NET Power Inc (NPWR) 2025 Q2 法說會逐字稿

Greetings, and welcome to the NET Power Incorporated Second Quarter 2025 Earnings Call. (Operator Instructions)

您好，歡迎參加 NET Power Incorporated 2025 年第二季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce Bryce Mendes, Director, Investor Relations. Please go ahead.

提醒一下，本次會議正在錄製中。現在我很高興介紹投資者關係總監布萊斯門德斯。請繼續。

Thank you. Good morning, everyone, and welcome to NET Power's Second Quarter 2025 Earnings Conference Call. With me on the call today, we have our Chief Executive Officer, Danny Rice; and our Chief Operating Officer, Marc Horstman. Yesterday, we issued our earnings release for the second quarter of 2025 along with an updated presentation, both of which can be found on our Investor Relations website at ir.netpower.com.

謝謝。大家早安，歡迎參加 NET Power 2025 年第二季財報電話會議。今天與我一起參加電話會議的還有我們的執行長 Danny Rice 和營運長馬克霍斯特曼 (Marc Horstman)。昨天，我們發布了 2025 年第二季度的收益報告以及更新的演示文稿，兩者均可在我們的投資者關係網站 ir.netpower.com 上找到。

During this call, our remarks may include forward-looking statements. Actual results may differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with our business. These risks and uncertainties are discussed in our SEC filings. Please note that we assume no obligation to update any forward-looking statements.

在本次電話會議中，我們的言論可能包含前瞻性陳述。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所明示或暗示的結果有重大差異。這些風險和不確定性在我們提交給美國證券交易委員會的文件中進行了討論。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，我將把麥克風交給 NET Power 的執行長 Danny Rice。

Thanks, Bryce, and thanks, everyone, for joining our second quarter earnings call. Marc and I are excited to share some really positive developments. We're going to reference some slides in our latest investor presentation, so I'd ask you all to have those handy and follow along. And after our prepared remarks, we'll open the line for questions. So let's get started.

謝謝布萊斯，也謝謝大家參加我們第二季的財報電話會議。馬克和我很高興分享一些真正積極的進展。我們將在最新的投資者簡報中引用一些投影片，因此我請大家準備好這些投影片並跟著看。在我們準備好發言之後，我們將開放提問熱線。那麼就讓我們開始吧。

So the energy market is experiencing unprecedented demand, driven largely by the surge in artificial intelligence and data center growth. As noted on slide 4, grid load growth from AI is outpacing the ability to add 24/7 generation, putting pressure on prices and grid reliability. For example, the 2025 PJM capacity auction saw cleared prices rise to $329 per megawatt per day, an 11x increase over two years.

因此，能源市場正在經歷前所未有的需求，這主要受到人工智慧和資料中心成長的推動。如投影片 4 所示，人工智慧導致的電網負載成長速度超過了增加全天候發電的能力，給價格和電網可靠性帶來了壓力。例如，2025 年 PJM 容量拍賣的清算價格上漲至每兆瓦每天 329 美元，兩年內上漲了 11 倍。

Corporate sustainability goals are now competing with reliability and affordability concerns compounded by long interconnect queues and rising intermittency in local grids. From our conversations with prospective customers, the focus is now on securing reliable power as soon as possible and have incredible pathways to decarbonize over time. We've seen more and more announcements along these lines, capture-ready gas projects, pairing gas projects with nature-based offsets, and we've even started to see next-gen nuclear link up with gas power developers to create a bridge.

企業的永續發展目標現在正與可靠性和可負擔性問題競爭，而長時間的互連排隊和當地電網間歇性的增加又加劇了這個問題。從我們與潛在客戶的對話中得知，現在的重點是盡快確保可靠的電力，並隨著時間的推移找到令人難以置信的脫碳途徑。我們看到越來越多這樣的公告，包括可捕獲的天然氣項目、將天然氣項目與基於自然的補償相結合，我們甚至開始看到下一代核能與天然氣電力開發商聯繫起來，建立一座橋樑。

We think many of those solutions are optical at best with no tangible industrial, mechanical or thermodynamic bond between these gas solutions and these clean solutions. Be that as it may, the market is signaling its need to utilize gas because of its availability, reliability and affordability, but wanting a credible demonstrable pathway to lower emissions in the future. So what does this have to do with NET Power?

我們認為，許多解決方案充其量只是視覺上的，這些氣體解決方案和這些清潔解決方案之間沒有實際的工業、機械或熱力學聯繫。儘管如此，市場已經表明需要利用天然氣，因為天然氣具有可用性、可靠性和可負擔性，但同時也希望未來能找到一條可靠且可證明的降低排放的途徑。那麼這跟 NET Power 有什麼關係呢？

Our NET Power cycle can be a fairly autonomous technology. It's sufficient in generating power from natural gas and inherently capturing the CO2 in the process, but it doesn't need to be self-sufficient, especially if integrating with other solutions that unlocks a pathway to give the market what it needs now, more reliable power and what it wants in the future, lower emissions.

我們的 NET Power 循環可以成為相當自主的技術。它足以利用天然氣發電並在發電過程中捕獲二氧化碳，但它不需要自給自足，特別是如果與其他解決方案相結合，可以開闢一條道路，為市場提供現在所需的更可靠的電力和未來所需的更低的排放。

Turning to slide 5. One of the unique aspects of our oxy-combustion cycle is its large auxiliary load. In a typical simple cycle gas turbine power plant, only 30% to 40% of the BTU energy from natural gas is converted into power with minimal power needed on site. However, in the NET Power cycle, nearly 80% of the BTU energy from the natural gas is converted into electricity. But the one caveat is the equipment needed to give us pure oxygen and run our semi-closed loop cycle at high pressure requires a lot of energy itself. In the power industry, we call that auxiliary load.

翻到幻燈片 5。我們的富氧燃燒循環的獨特之處之一是其輔助負荷較大。在典型的簡單循環燃氣渦輪發電廠中，只有 30% 到 40% 的天然氣 BTU 能量轉換為電能，現場所需的電力極少。然而，在淨功率循環中，天然氣中近 80% 的 BTU 能量轉化為電能。但需要注意的是，為我們提供純氧並在高壓下運行半閉環循環所需的設備本身需要大量的能量。在電力產業中，我們稱之為輔助負載。

So while the NET Power cycle has extremely high primary energy conversion into power, approximately half of this power is used for auxiliary load. So the basic question we ask ourselves is why are we using our clean, more expensive power to service our auxiliary load when we could integrate and utilize lower-cost power solutions? The answer is we can. And as you'll see in the next few slides, we selected gas turbines because they're the most deployable today to meet the market's need for reliable, affordable power, and they're the most synergistic with our product. But we could just as easily do it with geothermal, nuclear, solar and wind power if those energy solutions are available and economical in areas we want to deploy.

因此，雖然淨功率循環具有極高的一次能源轉換為電能的效率，但其中約一半的電能用於輔助負載。因此，我們問自己的一個基本問題是，當我們能夠整合和利用低成本的電力解決方案時，為什麼要使用清潔、更昂貴的電力來服務我們的輔助負載？答案是可以的。正如您將在接下來的幾張幻燈片中看到的，我們選擇燃氣渦輪機是因為它們是當今最易於部署的，可以滿足市場對可靠、經濟實惠的電力的需求，並且它們與我們的產品具有最佳的協同作用。但如果我們想要部署的地區可用且經濟實惠，我們也可以輕鬆地利用地熱能、核能、太陽能和風能來實現這一目標。

Let's turn to slide 6 and walk through the integration. The first and most obvious synergy is the ability to utilize lower-cost power to cover all or a portion of our auxiliary load, which is a unique feature that most other power generation solutions don't have. We discovered that integrating the waste heat from just 50 megawatts of gas turbines is more cost effective than piping in waste heat from our on-site air separation unit. It will boost our core cycle efficiency by roughly 15 megawatts. The combination of simple cycle gas turbines and the NET Power cycle essentially results in a higher efficiency combined cycle configuration without adding steam cycle systems and allows for better turndown and load following flexibility.

讓我們翻到第 6 張投影片並了解整合過程。第一個也是最明顯的協同作用是能夠利用低成本電力來覆蓋我們全部或部分輔助負載，這是大多數其他發電解決方案所不具備的獨特功能。我們發現，整合僅 50 兆瓦燃氣渦輪機產生的廢熱比透過管道輸送現場空氣分離裝置的廢熱更具成本效益。它將使我們的核心循環效率提高約 15 兆瓦。簡單循環燃氣渦輪機和淨動力循環的組合本質上產生了更高效的聯合循環配置，而無需添加蒸汽循環系統，並允許更好的調節和負荷追蹤靈活性。

There's other synergies too, specifically sharing OSBL infrastructure for land, gas, water and power, enabling these gas turbines to be deployed at lower cost than in a stand-alone gas turbine configuration and also providing black start capability for our plant. From an economic perspective, the more low-cost power we can use to cover our aux load results in more power that we can export and the lower cost the power becomes. There are some important commercial synergies we'll cover in a few slides, too.

還有其他協同效應，特別是共享土地、天然氣、水和電力的 OSBL 基礎設施，使這些燃氣渦輪機的部署成本低於獨立燃氣渦輪機配置，並為我們的工廠提供黑啟動能力。從經濟角度來看，我們用來覆蓋輔助負載的低成本電力越多，我們能夠輸出的電力就越多，電力成本就越低。我們也將在幾張投影片中介紹一些重要的商業綜效。

Turning to slide 7. The left-hand side of the page shows the energy math for a stand-alone NET Power plant. 50 million cubic feet per day of gas equates to 550 megawatts of thermal input and nearly 80% of that becomes power. You cover 210 megawatts of aux load and you're left with 200 megawatts of clean, reliable power for sale.

翻到幻燈片 7。頁面左側顯示了獨立淨發電廠的能量計算。每天 5000 萬立方英尺的天然氣相當於 550 兆瓦的熱輸入，其中近 80% 轉化為電能。您覆蓋了 210 兆瓦的輔助負載，還剩下 200 兆瓦的清潔、可靠的電力可供出售。

The right-hand side of the page shows the integrated configuration, this time with gas turbines fully covering our auxiliary load, plus some cycle efficiencies. And now we're exporting 415 megawatts of clean, reliable power. So we double the power output and compared to the gas turbines themselves, it's half the emissions. But the real story here is the new sequencing and pathways we've created, which we'll cover on the following slide.

頁面右側顯示了整合配置，這次燃氣渦輪機完全覆蓋了我們的輔助負荷，並增加了一些循環效率。現在我們正在出口 415 兆瓦的清潔、可靠的電力。因此，我們將電力輸出提高了一倍，而與燃氣渦輪機本身相比，排放量卻減少了一半。但這裡真正的故事是我們創建的新排序和路徑，我們將在下一張投影片中介紹。

So on slide 8, this is really the sequence the market is asking for, and this is what we'll be aspiring to deliver at Project Permian and future early projects.

因此，在第 8 張投影片上，這確實是市場所要求的順序，這也是我們希望在二疊紀計畫和未來的早期計畫中實現的。

So with Permian and each of the projects we're originating, we're already working on securing the gas, water and grid access. So we'll aim to get the 200-megawatt gas turbines installed as soon as the OSBL items are ready to go, likely one to two years ahead of NET Power. This 200 megawatts can service data centers or the grid immediately. And then when the NET Power core facility is installed, this 200 megawatts shifts from in-front-of-the-meter service to behind-the-meter service to cover our cycle's auxilliary load.

因此，對於二疊紀盆地以及我們正在發起的每個項目，我們都已開始努力確保天然氣、水和電網連接。因此，我們的目標是在 OSBL 專案準備就緒後立即安裝 200 兆瓦的燃氣渦輪機，這可能比 NET Power 提前一到兩年。這200兆瓦可以立即為資料中心或電網提供服務。然後，當安裝 NET Power 核心設施時，這 200 兆瓦將從電錶前服務轉移到電錶後服務，以覆蓋我們週期的輔助負載。

And then NET Power takes over delivering 400 megawatts of power to the customer. This transition from gas turbines to NET Power is where you realize a 50% reduction in emissions and with double the power output. And the pathway to further decarbonize doesn't stop there. There's the ability to install more NET Power plants, of course, but it opens up two additional pathways. The first is installing PCC on the gas turbines itself and the second is integrating renewables into the project.

然後，NET Power 接管向客戶提供 400 兆瓦的電力。從燃氣渦輪機到淨動力的轉變可以實現排放量減少 50% 且功率輸出增加一倍。進一步脫碳的道路不止於此。當然，可以安裝更多的 NET 發電廠，但它開闢了另外兩條途徑。第一是在燃氣渦輪機上安裝PCC，第二是將再生能源整合到專案中。

PCC is an interesting one because we'll have already established the CO2 infrastructure for transport and sequestration, which are the two biggest hangups with PCC today. We're taking a very altruistic perspective because we think that it's an important element of attractiveness to prospective partners, having multiple pathways to procure reliable clean energy. And if we're originating projects to accommodate a mix of energy solutions, we'll find ways to capture value above and beyond just our NET Power cycle technology.

PCC 是一個有趣的技術，因為我們已經建立了用於運輸和封存的二氧化碳基礎設施，這是目前 PCC 面臨的兩個最大障礙。我們採取非常無私的觀點，因為我們認為，擁有多種途徑來採購可靠的清潔能源是吸引潛在合作夥伴的重要因素。如果我們發起的專案能夠適應多種能源解決方案，我們就會找到方法來獲得超越我們的淨動力循環技術的價值。

Turning to slide 9. In just a few short months, Project Permian LCOE has meaningfully improved from over $150 per megawatt hour to now under $100 per megawatt hour, and it's more than just the integrated configuration driving this meaningful reduction. As the slide illustrates, we've made excellent progress on SN1 value engineering and that, along with improvements on the tax incentives are equally as impactful as the product integration.

翻到第 9 張投影片。在短短幾個月內，二疊紀專案的 LCOE 已從每兆瓦時 150 美元以上大幅降低至現在的每兆瓦時 100 美元以下，而推動這一顯著降低的不僅僅是整合配置。如幻燈片所示，我們在 SN1 價值工程方面取得了巨大進展，且稅收優惠的改善與產品整合同樣具有影響力。

I'll let Marc touch on some of the SN1 value engineering progress.

我將讓馬克談談 SN1 價值工程的一些進展。

Project Permian SN1 has progressed significantly in the last three to four months. We have work left to do, but thus far, the value engineering efforts have driven strong results. For example, pipe quantities are down 20%, pipe diameter reduced by 25%, and the overall plot plan site layout has shrunk by almost 25%. We've also received favorable pricing updates through work of the NET Power team and our partners with respect to the ASU equipment, costs coming in 15% lower than expected.

二疊紀 SN1 計畫在過去三到四個月內取得了重大進展。我們還有很多工作要做，但到目前為止，價值工程工作已經取得了顯著的成果。例如，管道數量減少了 20%，管道直徑減少了 25%，整體規劃場地佈局縮小了近 25%。透過 NET Power 團隊和我們的合作夥伴的工作，我們也收到了有關 ASU 設備的有利定價更新，成本比預期低 15%。

Additionally, working with our EPC contractors and others, we've reduced the ASU installation cost by almost 10%. Furthermore, we're initiating secondary and in some cases, additional bids for the ASU installation in the overall plant itself. And finally, we've progressed our digital twin, which is important to validate the work that we've done thus far and it allows us to modify and mitigate additional changes in the equipment as we go forward. We remain focused on the disciplined execution and cost control as we move forward. We're focused and cautiously optimistic on the work remaining to be completed in the next 60 to 90 days.

此外，透過與我們的 EPC 承包商和其他公司合作，我們將 ASU 安裝成本降低了近 10%。此外，我們正在對整個工廠的 ASU 安裝進行二次招標，在某些情況下，還會進行額外招標。最後，我們取得了數位孿生的進展，這對於驗證我們迄今為止所做的工作非常重要，並且它使我們能夠在未來修改和減輕設備的額外變化。在前進的過程中，我們將繼續專注於嚴格的執行和成本控制。我們專注於未來 60 到 90 天內剩餘要完成的工作，並持謹慎樂觀的態度。

That's great, Marc. So on the other couple of items on this slide. So with the recent one Big Beautiful Bill Act tax legislation, which we just referred to as OBBA, bonus depreciation, it amounts to a good chunk of the LCOE value by allowing investors to fully depreciate qualifying assets in year one, and that's actually a pretty meaningful benefit to LCOE. And 45Q parity was enacted for CO2 utilization, so $25 per ton higher than before. So it goes from $60 to $85 per ton for CO2 utilization, which is what we're planning to do at Project Permian, and that equates to a nearly $10 per megawatt hour lower power price.

太好了，馬克。關於這張投影片上的其他幾個項目。因此，根據最近的一項《美麗法案》稅收立法（我們剛才稱之為 OBBA，即獎金折舊），它允許投資者在第一年完全折舊合格資產，從而相當於 LCOE 價值的很大一部分，這實際上對 LCOE 來說是一個非常有意義的好處。並且對二氧化碳利用實施了45Q平價，因此每噸比以前高出25美元。因此，二氧化碳利用成本從每噸 60 美元漲到了 85 美元，這正是我們計劃在二疊紀專案中實現的，這相當於每兆瓦時電價降低近 10 美元。

So the integrated configuration delivers immediate economic value with a declining emissions profile, aligning with customer priorities for affordability now and decarbonization over time. This is an exciting place for us to be. We estimate it would take us 10 to 20 deployments with a stand-alone NET Power configuration to get below $100 per megawatt hour LCOE, which we now believe we can achieve right out of the gates with this integrated configuration. So delivering Project Permian at these prices and carbon intensity levels illuminates a viable pathway to a highly competitive levelized cost of electricity for NET Power's entry into service units. It prioritizes speed to market and it maintains visibility to achieving a greater than 97% carbon capture end-state product.

因此，整合配置可帶來直接的經濟價值，同時降低排放量，符合客戶目前對可負擔性和長期脫碳的優先考量。對我們來說這是一個令人興奮的地方。我們估計，需要部署 10 到 20 個獨立的 NET Power 配置才能將 LCOE 降至每兆瓦時 100 美元以下，我們現在相信，透過這種整合配置，我們可以立即實現這一目標。因此，以這樣的價格和碳強度水準實施二疊紀項目，為 NET Power 進入服務單位提供了一條極具競爭力的平準化電力成本的可行途徑。它優先考慮上市速度，並保持超過 97% 碳捕獲最終產品的可見度。

And as we think about future deployments, this is certainly a configuration we intend to deploy to help the market establish access to reliable power sooner by leading with the gas turbines. And with each deployment of NET Power and planned reduction in our core cycle CapEx and improvement in cycle efficiency, it will mean fewer gas turbine megawatts are needed to be installed to achieve target LCOE, progressively lowering the aggregate facility CI score with each deployment.

當我們考慮未來的部署時，這無疑是我們打算部署的一種配置，透過燃氣渦輪機的引領，幫助市場更快獲得可靠的電力。隨著每次淨電力的部署和核心循環資本支出的計劃減少以及循環效率的提高，這意味著需要安裝更少的燃氣渦輪兆瓦來實現目標 LCOE，從而逐步降低每次部署的總設施 CI 分數。

The flexibility we have to toggle costs and emissions by project going forward will allow us to meet the needs of each customer, whether it's hyper scalers, independent power producers, oil and gas companies or local co-ops, all of whom are seeking access to more reliable, cost-effective power with a clear and credible pathway to reduce emissions over time.

我們可以透過專案靈活地切換成本和排放，從而滿足每個客戶的需求，無論是超大規模企業、獨立電力生產商、石油和天然氣公司還是當地合作社，他們都在尋求獲得更可靠、更具成本效益的電力，並找到一條清晰可信的途徑來逐步減少排放。

So I'm going to turn it back over to Marc to provide a few operational highlights.

因此我將把它交還給馬克，讓他提供一些營運亮點。

Turning to slide 11. We shift focus to our LaPorte facility. I'm pleased to share meaningful progress in our turboexpander validation program in collaboration with Baker Hughes. During Q2, we've completed some key infrastructure repairs, including pump servicing and repair, upgraded our plant DCS, added additional plant automation and modifications to our test rig to improve overall plant performance. Over the past four to eight weeks, our testing cadence has accelerated significantly.

翻到第 11 張投影片。我們將重點轉移到我們的拉波特工廠。我很高興與貝克休斯分享我們與渦輪膨脹機驗證計劃合作的重大進展。在第二季度，我們完成了一些關鍵基礎設施的維修，包括泵浦的維修和維護，升級了工廠的 DCS，增加了額外的工廠自動化並對我們的測試台進行了改造，以提高整體工廠性能。在過去的四到八週內，我們的測試節奏顯著加快。

Thanks to plant automation, we've increased our start-up speed. We've executed multiple overnight fired runs and start-ups have become routine. And we validated that our operational models are aligned with our actual plant performance. Looking ahead, we expect to complete Phase 1 of the program this year. Phase 2 will commence later this year and most likely conclude in early 2026.

由於工廠自動化，我們提高了啟動速度。我們已經進行了多次隔夜點火運行，啟動已經成為常規。我們驗證了我們的營運模式與實際工廠績效一致。展望未來，我們預計今年完成該計劃的第一階段。第二階段將於今年稍晚開始，並很可能在 2026 年初結束。

Additionally, design and site preparations are already underway for Phases 3 and 4, which are scheduled for completion in 2026 and 2027, respectively. I'm incredibly proud of the team's momentum and commitment. I look forward to keeping you all updated as we continue to advance this critical program.

此外，第三階段和第四階段的設計和場地準備工作已在進行中，預計分別於 2026 年和 2027 年完工。我為團隊的動力和承諾感到無比自豪。我期待在我們繼續推進這項重要專案的過程中向大家通報最新進展。

With that, we'll turn the call back to the operator for Q&A.

然後，我們會將電話轉回給接線生進行問答。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Martin Malloy, Johnson Rice.

馬丁·馬洛伊、約翰遜·賴斯。

Good morning. Great to see the progress since the last business update. I wanted to find out if you could maybe help us a little bit with timing and maybe some of the milestones in terms of FID for SN1 or other projects, time to get them up and running with the simple cycle gas turbine.

早安.很高興看到自上次業務更新以來的進展。我想知道您是否可以在時間表以及 SN1 或其他專案的 FID 方面的一些里程碑方面提供一些幫助，以便讓它們使用簡單循環燃氣渦輪機啟動和運行。

Yes. Hi, Martin. This is Danny, and Marc is here with me.

是的。你好，馬丁。這是丹尼，馬克和我在一起。

Maybe in terms of like really framing it, let me provide just like some of like the high-level OSBL milestones around Project Permian that I think are really important. So I think as everybody knows, we started getting working on the interconnect, the ERCOT interconnect years ago when we really identified that Project Permian was going to be a candidate to be SN1. So that's in process right now. That's a 300-megawatt interconnect with the ability to pull some power off of the grid as well, which makes it a really, really attractive site. So that's size for 300 megawatts.

也許就真正建立它而言，讓我提供一些我認為非常重要的有關二疊紀專案的高級 OSBL 里程碑。所以我想大家都知道，幾年前當我們真正確定二疊紀專案將成為 SN1 的候選專案時，我們就開始著手進行互連，即 ERCOT 互連。目前該過程正在進行中。這是一個 300 兆瓦的互連繫統，同時也能夠從電網中獲取部分電力，這使得它成為一個非常非常有吸引力的站點。這就是 300 兆瓦的規模。

And so when we look at just the potential timing, that's going to be an interconnect that we think will be ready for first power into the grid over there by mid-2028, roughly. And so we're sitting in this position where if we're able to get to FID on the net power core cycle, sometime next year -- late next year, we'll be in a position where the NET Power plant can come online at the very earliest 2029, but more realistically 2030. And so that's ultimately sort of like for us, what leads to the ability to be able to intelligently sequence the deployments of being able to get the gas turbines out in the next couple of years ahead of the NET Power plant coming online in 2030.

因此，當我們只考慮潛在的時間時，我們認為這將是一個互連，大約在 2028 年中期，它將準備好向那裡的電網輸送第一批電力。因此，我們現在處於這樣的情況：如果我們能夠在明年某個時候（明年年底）就淨發電核心週期做出最終投資決定，淨發電廠最早可以在 2029 年上線，但更現實的情況是 2030 年。因此，這對我們來說最終就是能夠智慧地安排部署順序，以便在 2030 年 NET 發電廠上線之前的未來幾年內推出燃氣渦輪機。

And I think that sort of staging is probably what we would want to do for not just Project Permian, but potentially for our MISO project as well, where it's lead with the gas turbines, establish that reliable power that each of these grid systems desperately needs yesterday and then follow up with NET Power to both double the output and slash the carbon intensity profile of the aggregate power in half. So we're kind of -- today is really like the first time we've been talking about this integrated product, the gas turbine ability to be able to lead first in a public way. And so coming out of this call, this is really where we're going to get back with a lot of the potential power developers, hyper scalers and other potential interested parties on really getting us indications of interest in participating in this full sequence from the gas turbines to the NET Power and beyond.

我認為這種分階段實施可能不僅是我們想要為 Permian 項目做的事情，也可能是我們的 MISO 項目想要做的事情，該項目以燃氣渦輪機為主導，建立每個電網系統迫切需要的可靠電力，然後跟進淨電力，使輸出翻一番，並將總電力的碳強度削減一半。所以我們有點——今天實際上是我們第一次談論這種整合產品，燃氣渦輪機能夠以公開的方式率先領先。因此，透過這次電話會議，我們實際上將與許多潛在的電力開發商、超大規模企業和其他潛在的相關方進行溝通，讓他們真正有興趣參與從燃氣渦輪機到淨電力及其他領域的整個過程。

Great. That's very helpful. And just for my follow-up, I wanted to ask about behind-the-meter opportunities with this new integrated approach.

偉大的。這非常有幫助。為了後續問題，我想詢問一下這種新的綜合方法在電錶後帶來的機會。

Yes. I mean, I think -- it's one of the things that I think everybody is really focused on is can you guys -- can you co-locate? Everybody is really thinking about can you get away from a lot of just the existential issues with grid queues with congestion on the grid? And I think one of the realities is when you're introducing a first-of-a-kind technology, you're really not going to see much appetite from folks to say, I want to co-locate with a first-of-a-kind plant regardless of what it is, whether it's NET Power or nuclear or even a new gas turbine. People don't want to have that concentrator risk to a new first of a kind.

是的。我的意思是，我認為──這是每個人都真正關注的事情之一，你們能否──你們能否共處一地？每個人都在認真思考，能否擺脫電網擁塞和電網排隊等諸多現實問題？我認為現實情況之一是，當你引入一種獨一無二的技術時，你真的不會看到人們有太大的興趣說，我想與一種獨一無二的工廠共址，無論它是什麼，無論是淨電力還是核能，甚至是新型燃氣渦輪機。人們不希望濃縮器為同類新產品帶來風險。

I think one of the things -- one of the opportunities that really does open up for us here is, with the integration of the gas turbines, if you're leading with those gas turbines and you size those gas turbines appropriately, which means for us, it's not a single 200-megawatt gas turbine, but it will be a fleet of much smaller ones. When you aggregate them, you get to 200 megawatts, but also when you aggregate 6 to 8 turbines together, you're able to get to 3 to 9 sort of reliability that folks want to see and need to see to be able to establish co-location.

我認為其中一件事——真正為我們打開的機會之一是，隨著燃氣渦輪機的整合，如果你在這些燃氣渦輪機上處於領先地位，並且你適當地調整這些燃氣渦輪機的尺寸，這意味著對我們來說，它不是一台 200 兆瓦的燃氣渦輪機，而是一組小得多的燃氣渦輪機。當你將它們聚合在一起時，你會得到 200 兆瓦，但當你將 6 到 8 個渦輪機聚合在一起時，你就能獲得人們希望看到和需要看到的 3 到 9 種可靠性，以便能夠建立共置。

All of a sudden, it sort of opens up this new arena for us, which is we actually can start to think about co-locating Serial Number 1 because you're going to have the redundancy of that reliable gas turbine power leading the way. And so as we really think about what we can do with both Project Permian, but all of these future projects, I think the hyper scalers and a lot of the other folks that are looking to do data centers, they really want that reliable power now. And I would say like this integrated feature we're really talking about is really in response to just feedback that we've received from the market, which is, look, I need as much reliable power as you can get me tomorrow.

突然之間，它為我們打開了一個新領域，那就是我們實際上可以開始考慮將序號 1 放在一起，因為您將擁有可靠的燃氣渦輪動力冗餘。因此，當我們認真思考我們可以對二疊紀專案以及所有這些未來專案做些什麼時，我認為超大規模企業和許多其他想要建立資料中心的人，他們現在真的想要可靠的電力。我想說，我們真正談論的這個整合功能實際上是為了回應我們從市場收到的回饋，那就是，看，我需要盡可能多的可靠電力，明天就能給我。

I know it's going to be gas. I just need a very credible pathway to decarbonize this power generation over time as we scale this facility up. And so I think ultimately, for us -- this gives us a unique opportunity to be able to co-locate right out of the gates with Serial Number 1 because we're establishing that reliable power generation from the gas turbines from the get-go, knowing that NET Power is going to be soon behind to start to really decarbonize that gas power generation. And then it starts to just open up a whole world of opportunities of how large of a scale can that facility become as you go from gas turbines to NET Power.

我知道那會是氣體。我只是需要一條非常可靠的途徑，隨著我們擴大這個設施的規模，隨著時間的推移，實現發電脫碳。因此，我認為最終對我們來說——這為我們提供了一個獨特的機會，能夠與序號 1 一起共置，因為我們從一開始就建立了可靠的燃氣渦輪機發電，並且知道 NET Power 很快就會開始真正實現燃氣發電的脫碳。然後，它開始開闢一個充滿機會的世界，當你從燃氣渦輪機轉向淨電力時，該設施的規模可以變得多大。

Do you then add another fleet of gas turbines to NET Power or do you just continue to add NET Power to that facility there, assuming that you have adequate access to natural gas and certainly from the NET Power perspective, adequate CO2 offtake and sequestration/storage potential on the backside for the CO2. And I think that's one of the really unique valuable things about the Permian is there's no shortage of natural gas. There's no shortage of places to be able to sequester the CO2.

那麼，您是否會向淨電力中添加另一組燃氣渦輪機，還是只是繼續在那裡的設施中添加淨電力，假設您有足夠的天然氣，並且從淨電力的角度來看，有足夠的二氧化碳排放量以及二氧化碳背面的封存/儲存潛力。我認為二疊紀盆地真正獨特的價值之一就是這裡不缺乏天然氣。可以封存二氧化碳的地方並不缺乏。

I think folks are really just looking for what gives me a very credible plan to be able to decarbonize for me to say the Permian is a fantastic place for me to think about co-location. And I think certainly, in the context of NET Power, being able to leave with gas turbines gives us this opportunity to co-locate right out of the gates.

我認為人們實際上只是在尋找一個非常可靠的計劃來實現脫碳，對我來說，二疊紀盆地是一個值得我考慮共置的絕佳地點。我認為，在 NET Power 的背景下，能夠使用燃氣渦輪機為我們提供了從一開始就共同定位的機會。

And I think just -- if I could, just to add on, Danny, just to put a point on it. From the standpoint of the sequencing and the scheduling aspect, depending upon when we speak about behind the meter and potentially the colocation with data centers, as you get into 500-megawatt, 1-gigawatt, 1.5-gigawatt, 2-gigawatt data centers, as you ramp in those gas turbines, you can sequence them in such a way that aligns with the data center construction schedule. So it allows us to match the load potentially needed by the data center as we build up the overall power integration, power blend for the data center itself, where ultimately, you get to a load where it really makes sense to bring in a larger firming load of 200-plus megawatts from a NET Power facility to firm the entire data center campus.

我認為——如果可以的話，我只是想補充一點，丹尼，只是想強調這一點。從排序和調度方面來看，取決於我們何時談論電錶後方以及可能與資料中心的共置，當您進入 500 兆瓦、1 千兆瓦、1.5 千兆瓦、2 千兆瓦的資料中心時，當您投入這些燃氣渦輪機時，您可以按照與資料中心建設計劃一致的方式對它們進行排序。因此，當我們為資料中心本身建立整體電力整合和電力混合時，它使我們能夠匹配資料中心可能需要的負載，最終，您將獲得一個真正有意義的負載，從 NET Power 設施引入 200 多兆瓦的更大穩定負載來穩定整個資料中心園區。

Great. That's very helpful. Thank you very much. I'll turn it back.

偉大的。這非常有幫助。非常感謝。我會把它轉回去。

Nate Pendleton, Texas Capital Bank.

內特·彭德爾頓，德克薩斯資本銀行。

Morning, Danny and Marc. Congrats on the progress.

早上好，丹尼和馬克。恭喜你取得進展。

Thank you.

謝謝。

Regarding the value engineering savings outlined on slide 9, can you speak to any trade-offs you have had to make in the performance or plant operation in order to achieve those savings? And maybe if you could speak to any other areas your team is most focused on for additional savings?

關於投影片 9 中概述的價值工程節省，您能否談談為了實現這些節省，在性能或工廠運作方面必須做出的任何權衡？您是否可以談談您的團隊最關注的其他領域，以便節省更多開支？

Yes. No, great question. So the -- as we've gone through the value engineering effort, which we -- if we go back six to nine months when we got the indicative estimate, which showed the costs were a bit higher than what we needed to have, we really went back to more of a design to cost type structure of what we could do with respect to the facility without sacrificing the overall product requirements. So there really -- there's been a few, call it, minor equipment reductions from a reliability perspective, but nothing that was of any consequence that allows us to achieve the reliability that we expect to achieve with SN1 and further on plants with SN2, SN5, SN10.

是的。不，這個問題問得好。因此，當我們完成價值工程工作時，如果我們回顧六到九個月前得到的指示性估算，就會發現成本比我們需要的要高一點，我們實際上回到了更多的設計到成本類型的結構，我們可以在不犧牲整體產品要求的情況下對設施做些什麼。因此，從可靠性的角度來看，確實存在一些可以稱之為小規模的設備減少，但這些減少並不足以讓我們達到我們期望透過 SN1 以及 SN2、SN5、SN10 工廠達到的可靠性。

As we go forward with the -- looking at where we can further reduce cost and optimize, that's really what we're doing over the next 45 to 60 to 90 days. And that's primarily with our partners as well as with our EPC partners from the overall plant scheduling integration and reduction in overall plant layout.

隨著我們繼續前進——尋找可以進一步降低成本和優化的地方，這正是我們在未來 45 到 60 到 90 天內要做的事情。這主要是與我們的合作夥伴以及我們的 EPC 合作夥伴一起進行的，從整體工廠調度整合和整體工廠佈局的減少。

Thanks. Appreciate the detail there. For my follow-up, now that 45Q has parity between sequestration and utilization pathways, how does that impact the potential addressable market for NET Power plants?

謝謝。感謝那裡的細節。我的後續問題是，既然 45Q 在封存和利用途徑之間實現了平等，那麼這將如何影響 NET 發電廠的潛在目標市場？

No, it's a great question, Nate. I mean, look, I think I'm having the parity for 45Q for EORs, it's a big deal for Project Permian. I mean, I think part of like the value proposition, especially when it comes to utilizing the CO2 for EOR, it's bigger than just what it means for LCOE. I think certainly, with using that CO2 for enhanced oil recovery, you're increasing US energy security with additional oil production, which -- there's pros and cons with that for sure, depending on who the prospective customer is.

不，這是一個很好的問題，內特。我的意思是，你看，我認為我對 EOR 的 45Q 有同等的看法，這對二疊紀計畫來說是一件大事。我的意思是，我認為價值主張的一部分，特別是在利用二氧化碳進行 EOR 方面，其意義不僅僅在於 LCOE。我認為，透過使用二氧化碳來提高石油採收率，可以增加石油產量，從而提高美國的能源安全，這當然有利有弊，這取決於潛在客戶是誰。

But I think the reality is the US is going to continue to use oil for a long, long time. And so I think the 45Q adjustment for CO2 utilization is certainly in response to we need to do whatever we can to shore up US energy security on all forms of energy that this country depends on today and will continue to depend on for the next couple of decades. So what it really just means for us is it really demonstrates that places like the Permian, one of the byproducts of being able to utilize the CO2 for EOR is much lower cost of power versus trying to do sequestration in other parts of the country. So it makes it much more compelling to look at projects in the Permian.

但我認為現實是美國將在很長一段時間內繼續使用石油。因此，我認為對二氧化碳利用率進行 45Q 調整肯定是為了響應我們需要盡一切努力來鞏固美國能源安全，包括我們今天所依賴的以及未來幾十年將繼續依賴的所有形式的能源。所以，這對我們來說實際上意味著，它確實證明了在二疊紀這樣的地方，能夠利用二氧化碳進行 EOR 的副產品之一是，與在該國其他地區進行封存相比，發電成本要低得多。因此，關註二疊紀計畫就變得更具吸引力。

And I think when you take sort of the 45Q parity with the integrated product and with all of the work that Marc and the team have done on value engineering, SN1 costs even lower, you get to a place where all of a sudden, Project Permian is actually a really, really economical place to put a first-of-a-kind technology. I mean, I know on prior calls, we've lamented the fact that trying to build in the Permian, you have to stick build, but I think it's pretty remarkable. We're able to overcome all of those inefficiencies on having to stick build out there because of all of the progress that we've made both internally on the value engineering, but also because of these tax policy changes and integrated product design changes that really cuts out a massive, massive chunk of the LCOE.

我認為，當你將 45Q 與整合產品進行比較，再加上 Marc 和團隊在價值工程方面所做的所有工作，SN1 的成本會更低，你會突然發現，二疊紀專案實際上是一個非常非常經濟的地方，可以應用首創的技術。我的意思是，我知道在之前的電話中，我們曾對試圖在二疊紀盆地進行建設的事實感到遺憾，但我認為這非常了不起。我們能夠克服所有那些必須堅持建設的低效率問題，不僅是因為我們在內部價值工程方面取得了所有進展，還因為這些稅收政策變化和綜合產品設計變化確實削減了 LCOE 的很大一部分。

So we're sitting there where I think if you asked anybody would -- does this thing hunt in terms of clean, reliable power. I would say starting at below $100 is a really, really good place to start, but I think that's really like the key pieces. This is really just the starting point. I think as we're able to hopefully catalyze commercialization with Serial Number 1, that enables us to do Serial Number 2, which will be lower cost, higher efficiency, and you can continue to see the LCOE trend down if we wanted to keep these future projects in the Permian.

所以我們坐在那裡，我想如果你問任何人——這個東西是否能提供清潔、可靠的能源。我想說，從 100 美元以下開始是一個非常非常好的起點，但我認為這真的是關鍵部分。這其實只是一個起點。我認為，由於我們能夠有希望透過序號 1 實現商業化，因此我們能夠進行序號 2，這將具有更低的成本和更高的效率，而且如果我們想將這些未來項目保留在二疊紀盆地，那麼您可以繼續看到 LCOE 趨勢下降。

The nice thing for us is we're starting to originate projects in other parts of the country and other parts of North America that also have the same need for clean, reliable power. And so certainly, this integrated product, along with just the efficiencies, we're going to pick up from going from Serial Number 1 to Serial Number 2 will benefit those opportunities as well.

對我們來說，好消息是，我們開始在該國其他地區和北美其他地區開展項目，這些地區也同樣需要清潔、可靠的電力。因此，毫無疑問，這種整合產品以及從序號 1 到序號 2 所獲得的效率也將使這些機會受益。

All right, thanks for taking my questions.

好的，感謝您回答我的問題。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯 (Noel Parks)、圖伊兄弟 (Tuohy Brothers)。

Hi. Good morning. I was wondering thinking about the change to the process. Can you talk about just what you're aware of as far as the turbine market, availability of turbines? Do you have a sense of the vendors that might have units in their product line that would be appropriate to your needs with the new design?

你好。早安.我正在考慮改變這個過程。您能否談談您對渦輪機市場和渦輪機供應情況的了解？您是否了解哪些供應商的產品線可能包含適合您新設計需求的產品？

Yes, for sure. Thanks for the question. Relative to the larger gas turbines, we're hearing the same thing I think everybody else is from the standpoint of the larger gas turbines, the more industrial gas turbines are sold out to 2030, 2031, et cetera, et cetera. But relative to our needs, we're looking for more flexible generation. So the 200 megawatts that we've referenced today is primarily set up of multiple gas turbines, the smaller gas turbines, medium gas turbines, possibly air derivative gas turbines.

是的，當然。謝謝你的提問。相對於大型燃氣渦輪機，我們聽到的是同樣的事情，我認為其他人都是從大型燃氣渦輪機的角度來看的，到 2030 年、2031 年等，工業燃氣渦輪機的銷量會越多。但相對於我們的需求，我們正在尋求更靈活的發電方式。因此，我們今天提到的 200 兆瓦主要是由多個燃氣渦輪機、小型燃氣渦輪機、中型燃氣渦輪機以及可能的空氣衍生燃氣渦輪機組成的。

We're not quite ready to highlight the gas turbines that we have in mind. We've got a line of sight on. But the key is that they fit into the overall flexible generation and give us a solid foundation to build and to install and deploy those gas turbines along with the data center phase construction approach if need be. And right now, that line of sight would potentially allow us to deploy them in the early to mid-2028 time frame from that standpoint.

我們還沒有準備好重點介紹我們想到的燃氣渦輪機。我們已看到視線了。但關鍵是它們適合整體靈活發電，並為我們建造、安裝和部署這些燃氣渦輪機以及資料中心階段建設方法提供了堅實的基礎（如果需要）。從現在的角度來看，這種視線可能使我們能夠在 2028 年初到 2028 年中期部署它們。

Great. Thanks. And given that the company has ownership by a number of large industry partners, do you have a sense of whether the updated design, is it -- does it sort of satisfy the needs and priorities of the various partners and players that kind of were assuming the original design was what you'd go forward with?

偉大的。謝謝。鑑於該公司歸多家大型產業合作夥伴所有，您是否知道更新後的設計是否能夠滿足各個合作夥伴和參與者的需求和優先事項，他們是否認為最初的設計就是您要繼續採用的？

Yes. I guess the question -- I think your question is relative to the integrated product released today, is it supportive from our major shareholders?

是的。我想問題是—我認為您的問題與今天發布的整合產品有關，它是否得到了我們主要股東的支持？

Exactly.

確切地。

Yes. The answer is yes. I think as everybody knows, there's three folks from Oxy on the Board that we've been working very closely with on the integrated configuration. And I think like the reality is this integrated product, it really enables us to get pulled into the market sooner because the market, as we all know, is trying to deploy as many gas turbines to be able to satisfy the near-term power needs as possible. But the market is really saying, hey, I'm going to continue to deploy these gas turbines, but I really do need a credible pathway to be able to decarbonize. And folks are having to look at solutions that may not have any like tethering to the gas turbines.

是的。答案是肯定的。我想大家都知道，董事會中有三位來自 Oxy 的人，我們一直與他們就整合配置進行密切合作。我認為現實情況是，這種整合產品確實使我們能夠更快地進入市場，因為眾所周知，市場正在嘗試部署盡可能多的燃氣渦輪機，以滿足近期的電力需求。但市場實際上在說，嘿，我將繼續部署這些燃氣渦輪機，但我確實需要一條可靠的途徑來實現脫碳。人們必須尋找一些可能與燃氣渦輪機無關的解決方案。

I think that's probably like the one really, really unique differentiating feature of NET Power is there actually is like real industrial synergies between these gas turbines and our core cycle. And we kind of covered it, and it's not just the low-cost power that we integrate into the cycle, but it's the heat integration that we integrate into the cycle. It's the ability to have all of the shared infrastructure in place to support not just getting these gas turbines on first, but we're going to -- that's the infrastructure we're going to have to get in place for NET Power as well.

我認為這可能是 NET Power 的一個真正獨特的差異化特徵，即這些燃氣渦輪機與我們的核心循環之間實際上存在真正的工業協同作用。我們已經涵蓋了這一點，我們不僅將低成本電力整合到循環中，還將熱量整合到循環中。它能夠擁有所有共享的基礎設施，不僅支援首先啟動這些燃氣渦輪機，而且我們還將要為 NET Power 建立這些基礎設施。

And I think it just starts to open the path -- a whole new world of potential pathways of where do you go from there, whether it's the PCC piece or whether you say now is a good time to start looking at adding renewables into these sort of complexes to further reduce the CI score if you're in an area where you can do low-cost, reliable renewables. So I think we're certainly taking a more holistic approach to clean, reliable power generation.

我認為它只是開始開闢道路——一個充滿潛在途徑的全新世界，您可以從那裡走向何方，無論是 PCC 部分，還是您說現在是開始考慮將可再生能源添加到此類綜合體中的好時機，以進一步降低 CI 分數，如果您所在地區可以使用低成本、可靠的可再生能源。因此我認為我們肯定會採取更全面的方法來實現清潔、可靠的發電。

And I think part of it is because we have the skill set that we've been developing over the last couple of years. And certainly, we've been cutting our teeth on the NET Power technology to be able to develop that skill set. But I think it's a skill set and a perspective that's applicable to more than just our one single technology today. And so this is really just opening the door for us to be able to find ways to capture value above and beyond just building that power plants and selling that power licenses. I think this is now a way for us to be able to offer like broader, more comprehensive solutions to help companies achieve both their near-term energy needs; and most importantly, from our mission, achieve the long-term sustainability goals in a very, very responsible way.

我認為部分原因是我們擁有過去幾年來一直在發展的技能。當然，我們一直在努力研究 NET Power 技術，以便能夠開發這套技能。但我認為這是一套技能和一種觀點，它不僅適用於我們今天的單一技術。因此，這實際上為我們打開了一扇大門，讓我們能夠找到獲取超越僅僅建造發電廠和出售發電許可證的價值的方法。我認為這是我們現在能夠提供更廣泛、更全面的解決方案的一種方式，以幫助企業滿足其近期的能源需求；最重要的是，從我們的使命來看，以非常負責任的方式實現長期永續發展目標。

If I could just add on or build on what Danny just said, I mean, it's a short term and it's a long-term strategy. One of the biggest challenges and responsibilities we have to our shareholders and customers is to get the first unit built, but then also deploy a commerciable product for years to come. So we do have estimates for our maturation curve from the performance of the plant potentially improving and then also the cost of the plant on subsequent deployments of reducing. But we only get to that if we're able to build it and to accelerate the adoption.

如果我可以補充或建立在丹尼剛才所說的內容的基礎上，我的意思是，這是一個短期戰略，也是一個長期戰略。我們對股東和客戶面臨的最大挑戰和責任之一是建造第一台設備，然後在未來幾年部署可商業化的產品。因此，我們確實對成熟曲線進行了估算，從工廠性能的潛在改善，到工廠後續部署成本的降低。但我們只有能夠建造它並加速採用才能實現這一目標。

And this integration strategy allows us to meet the needs of customers today, which is looking at speed to power and a bit more cost sensitive than potentially they were from an emission standpoint a couple of years ago. It allows us to deploy a product that meets those needs, but also allows us to maintain the long-term goal, which is having the lowest, cleanest, reliable power out there.

這種整合策略使我們能夠滿足當今客戶的需求，他們關注的是速度與功率，並且比幾年前從排放角度考慮的成本更加敏感。它使我們能夠部署滿足這些需求的產品，同時也使我們能夠保持長期目標，即擁有最低、最清潔、最可靠的電力。

Great. Thanks a lot.

偉大的。多謝。

Wade Suki, Capital One.

韋德·蘇基 (Wade Suki)，Capital One。

Good morning, everyone. I appreciate you all taking my question.

大家早安。感謝大家回答我的問題。

Just for clarity, I see all shave a little bit off the cost of SN1. I'm assuming, and please correct me if I'm wrong, the $1.6 billion to $1.9 billion does not include the simple cycle turbine. So I'm just wondering, is it safe to assume on this kind of standard configuration we have in the presentation that adds maybe $250 million, $300 million to the kind of total installed cost of SN1. Is that ballpark in the range?

只是為了清楚起見，我看到所有這些都削減了 SN1 的成本。我假設，如果我錯了，請糾正我，16 億到 19 億美元不包括簡單循環渦輪機。所以我只是想知道，是否可以安全地假設我們在演示中的這種標準配置可能會使 SN1 的總安裝成本增加 2.5 億美元、3 億美元。這個大概在範圍內嗎？

Yes. Good morning, Wade. Thanks.

是的。早上好，韋德。謝謝。

So just if I could, I'll step back for a second. To answer your question, yes, the $1.6 billion to $1.9 billion includes the NET Power plant. It does not include the addition of the 200 megawatts. The 200 megawatts that we have line of sight on will potentially add between $300 million to $400 million to the overall TIC of the plant.

所以如果可以的話，我會退一步。回答你的問題，是的，16億到19億美元包括了淨發電廠。這還不包括新增的200兆瓦。我們預計的 200 兆瓦可能會為該工廠的整體 TIC 增加 3 億至 4 億美元。

And then with respect to the range of the $1.6 billion to $1.9 billion, as hopefully, our comments have reflected, we've made some really good -- the team has made some excellent progress in the last 30 to 60 to 90 days. We still got another 60 to 90 days to go to bring home those estimates into firm estimates across the board. So hopefully, here in the next two to three months, we'll be able to come back and provide a little bit of a tighter window of the NET Power plant itself, and then we'll certainly include in the addition of the gas turbines at that time.

然後，關於 16 億美元到 19 億美元的範圍，希望我們的評論能夠反映出，我們已經取得了一些非常好的成果——團隊在過去 30 到 60 到 90 天內取得了一些出色的進展。我們還需要 60 到 90 天的時間才能將這些估計值轉換為全面的確切估計值。因此，希望在接下來的兩到三個月內，我們能夠回來並提供更緊湊的 NET 發電廠本身窗口，然後我們肯定會在那時增加燃氣渦輪機。

Great. Thank you very much. Great. Helpful.

偉大的。非常感謝。偉大的。很有幫助。

Just switching gears a little bit. Does the design change and sort of the sequencing of these simple cycle gas turbines, does this alter the business model at all, I mean, in terms of, let's say, ownership interest, direct investments in plants? And maybe you could speak to the impact on the licensing model, how you see that changing or evolving, I guess, with the new model?

只需稍微轉換一下話題。這些簡單循環燃氣渦輪機的設計變化和排序是否會改變商業模式，我的意思是，就所有權利益、對工廠的直接投資而言？也許您可以談談對授權模式的影響，您認為新模式將如何改變或發展？

Yes. No, I mean, I think it only enhances our business model. And as we've contemplated and as I mentioned a few moments ago, the challenge of getting the first couple of plants built from the standpoint of developing those projects or even licensing, we're flexible to do either one. As we move forward with the integrated product, the gas turbines that we would most likely look to integrate typically fall right in line with our overall methodology at NET Power from a standard product approach, in a modular approach. So it fits in quite well.

是的。不，我的意思是，我認為它只會增強我們的商業模式。正如我們所考慮的，正如我剛才提到的，從開發這些項目甚至許可的角度來看，建造前幾座工廠的挑戰是，我們可以靈活地做其中任何一件事。隨著我們推進整合產品，我們最有可能整合的燃氣渦輪機通常符合 NET Power 的整體方法，即從標準產品方法到模組化方法。所以它非常合適。

And from the standpoint of the gas turbines that we'd integrate, one of the other benefits of the NET Power cycle is that we truly are GT agnostic. So depending upon if a customer has an existing site, whether a customer has a line of sight to existing gas turbines, we're very flexible in being able to integrate that properly into our cycle, into our plant in order to achieve whatever the particular mission or requirements that the customer is trying to meet.

從我們整合的燃氣渦輪機的角度來看，NET Power 循環的另一個好處是我們真正不受 GT 的影響。因此，根據客戶是否有現有場地，客戶是否能看到現有的燃氣渦輪機，我們可以非常靈活地將其正確地整合到我們的週期和工廠中，以實現客戶試圖滿足的特定任務或要求。

Great. Thanks again. Appreciate you taking my questions.

偉大的。再次感謝。感謝您回答我的問題。

Betty Jiang, Barclays.

巴克萊銀行的 Betty Jiang。

Sorry, it got disconnected earlier. I wanted to ask about the cost trajectory to get to that $100 per megawatt. Danny, in your prepared comments, you talked about needing the 10 to 20 deployments to get there. So what do you expect to learn? And how do you expect that cost trajectory to come down over time?

抱歉，剛才斷線了。我想問一下達到每兆瓦 100 美元的成本軌跡。丹尼，在你準備好的評論中，你談到需要 10 到 20 次部署才能實現這一目標。那你期望學到什麼？您認為成本軌跡會隨著時間的推移而如何下降？

Yes. So I think when -- on prior calls, we kind of talked about like where we start on the cost curve is really, really important because that gives us like a good starting point to really understand like how much cost can we shave out of this thing as we scale up, as we look at modularizing, as we look at deploying these things in multipacks, which is ultimately one of the things we want to do as people continue to just demand for this much larger scale power generation. We're kind of sitting in a place where if we're starting in that $1.6 billion to $1.9 billion sort of zip code, we feel pretty good about being able to get down to the $1.2 billion to $1.3 billion range -- $1.2 billion to $1.3 billion for the stand-alone net power unit.

是的。所以我認為，在之前的電話會議中，我們討論過成本曲線的起點非常非常重要，因為這為我們提供了一個很好的起點，讓我們真正了解隨著規模擴大、模組化、多包裝部署，我們可以削減多少成本，這最終是我們想要做的事情之一，因為人們繼續需要更大規模的發電。我們現在處於這樣一種境地：如果我們的起始預算在 16 億美元到 19 億美元之間，那麼我們很高興能夠將預算降至 12 億美元到 13 億美元之間——獨立淨發電單元預算為 12 億美元到 13 億美元。

And so if we can get there over the first 10 to 20 plants, which we feel is quite actionable and reasonable, that's where you can get a stand-alone net power to around $100 a megawatt hour LCOE, right, under normal conditions. And so as you kind of look at just like that economic slide that shows where we're going to be starting with Project Permian with this integrated product, we're going to be starting that first plant below that $100. And that creates like a really interesting sort of setup for us in terms of how do we configure the plant for future deployments to achieve really two things. What's the CI score that a potential customer wants to achieve and what's the LCOE score that they want to achieve.

因此，如果我們能夠在前 10 到 20 家工廠實現這一目標，我們認為這是非常可行且合理的，那麼在正常情況下，就可以將獨立淨功率的 LCOE 提高到每兆瓦時約 100 美元。因此，正如您所看到的，就像經濟幻燈片顯示我們將從哪裡開始使用這種綜合產品啟動二疊紀項目一樣，我們將以低於 100 美元的價格啟動第一家工廠。這為我們創造了一個非常有趣的設置，即如何配置工廠以供未來部署，從而真正實現兩件事。潛在客戶想要達到的 CI 分數是多少，他們想要達到的 LCOE 分數是多少。

I think the beauty of the integrated product and the flexibility of our cycle to be able to accommodate anywhere from 0 to 200 megawatts of the gas turbines enables us to really hit the LCOE or environmental score that the customer wants to see at their site. So like to give you an example, if we had a customer that said, all I really care about is the affordability of the power. The environmental piece is nice, but I'm really not thinking about that for the next 20 years. We would install 200 megawatts of the gas turbines to fully cover our auxillary load all day long. And you'll see, as we are able to reduce the core CapEx of our cycle, you would see that LCOE go from below $100 to below $90 to below $80, so on and so forth.

我認為整合產品的優點和我們循環的靈活性，能夠適應從 0 到 200 兆瓦的燃氣渦輪機，使我們能夠真正達到客戶希望在其現場看到的 LCOE 或環境分數。舉個例子，如果我們有一位客戶說，我真正關心的是電力的可負擔性。環境方面很好，但我真的不會考慮未來 20 年的情況。我們將安裝 200 兆瓦的燃氣渦輪機，以全天全面滿足我們的輔助負載。您將會看到，隨著我們能夠降低週期的核心資本支出，您將看到 LCOE 從低於 100 美元降至低於 90 美元，再降至低於 80 美元，依此類推。

But as we have folks that start to have a more weighted focus on the environmental piece and they say a competitive LCOE is important, but I really need that CI score to go down. The easiest way for us to be able to improve the CI score is to back off the number of gas turbines that are installed. It's as simple as that.

但是，隨著人們開始更加關注環境問題，他們說具有競爭力的 LCOE 很重要，但我真的需要 CI 分數下降。對我們來說，提高 CI 分數的最簡單方法就是減少安裝的燃氣渦輪機數量。就這麼簡單。

And so that's like the really interesting thing here is we still have the same end state goal of getting to clean, affordable, reliable power for less than $100 per megawatt hour. That's ultimately like what end state looks like for stand-alone net power, where your CapEx is $1.2 billion, $1.3 billion, there's no gas turbines installed and you're inherently capturing over 97% of the CO2. That can lead you to that CI score that's on a scope 2 basis, 20 grams per kilowatt hour or less with an LCOE below $100. So that's the end state for stand-alone NET Power.

所以，真正有趣的是，我們仍然擁有相同的最終目標，即以每兆瓦時不到 100 美元的價格獲得清潔、實惠、可靠的電力。這最終就像獨立淨電力的最終狀態，其中您的資本支出為 12 億美元、13 億美元，沒有安裝燃氣渦輪機，並且您本身就捕獲了 97% 以上的二氧化碳。這可以使您獲得基於範圍 2 的 CI 分數，即每千瓦時 20 克或更少，且 LCOE 低於 100 美元。這就是獨立 NET Power 的最終狀態。

I think what this integrated product really enables us to do is really invert what that commercialization pathway looks like. So rather than starting at a high LCOE and a low CI score, what we're doing is we're starting at a moderate CI score and a low LCOE because with what the market is saying they value today, the market is saying we really, really value access to reliable, affordable power, but just give me a pathway to decarbonize over time. So now we're creating a product and really a deployment program that aligns with what the market wants and needs now and what it wants and needs in the future.

我認為這種整合產品真正讓我們能夠做的是徹底顛覆商業化途徑。因此，我們不是從高 LCOE 和低 CI 分數開始，而是從中等 CI 分數和低 LCOE 開始，因為根據市場目前所評估的價值，市場表明我們非常非常重視獲得可靠、負擔得起的電力，但只是給我一條隨著時間的推移脫碳的途徑。因此，現在我們正在創建一種產品和真正的部署程序，以滿足市場當前和未來的需求。

Got it. No, that makes sense with that commercialization strategy.

知道了。不，這對於商業化策略來說是有意義的。

My follow-up is on the cash burn expectations. I think your incurred cost for 2Q was a bit higher than the actual cash outflow, and it was also a bit higher than where we were at. Could you just give us some color on where you expect your cash burn on a quarterly basis, maybe out through the next year or two? And any dynamic around the committed cash and committed payment versus what's not yet paid out yet?

我的後續問題是現金消耗預期。我認為您第二季度發生的成本比實際現金流出要高一點，也比我們目前的水平要高一點。您能否向我們透露一下您預計的季度現金消耗情況，或是未來一兩年的現金消耗情況？承諾現金和承諾付款與尚未支付的金額有何動態？

Yes. No, certainly. And we certainly have some flexibility around the cash spend. I think the big portion of our cash spend right now since we've sort of paused releasing long lead items for Project Permian, it's really two big items.

是的。不，當然。我們在現金支出方面確實有一定的彈性。我認為，由於我們暫停發布二疊紀項目的長期項目，因此我們目前的現金支出中很大一部分實際上是兩個大項目。

It's just continuing to cover our G&A, which is sort of like at a $40 million a year just run rate. That's sort of stagnant at this point, and that will just continue to be sort of the expectation going forward. And then it's just continuing to LaPorte testing with Baker Hughes. And I would say that's the one piece that will just continue through '26 into '27 as we go into Phase 2, Phase 3 and Phase 4.

它只是繼續支付我們的一般及行政費用，相當於每年 4000 萬美元的運行率。目前，這種情況有點停滯不前，而這將繼續成為未來的預期。然後繼續與貝克休斯進行 LaPorte 測試。我想說的是，當我們進入第二階段、第三階段和第四階段時，這一部分將持續到 2026 年和 2027 年。

We're still maintaining sort of where we expect cash to be at the end of the year, which is around $340 million. I think we sort of guided to that on the last earnings call. So we're going to be in a position where we're in a fairly good cash position going into the end of the year.

我們仍維持對年底現金水準的預期，約 3.4 億美元。我認為我們在上次財報電話會議上已經對此進行了指導。因此，到年底我們的現金狀況將相當良好。

I think the big focal area for us, Betty, it's probably less on like the cash burn and where we're sitting cash-wise. I think for us, it's more of now starting to get indications of interest from folks on signing up for offtake for Serial Number 1 because I think as we really think about like the important sequence of things, that's being able to get commitments or at least indications of commitments on offtake for this new integrated product. And then being able to get those indications will enable us to be able to secure the financing so that we can actually move ahead with both the gas turbine piece, but also continue to forge ahead with the NET Power piece because I think the big thing for us is we want to make sure that we're spending our capital prudently. And I think prudent capital spend for us is we have visibility in commercialization of the technology.

貝蒂，我認為我們關注的重點可能不是現金消耗，也不是我們的現金狀況。我認為對我們來說，現在更多的是開始從簽約序號 1 的承購者那裡獲得興趣的跡象，因為我認為當我們真正思考事情的重要順序時，那就是能夠獲得承諾或至少是承購這種新集成產品的承諾跡象。然後，獲得這些跡象將使我們能夠獲得融資，以便我們能夠真正推進燃氣渦輪機部分，同時繼續推進 NET Power 部分，因為我認為對我們來說最重要的是我們要確保我們謹慎地花費我們的資金。我認為，對我們來說，謹慎的資本支出是我們對科技商業化的預見。

And so I think we're going to learn a lot over the next 60 to 90 days as we really get out there in the market and talk to folks about this integrated product. Like I mentioned earlier on the call, this is really like the first time we're talking about this publicly. Certainly, we've had conversations with a small, small handful of folks about this potential integrated configuration. But really, coming out of today's call is really going to be the first time that we're going to be talking to folks about it, specifically around project Permian. So we're going to learn a lot. And I think what we learned in terms of interest is really going to help us to be able to make sure that we're spending the boatload of cash we have in a really, really responsible manner.

因此我認為，在接下來的 60 到 90 天內，當我們真正進入市場並與人們討論這款整合產品時，我們將會學到很多東西。就像我之前在電話中提到的那樣，這確實是我們第一次公開談論這個問題。當然，我們已經與一小部分人討論過這種潛在的整合配置。但實際上，今天的電話會議將是我們第一次與大家討論這個問題，特別是有關二疊紀項目。因此我們將學到很多。我認為，我們在利息方面學到的知識確實會幫助我們確保以真正負責任的方式花費我們擁有的大量現金。

If I could just sneak in one more. Like when would you expect the time line around securing an offtake agreement?

如果我能再偷偷溜進去一次就好了。您預計何時能達成承購協議？

I mean, in an ideal world, as soon as possible, right? But I think if we're really trying to hit certain like key milestones, which is we want to be in a position where we can get NET Power, our core cycle online by 2030, in the 2030 timeline. That really kind of means if you back up to when you actually have to start procuring these items, you're really talking about a mid-2026 kind of FID, end of '26 FID. So that's for the NET Power piece.

我的意思是，在理想世界中，越快越好，對吧？但我認為，如果我們真的想達到某些關鍵里程碑，那就是我們希望能夠在 2030 年的時間範圍內，在 2030 年之前實現 NET Power（我們的核心週期）上線。這實際上意味著，如果你回溯到你真正開始採購這些物品的時候，你實際上談論的是 2026 年中期的 FID，即 2026 年底的 FID。這就是 NET Power 的部分。

I think the gas turbine piece is a really interesting one because if we're going to have an interconnect that's ready in early 2028, we're going to have the ability to try to FID the gas turbine piece in the next 60 to 120 days. So I would say like the gas turbine piece could come first. And I think the gas turbine piece can come first as long as there is this credible pathway of continuing to advance the technology with NET Power with the anticipation of getting to FID and constructing this plant to get it online in 2030.

我認為燃氣渦輪機零件非常有趣，因為如果我們要在 2028 年初準備好互連，我們將有能力在未來 60 到 120 天內嘗試對燃氣渦輪機零件進行 FID。所以我想說燃氣渦輪機部件可以先行。我認為，只要有可靠的途徑繼續推進 NET Power 的技術，並預期在 2030 年獲得 FID 並建造該工廠並使其上線，那麼燃氣渦輪機部分就可以放在首位。

So we really want to get to work on the gas turbine piece. I think the gas turbine financing is probably a little bit different than NET Power if I'm being candid just because we're talking about reliable proven technology that will have performance expectations that people have come to expect from gas turbines. And just with the dynamic around that with what's happening in Texas, there's additional like unique funding opportunities on the gas turbine piece that NET Power really just doesn't have access to today.

所以我們真的想開始研究燃氣渦輪機部分。坦白說，我認為燃氣渦輪機融資可能與淨功率略有不同，因為我們談論的是可靠的成熟技術，其性能預期與人們對燃氣渦輪機的期望相符。並且，考慮到德克薩斯州正在發生的動態，燃氣渦輪機領域存在額外的獨特融資機會，而 NET Power 目前實際上無法獲得這些機會。

Like, for example, the Texas Energy Fund. If we're not going to be co-locating the first batch of these gas turbines, with a hyper scaler in a co-located mode, and we're going to be putting this power onto the ERCOT grid, these gas turbines could be eligible to participate in the next round of the Texas Energy Fund if they open it up to new capacity. And I hope they will because the Texas grid needs as much reliable capacity added to the system as it possibly can. And so these gas turbines could be eligible for test financing if it's something that we want to pursue.

例如，德克薩斯能源基金。如果我們不打算將第一批燃氣渦輪機與超大規模發電廠以共置模式共置，而是將這些電力輸送到 ERCOT 電網，這些燃氣渦輪機就有資格參與下一輪德克薩斯能源基金（如果該基金向新容量開放的話）。我希望他們會這樣做，因為德州電網需要盡可能增加可靠的容量。因此，如果我們願意的話，這些燃氣渦輪機可能有資格獲得測試融資。

So there's just a lot of unique ways for us to be able to finance and structure around each of these two technologies independent of each other, knowing that collectively, they come together to create that complete solution.

因此，我們可以透過多種獨特的方式，圍繞這兩種相互獨立的技術進行融資和構建，並知道它們結合在一起，可以創造出完整的解決方案。

Great. Appreciate all that color.

偉大的。欣賞所有這些顏色。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Danny Rice for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給丹尼‧賴斯 (Danny Rice)，請他發表最後評論。

Okay. Thanks, operator, and thank you, everybody, for joining us today. The entire NET Power team has been working tirelessly to be able to come up with creative, unique, credible ways for us to be able to help the world achieve its near-term energy needs while also achieving its long-term environmental goals. That's been our mission from the beginning is to transform natural gas into the lowest cost form of clean firm power.

好的。謝謝接線生，也謝謝大家今天加入我們。整個 NET Power 團隊一直在不懈地努力，力求找到創意、獨特、可靠的方法，幫助世界滿足其近期能源需求，同時實現其長期環境目標。從一開始，我們的使命就是將天然氣轉化為成本最低的清潔穩定能源。

That end state and vision is still intact today. I think this integrated product gives us a much more credible, realistic commercial pathway to get to that end state. And we're really excited to get back to work after we get off this call and come back to you all in another couple of months with additional progress. So I appreciate everybody's support. We can't do it without you, and we certainly can't do it with the hard team members that we have working tirelessly every day to create value for you all and deliver clean, affordable, reliable, natural gas power. So thank you all again, and we'll see you next quarter.

這種最終狀態和願景至今依然完好無損。我認為這種整合產品為我們提供了一條更可信、更現實的商業途徑來實現這一最終狀態。我們非常高興在結束這通通話後能夠重新開始工作，並在幾個月後帶著更多進展向大家報告。所以我感謝大家的支持。沒有你們，我們就無法做到這一點，如果沒有我們辛勤工作的團隊成員，我們當然也無法做到這一點，因為我們的團隊成員每天都在不知疲倦地工作，為你們創造價值，提供清潔、實惠、可靠的天然氣電力。再次感謝大家，我們下個季度再見。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。