通貨膨脹時，我們就更有理由看到這些特徵的增加，因為我們所看到的通貨膨脹並不是我們技術所特有的。

It's really a byproduct of what you're seeing on this reactive load growth generation being built for by CCGT.

這實際上是 CCGT 為無功負載成長而建造的發電設施的副產品。

So I think for technologies, emerging technologies like ours to have a real good chance of success.

所以我認為對於科技來說，像我們這樣的新興技術很有可能會成功。

I think apart from programs like the 45Q is pretty imperative.

我認為除了 45Q 這樣的程序之外，其他的都相當重要。

Great, thank you.

太好了，謝謝。

I'll turn it back.

我會把它轉回去。

(Operator instructions)

（操作員指令）

Noel Parks, Tuohy Brothers.

諾埃爾‧帕克斯 (Noel Parks)、陶伊兄弟 (Tuohy Brothers)。

Hi, good morning.

嗨，早安。

Just a couple of things.

僅舉幾例。

It does seem that, we're certainly in this situation with the AI driven power demand, that's on the horizon with the industry, the power players all leading to crowd through the same door, essentially to deliver the capacity that's needed, whether traditional gas turbines or microgrid solutions, gas based and otherwise.

看起來，我們確實處於這種由人工智慧驅動的電力需求的境況中，這是行業即將出現的情況，所有的電力參與者都聚集到同一扇門，本質上是為了提供所需的容量，無論是傳統的燃氣渦輪機還是微電網解決方案，無論是基於天然氣的還是其他的。

So, if there are similar cost increases on the way for other generation projects based on the factors that are affecting you.

因此，如果根據影響您的因素，其他發電項目的成本也出現類似的增加。

Do you think that the power end users and perspective end users are realistic at this point about how tight the crunch is going to be?

您是否認為，目前的強力最終用戶和潛在最終用戶對於緊縮程度有切合實際的認識？

Yeah, it's a good question, Noel, I think, yeah, we talked about that on a bunch internally a lot, does the market have a really good handle on where power prices are going and probably more so than just power prices, but just availability of power, I mean, my opinion is no.

是的，這是個好問題，諾埃爾，我想，是的，我們在內部討論過很多次這個問題，市場是否真的能很好地掌握電價的走向，可能不僅僅是電價，還包括電力的供應，我的意思是，我的觀點是否定的。

I think that the market's still extremely, extremely tight through the end of the decade.

我認為到本世紀末市場仍然極度緊張。

We've started to exhaust some of just the production capacity of CCGTs, and I think that's probably one of the reasons why we've said, hey, we've been pushing really, really hard to try to get this first project on as soon as we possibly could.

我們已經開始耗盡 CCGT 的部分生產能力，我想這可能是我們說「嘿，我們一直在非常非常努力地爭取盡快啟動這個第一個專案」的原因之一。

I think the typical order of operations that any large project developer of some of our magnitude would go through is, let's do the feed, let's then get to FID and then we'll start releasing wrong lead items.

我認為，任何與我們規模相當的大型專案開發人員都會經歷的典型操作順序是，先進行回饋，然後進行 FID，最後開始發布錯誤的先導專案。

But I think the way we went about it was, we need to get this first plan on as soon as possible and we're not going to go in the traditional order of operations.

但我認為我們處理此事的方式是，我們需要盡快實施第一個計劃，而且我們不會按照傳統的操作順序進行。

We started releasing long lead equipment while we were conducting the feed, and I think as we got to the end of the feed, we said, hold on.

我們在進行供料時開始釋放長引線設備，我想當我們到達供料結束時，我們說，堅持住。

This market in the demand that we're seeing today, it's going to be there for the next 10 to 15 years.

我們今天看到的市場需求將持續存在10到15年。

And so is it really worth us really compromising the health of our balance sheet and the credibility of the company to try to move it to at a breakneck pace that doesn't get us to the market, any sooner.

那麼，我們是否真的值得以犧牲我們的資產負債表健康和公司信譽為代價，試圖以極快的速度推動這一進程，但又不讓我們更快地進入市場？

It probably just makes it a little bit harder for us is we continues to have, just potential road bumps along the way.

這可能只會給我們帶來一些困難，因為我們在前進的道路上會繼續遇到潛在的障礙。

So what we're really doing now is, is having like this healthy pause to calibrate, really understand what the market potential is, really understand what our plant competitive economics look like.

因此，我們現在真正要做的是，進行這樣的健康停頓來校準，真正了解市場潛力是什麼，並真正了解我們工廠的競爭經濟狀況。

I think we're still in a position where we have pretty good line of sight of being the lowest cost form of clean (inaudible) power and not just on an absolute basis or a relative basis, but on a time scale basis, and I think that's really like the most important part is this is a world that needs much reliable generation as it possibly can get.

我認為我們仍然處於一個相當好的前景中，即成為成本最低的清潔（聽不見）能源，不僅是在絕對基礎上或相對基礎上，而且在時間尺度上，我認為這真的是最重要的部分，因為這個世界需要盡可能可靠的發電。

And I think what we're seeing in the market today is the market doesn't really care if it's clean or not.

我認為，我們今天在市場上看到的情況是，市場並不真正關心它是否乾淨。

They just care if it's scalable, it's reliable, and it's available today and it'll build as much of it as it can.

他們只關心它是否可擴展、是否可靠、是否現在可用，並且會盡可能地建造它。

And if it happens to be affordable, that's great.

如果價格剛好是可以負擔的，那就太好了。

And so we kind of see this mark continuing to grow and, people have quickly moved from trying to find solutions for '26 and '27.

因此，我們看到這個標記繼續增長，人們很快就不再試圖尋找 26 年和 27 年的解決方案。

They're now looking at '28 and '29, as you can see with the CCGT, supply chain, folks are looking at 2030 and 2031.

他們現在著眼於 28 年和 29 年，正如你從 CCGT、供應鏈中看到的，人們則著眼於 2030 年和 2031 年。

We're hearing people starting to FID projects in 2032, and so, I don't know, I think we're in a pretty unique place where we're talking about being able to bring a first of a kind, pretty transformative clean gas technology to the world this decade.

我們聽說有人在 2032 年開始對專案進行 FID，所以，我不知道，我認為我們處在一個非常獨特的位置，我們正在談論能夠在本十年為世界帶來一種首創的、相當具有變革性的清潔氣體技術。

I think it's a pretty incredible for us to be in and so I think what we can really do is just ensure we take our time to get it right because the world needs solutions like this, just as much as it does anything else.

我認為我們能身處其中是一件非常不可思議的事情，所以我認為我們真正能做的就是確保我們花時間把事情做好，因為世界需要這樣的解決方案，就像它需要其他任何東西一樣。

Right, absolutely.

對，絕對如此。

And to the degree you can kind of characterize it.

並且您可以在某種程度上對其進行描述。

For the more or less straight financial potential financial partners that you had contact from or or talk with.

對於您曾經聯繫過或交談過的或多或少直接的潛在金融合作夥伴。

Just curious, do, are there any types of issues that are coming up a lot, I think about things like nearer term financial commitments versus longer, more involvement in what could be PPA type activities.

只是好奇，是否存在什麼類型的問題經常出現，我想到諸如近期的財務承諾與長期、更多地參與 PPA 類型的活動之類的問題。

I'm just sort of wondering what the financial players coming to the table have on their mind right now, assuming, of course, everything that we've, that everyone's talking about just with AI and power demand.

我只是想知道，現在坐在談判桌前的金融參與者在想什麼，當然，假設我們所談論的一切，都是關於人工智慧和電力需求。

Yeah, no, I'll take that one.

是的，不，我會選擇那個。

This is Akash.

這是 Akash。

I'd say, the vast majority of the, I'll say strategics that we're speaking to whether that's folks that want to do [optic]or folks that want to provide infrastructure capital or folks that want to participate to decarbonize their own operations, i.e. utilities or oil and gas.

我想說，我們正在談論的絕大多數戰略人物，無論是想要做 [optic] 的人，還是想要提供基礎設施資本的人，還是想要參與自身運營脫碳的人，即公用事業或石油和天然氣。

They're all focused on not just the first unit.

他們的注意力不僅集中在第一個單元上。

It's what is the pathway for us to deploy these NET Power units at scale.

這是我們大規模部署這些 NET Power 單元的途徑。

And so, it's really a focus on the 2030 to 2035 time frame and how does our ramp up, and their ability to really deploy and use the learnings from the first one in their com and gain comfort on construction operation, commissioning, et cetera allow them to to really hit the ground running in the 2030 time frame.

因此，我們真正關注的是 2030 年至 2035 年的時間範圍，以及我們如何提升，以及他們真正部署和使用從他們的 com 中的第一個項目中獲得的經驗，並在施工運營、調試等方面獲得舒適感的能力，使他們能夠在 2030 年的時間範圍內真正開始運行。

And I think that timing lines up pretty well given at this point, if you're talking about a new on plant CCGT you're in the 2030s, and so our timing of one, we really plan to ramp is really aligned with the work they're doing right now for any type of new large scale power generation.

我認為，就目前情況而言，時間安排相當合適，如果你談論的是新的 CCGT 電廠，那是在 2030 年代，所以我們真正計劃加速的時間安排與他們現在為任何類型的新型大規模發電所做的工作是一致的。

Great, thanks a lot, very helpful perspective.

太好了，非常感謝，非常有幫助的觀點。

Nate Pendleton from Texas Capital.

來自德克薩斯首府的 Nate Pendleton。

Good morning.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

Can you provide additional details on the industrial scale NET Power platform specifically, how should we think about the total addressable market there.

您能否具體提供有關工業規模 NET Power 平台的更多細節，我們應該如何看待那裡的整體可尋址市場。

It can provide any high level differences in how the royalties may be structured between utility scale and industrial scale plants?

它可以提供公用事業規模和工業規模工廠之間的特許權使用費結構的任何高度差異嗎？

Yeah, this is Brian.

是的，這是布萊恩。

Yeah, we're really excited about that platform.

是的，我們對這個平台感到非常興奮。

This similar to other technologies you need different sizes, and shapes for the different market needs, right?

這與其他技術類似，需要不同的尺寸和形狀來滿足不同的市場需求，對嗎？

It does open up really a whole new market compared to the utility.

與公用事業相比，它確實開闢了一個全新的市場。

We just talked prior about scaling these plants up to 600 megawatts to a gigawatt, but there are many industrial applications that need 24/7 clean power at a smaller scale behind the meter LNG, other applications we spoke about.

我們之前剛剛談到將這些工廠的規模擴大到 600 兆瓦到 1 千兆瓦，但有許多工業應用需要規模較小、全天候的清潔能源，例如電錶後面的 LNG，以及其他我們之前談到的應用。

So it does open up a new TAM which, I'd say we're not ready to lay out the values on that just yet, but we will in the future.

因此，它確實開闢了一個新的 TAM，我想說我們還沒有準備好列出它的價值，但我們將來會這樣做。

As far as, the size of this, I would say, again, the work that Baker's going to do with Woodside, and others and us is is really nail down what is that target best fit across multiple different sectors.

就其規模而言，我想說，貝克將與伍德賽德、其他公司和我們一起開展的工作實際上是確定最適合多個不同部門的目標。

But you should be thinking it's less than half of let's say the utility scale size, but still to be nailed down, as they develop that program what's the optimal fit.

但是您應該認為，它還不到公用事業規模大小的一半，但仍有待確定，因為他們開發該程式時最佳匹配是什麼。

And then I guess I can chime in on just how to think about the licensing aspect of it this program is really driven by Baker and now Woodside as their first partnering this.

然後我想我可以加入討論如何看待它的許可方面，這個項目實際上是由 Baker 推動的，現在 Woodside 是他們的第一個合作夥伴。

We are a pure licensor in the industrial scale platform.

我們是工業規模平台的純粹授權方。

And so when you think about, what is NET Power's role here.

那麼，當您思考的時候，NET Power 在這裡扮演什麼角色。

Yes, we will provide technology support, but we are effectively going straight to the end state that we would go to at the utility scale, right, which is we will sell a license, we will earn revenue on that license, but we're not really subject to a (inaudible) capital outflow to get that program or to get a facility bill.

是的，我們將提供技術支持，但我們實際上會直接進入公用事業規模的最終狀態，對吧，也就是我們將出售許可證，我們將從該許可證上賺取收入，但我們實際上並不會受到（聽不清）資本流出的影響來獲得該計劃或獲得設施賬單。

Got it.

知道了。

I really appreciate the detail there.

我真的很欣賞那裡的細節。

And then shifting gears a bit, to your MOU with carbon

然後稍微轉換主題，談談你與碳的諒解備忘錄

(inaudible).

（聽不清楚）。

Can you speak to the opportunity you see in California for NET Power plants and at a higher level, how do you expect to use partnerships like this and other agreements ahead of the Project Permian startup.

您能否談談您在加州看到的 NET Power 工廠的機會？

Yeah, so the (inaudible) one, I mean, it's a really, really exciting one.

是的，所以（聽不清楚），我的意思是，這真的非常非常令人興奮。

So the CRC folks control a lot of just depleted oil and gas fields in California that have been produced over the last 100 years and now the CRC folks are in possession of close to a billion tons of CO2 storage capacity across their entire acre position, and so we just collectively came together and said, hey, you guys have all the storage capacity you want to fill it up and we have these clean gas power plants that are just carbon capture factories and so if there's a way that we can co-locate our power plants above your CO2 storage vaults, that's quite synergistic to, to both of our firms as well as just the state of California because, you're able to provide new baseload power generation in the state that hasn't had a baseload power generation facility built in the last decade.

因此，CRC 控制著加州許多在過去 100 年裡開采的枯竭的油氣田，現在 CRC 在其整個土地上擁有近 10 億噸的二氧化碳儲存能力，所以我們就聚在一起說，嘿，你們擁有想要填滿的所有儲存能力，我們有這些清潔天然氣廠，它們只是碳捕獲工廠，所以如果有機會讓我們的發電廠與你們的二氧化碳一起發電，而該州在過去十年中還沒有建造基載發電設施。

So, there's a lot of really just nice attributes about this that makes sense all around.

所以，它有很多非常好的屬性，而且從各方面來說都是合理的。

And so just part of the scope of what we're doing with the CRC folks right now is really scoping out that first gigawatt of plants that we want to in California, where do we want it to go.

因此，我們目前與 CRC 人員合作的部分工作範圍實際上是確定我們想要在加州建造的首批千兆瓦發電廠，以及我們希望將其建造在哪裡。

And I think a lot of that's really going to be instructive coming out of this modular multi plant, pre-feed program that Brian and the team are going to be running this year, a lot of stuff coming out of that, a lot of the information coming out of Project Permian with the stick build application is going to be pretty helpful and really helping us really understand optimal locations, optimal scope for a successful projects in other states, but right now, like the big focus for this year is wrapping up the Permian work on the value engineering, and then really getting to work on this multi-pack configuration prefeed that the team's going to be doing and those two pieces of information coming out of those is going to be really helpful with figuring out how do we prioritize some of these other areas for the early 2030s.

我認為，Brian 和他的團隊今年將要運行的模組化多工廠預進料計劃中的很多內容都將具有指導意義，從該計劃中產生的很多東西，來自二疊紀項目和棒式建造應用程序的很多信息都將非常有用，真正幫助我們了解最佳位置、其他州成功項目的最佳範圍，但現在，今年的重點是如何完成兩個包030 年代初優先考慮其他一些領域。

Understood, thanks for your time.

明白，感謝您的時間。

Brian Levine, Citi.

花旗銀行的 Brian Levine。

Thanks for taking my questions.

感謝您回答我的問題。

In terms of the number of resources or particularly human resources pursuing this opportunity.

就追求此機會的資源數量或特別是人力資源而言。

Has that scaled up or down in recent months, both through NET Power and your strategic partners around developing the technology.

近幾個月來，透過 NET Power 和圍繞開發該技術的策略合作夥伴，該規模是擴大了還是縮小了？

Yeah, I think the general answer is we continue to build out the team.

是的，我認為整體答案是我們繼續建立團隊。

I mean, if you look at Net Power as an organization, we added a bunch of folks in 2024, a lot of key technical roles which Brian can get into and then if you just look at across the technology development between us, Baker, all of our SMEs, Oxy, Constellation, and there's hundreds of people working on this thing on any given day.

我的意思是，如果你把 Net Power 看作一個組織，我們在 2024 年增加了一批員工，其中很多是 Brian 可以擔任的關鍵技術角色，然後如果你只看看我們、Baker、我們所有的中小企業、Oxy、Constellation 之間的技術開發，每天都有數百人在從事這項工作。

But I'll let Brian chat further.

但我會讓布萊恩進一步聊聊。

Yeah, no, that's right.

是啊，不，沒錯。

I mean, Zachry has a large team that's only grown same with (inaudible) on the feed work, same with Lammas, and their multiple sub-supply chain that they're bringing in, as Akash said.

我的意思是，Zachry 擁有一支龐大的團隊，他們在飼料工作上與（聽不清楚）一樣成長，與 Lammas 一樣，而且他們還引入了多個子供應鏈，正如 Akash 所說的那樣。

I mean, we've identified where the technology needs are in gaps and built out an incredible team at our company that have expertise themselves in air separation plants, heat exchanges, turbo machinery et cetera.

我的意思是，我們已經確定了技術需求的差距，並在我們公司建立了一支優秀的團隊，他們在空氣分離裝置、熱交換器、渦輪機械等方面擁有專業知識。

So we've only grown, our our key partners have only grown, and then this also takes let's say dedicated specialty contractors which over time we've identified who are best in class and can fill in any technology or commercial gaps.

因此，我們一直在成長，我們的關鍵合作夥伴也在成長，然後這也需要專門的專業承包商，隨著時間的推移，我們已經確定了誰是同類中最好的，可以填補任何技術或商業空白。

So yeah, only been increasing to this point.

是的，只增加到這個程度。

Great, thanks.

非常好，謝謝。

And then on slide 8, you referenced that you're focusing more on US Gulf Coast, opportunities.

然後在第 8 張投影片上，您提到您更加關注美國墨西哥灣沿岸的機會。

Previously it highlighted some North (inaudible) opportunities.

此前，它強調了一些北方（聽不清楚）的機會。

Are those no longer being pursued or are those delayed from commercial development opportunities?

這些是不再被追求的還是商業發展機會被延後了？

They're still, they're not being delayed so much, Brian, as it is just, I think as we think about slotting of what are project numbers 2 through 10 going to be.

布萊恩，他們仍然沒有被拖延太多，我認為，當我們考慮將項目 2 到 10 進行排序時，情況就是這樣。

I think we really want to get to a place where we can demonstrate the lowest LCO we possibly can on just that pathway to just broader commercial success.

我認為，我們真正想要達到的效果是，我們可以在通往更廣泛的商業成功的道路上，盡可能地展示最低的 LCO。

And so for us it's really just about being able to slot things in the order of lowest cost first, right.

所以對我們來說這其實只是能夠按照成本最低的順序排列事物，對吧。

And so just coming out of the Permian feed.

這就是剛從二疊紀飼料中出來的東西。

I think it really indicated to us that being able to prefabricate and develop things on a coastal sort of application, it's probably where we want to start now.

我認為這確實向我們表明，能夠在海岸應用上預製和開發事物，這可能是我們現在想要開始的地方。

I think when most people think of coast, they think of just Gulf Coast, right?

我認為大多數人想到海岸時，他們只會想到墨西哥灣沿岸，對嗎？

But you also have riverways, waterways, Lake Michigan, for example, is a place where you could possibly be on the coast there.

但是也有河道、水道，例如密西根湖，那裡可能是你的海岸。

So we're not necessarily, just relegated to the Gulf Coast, but it's obviously a pretty interesting one to start because you have a lot of the pre-requisites already in place with the natural gas infrastructure, the CO2 infrastructure, the power infrastructure, as well as potential industrial gas infrastructure to be able to really optimize the value of the ASU that's part of this plant.

因此，我們不一定只局限於墨西哥灣沿岸，但這顯然是一個非常有趣的起點，因為您已經具備許多先決條件，包括天然氣基礎設施、二氧化碳基礎設施、電力基礎設施以及潛在的工業氣體基礎設施，從而能夠真正優化該工廠的 ASU 的價值。

So there's a lot of really nice things about the Gulf Coast that make it really attractive to us.

墨西哥灣沿岸有很多美好的事物對我們來說非常有吸引力。

And again, as everybody knows, our costs are pretty friendly place for us to be in and so it's an area that the origination team's already starting to poke around on.

眾所周知，我們的成本處於相當友好的水平，因此這是發起團隊已經開始研究的一個領域。

And then last question for me in the one of the portfolios in Northern Indiana in Zone 6, they have CCUS generation as one of the preferred portfolios.

然後，對我來說最後一個問題是，在印第安納州北部第 6 區的投資組合中，他們將 CCUS 發電作為首選投資組合之一。

Is that an opportunity you're pursuing in the Northern Indiana power market?

這是您在印第安納州北部電力市場尋求的機會嗎？

I can't comment on on that specific one exactly, but yeah, I mean the the whole part of [Myso]is pretty interesting geologically.

我無法對那個具體問題發表確切的評論，但是是的，我的意思是整個 [Myso] 在地質上都非常有趣。

So hopefully whether it's us or other folks, hopefully it gets exploited because the rock there is pretty good and and again it's an area that needs as much farm generation as it can get.

所以希望，無論是我們還是其他人，都希望它能夠開發，因為那裡的岩石非常好，而且這是一個需要盡可能多的農田發電的地區。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

Wade Suki, Capital One.

韋德蘇基 (Wade Suki)，Capital One 的成員。

Good morning, everyone.

大家早安。

Thank you for taking my question.

感謝您回答我的問題。

Just wondering if you could expand a little bit on some of the, let's call it commercial activities, dialogue with customers, and if you wouldn't mind maybe touching on the opportunities up in Alberta that you've kind of spoken to before, that'd be great.

我只是想知道您是否可以稍微擴展一下我們稱之為商業活動、與客戶的對話，如果您不介意談談您之前談到的阿爾伯塔省的機遇，那就太好了。

Thank you.

謝謝。

Yeah, I mean, we're working through Alberta pre-feasibility with our partner up there, and so that's progressing.

是的，我的意思是，我們正在與那裡的合作夥伴一起進行阿爾伯塔省的預可行性研究，所以這項工作正在取得進展。

I think, for all of these projects they're really just following the lead on what we're doing at Project Permian and really what we're going to be doing with this multi-pack pre-feed that Brain and the team are running.

我認為，對於所有這些項目，他們實際上只是遵循我們在 Project Permian 中所做的事情以及我們將要使用 Brain 和團隊正在運行的多包預送系統所做的事情。

So there's going to be a lot of really just good insights and information coming out of those two endeavors that are going to be really helpful as we really start to scope out.

因此，這兩項努力將會產生許多非常好的見解和訊息，當我們真正開始拓展範圍時，它們將非常有幫助。

Both the project size, but also just the timing of some of these other projects and then just, elsewhere on the commercial piece, we're talking to the big tech folks, which isn't a surprise because, I think everybody under the sun is at this point.

這不僅包括專案規模，還包括其他一些專案的時間安排，然後，在商業部分的其他方面，我們正在與大型科技公司進行談判，這並不奇怪，因為我認為每個人都處於這個階段。

So those conversations are progressing.

因此這些對話正在取得進展。

But I think everybody really is focusing on us and what are the long term economics of this plant going to look like?

但我認為每個人都在關注我們，這家工廠的長期經濟效益會是什麼樣的呢？

How is this going to stack up against nuclear?

這與核能相比如何？

I think there's a whole host of folks that have already started to turn their attention as nuclear is going to be the solution, which is sort of ironic because 100% of what's really getting developed today that base load is gas-based, and I think from our vantage point, a lot of people really aren't paying attention to how low cost and reliable clean gas power can be, whether it's a solution like Net Power or something like PCC.

我認為已經有一大批人開始將注意力轉向核能，因為核能將成為解決方案，這有點諷刺，因為當今真正開發的 100％ 基本負荷都是基於天然氣的，我認為從我們的角度來看，很多人並沒有真正關注清潔天然氣能源的成本有多低和可靠性有多高，無論是像 Net Power 這樣的解決方案還是像 PCC 這樣的解決方案。

I think with the design that we have, we think it's just going to be a better mouse trap versus any of the other alternatives.

我認為，憑藉我們現有的設計，我們認為它將是一個比其他任何替代品更好的捕鼠器。

And there's probably like, no better example of it.

而且可能沒有比這更好的例子了。

When we've seen over the last year just this massive demand for CCGTs, the forward gas curve really hasn't moved up that much and it'll continue to creep up, but I think it really just reinforces how abundant in low cost natural gas is here in the United States to be the preferred feedstock for the next generation.

我們看到，去年對 CCGT 的需求非常巨大，但遠期天然氣曲線實際上並沒有大幅上漲，而且還會繼續攀升，但我認為這實際上只是強調了美國低成本天然氣的豐富性，使其成為下一代首選原料。

And so that just gives us a whole lot of comfort that being able to design a gas-based solution to provide that reliable power for the grid's needs is such a huge competitive advantage.

因此，我們非常放心，能夠設計一種基於天然氣的解決方案來為電網提供可靠的電力，這是一個巨大的競爭優勢。

So us having a gas-based solution, for us it's a huge advantage, and I think when we eventually couple on getting past this sort of near term frenzy to be able to add as much generation as we possibly can, obviously CCGT is being deployed.

因此，擁有基於天然氣的解決方案對我們來說是一個巨大的優勢，我認為，當我們最終擺脫這種短期狂熱，能夠盡可能地增加發電量時，顯然 CCGT 正在部署。

Because it's the most available today off the shelf, right, but I think once the industry gets its feet under itself and it can start to actually add, clean reliable generation, I think that's really where you're going to see a technology like Net Power shine and so we do have the benefit of time to ensure that we get it right, ensure we get it right, not just in terms of the technology working, but getting it right in terms of the economics and being able to compete with the carbon demanding alternative and the other clean alternatives.

因為它是目前最容易獲得的現成技術，對吧，但我認為，一旦行業站穩腳跟，開始真正增加清潔可靠的發電，我認為這才是真正看到像 Net Power 這樣的技術大放異彩的時候，所以我們確實有時間優勢來確保我們做對了，確保我們做對了，不僅在技術方面，而且在經濟方面也做對了，並且在經濟方面也能與其他清潔品競爭。

So we're going to get it right.

所以我們會把事情做好。

We're going to take our time to ensure we get it right because I think that's what the shareholders deserve.

我們會花時間確保一切順利，因為我認為這是股東應得的。

Right.

正確的。

Thanks.

謝謝。

Any movement internationally you can kind of speak to.

您可以談論任何國際上的運動。

Love to hear.

喜歡聽。

No, not really.

不，不是真的。

I mean, there's areas on the international markets that we're really interesting in, I think, part of the Baker industrial program that they're going to be doing with Woodside, that's a really cool program for the international opportunities, especially on the LNG side.

我的意思是，我們對國際市場上的某些領域非常感興趣，我認為，貝克工業項目的一部分是他們將與伍德賽德合作開展的，這對於國際機會來說是一個非常酷的項目，特別是在液化天然氣方面。

So that's going to be a great place for them to take a look at.

所以這對他們來說將是一個值得參觀的好地方。

But for us when we look at just the markets where this plant makes the most economic sense, North America between the US and Canada is where it's at just because of the access to low cost gas and especially here in the US, a favorable carbon pricing regime with the 45Q.

但對我們來說，當我們只看這個工廠最具經濟意義的市場時，美國和加拿大之間的北美就是這個工廠最理想的所在地，因為這裡可以獲得低成本的天然氣，特別是在美國，45Q 有一個有利的碳定價制度。

So the US is the best place and that's ultimately where we're going to start the cost down curve exercise and certainly as we're able to get our CapEx down, as we scale this thing into manufacturing mode, it'll start open up some of the international markets where there may not be such a favorable economic regime for gas-based solutions, but we could like we've kind of said on prior calls, we could just sit here in the United States for the next 20 years and be okay.

因此，美國是最好的地方，我們最終將從那裡開始降低成本曲線，當然，隨著我們能夠降低資本支出，隨著我們將這項技術擴大到製造模式，它將開始打開一些國際市場，這些市場可能沒有對天然氣解決方案如此有利的經濟體制，但就像我們在之前的電話會議上說過的那樣，我們可以在未來 20 年裡一直待在美國，一切就緒。

And so while we will eventually expand into some of those other markets, especially on an opportunistic basis being able to have all of our resources focused in the US is probably the right thing for the business, but it's also probably the most prudent thing in terms of making sure that we're not spending too much on the G&A side to try to chase too many opportunities.

因此，雖然我們最終將擴展到其他一些市場，但特別是在機會主義的基礎上，能夠將我們所有的資源集中在美國，這對業務來說可能是正確的選擇，但為了確保我們不會在一般和行政費用方面投入太多，以追逐太多機會，這也可能是最謹慎的做法。

Understood.

明白了。

Thank you so much.

太感謝了。

Appreciate you taking the questions.

感謝您回答這些問題。

Thanks, Wade.

謝謝，韋德。

Thank you.

謝謝。

We reached out of our question and answer session.

我們已結束問答環節。

I would like to turn the floor back over for any further closing comments.

我想將發言權交還給大家，以便大家發表進一步的結論。

Okay, thank you everybody for joining us on our call today.

好的，感謝大家今天的電話會議。

It's the, this is a pretty dynamic market.

這是一個相當活躍的市場。

NET Power is a pretty dynamic technology.

NET Power 是一項相當有活力的技術。

We're going to continue to adapt responsibly and responsibly to the market's needs.

我們將繼續以負責任的態度來適應市場的需求。

And I think today's probably no better example of we need to be nimble, we need to be reactive and responsive with an unwavering focus on the long term vision of delivering low cost, clean, reliable, affordable power.

我認為今天可能沒有比這更好的例子了，我們需要靈活，需要反應迅速，堅定不移地專注於提供低成本、清潔、可靠、負擔得起的電力的長期願景。

So, I appreciate everybody's support.

因此，我感謝大家的支持。

I appreciate everybody's long-term view, and look forward to chatting with you all next quarter.

我欣賞大家的長遠眼光，並期待下個季度與大家交談。

Thank you.

謝謝。

That does conclude today's teleconference and webcasting we just connect your line at this time and have a wonderful day.

今天的電話會議和網路廣播到此結束，我們現在就接通您的電話，祝您有美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。