NET Power Inc (NPWR) 2025 Q3 法說會逐字稿

Greetings. Welcome to the NET Power third quarter 2025 earnings call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 NET Power 2025 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I would now like to turn the conference over to Bryce Mendes, Director, Investor Relations. Thank you. You may begin.

現在我將把會議交給投資者關係總監布萊斯·門德斯。謝謝。你可以開始了。

Thank you. Good morning and welcome to NET Power's third 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.

謝謝。早上好，歡迎參加NET Power 2025年第三季財報電話會議。今天和我一起參加電話會議的有我們的執行長丹尼·賴斯和營運長馬克·霍斯特曼。

Yesterday, we issued our earnings release for the third quarter of 2025, along with an updated presentation, both of which can be found on our investor relations website at ir.netpower.com.

昨天，我們發布了 2025 年第三季收益報告以及更新的演示文稿，這兩份文件都可以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 to the 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，我們的發言可能包含前瞻性陳述。實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異，這與我們業務相關的風險和不確定性有關。這些風險和不確定性已在我們的美國證券交易委員會文件中進行了討論。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.

接下來，我將把發言權交給NET Power的執行長丹尼·賴斯。

Thanks, Bryce, and thanks everyone for joining our call today. We're going to reference some slides in our latest investor presentation, so I'd ask you to have this handy and follow along. And then after our prepared remarks, we'll open the line for questions from the analysts.

謝謝布萊斯，也謝謝今天所有參加我們電話會議的各位。我們將在最新的投資者簡報中引用一些投影片，所以請您準備好這些投影片並跟著一起看。然後，在我們發表完準備好的演講後，我們將開放熱線，接受分析師的提問。

So let's start on slide 3, talking about our mission. So back in 2021, the team at Rice Acquisition Corp II, which included myself, noted there had been a major underinvestment in baseload power generation for the better part of the prior decade. This is really driven by a confluence of three things: First, a broad social desire to decarbonize.

那麼，讓我們從第 3 張投影片開始，談談我們的使命。因此，早在 2021 年，Rice Acquisition Corp II 團隊（包括我自己）就注意到，在過去十年的大部分時間裡，基荷發電領域的投資嚴重不足。這其實是由三件事共同推動的：首先，社會普遍希望實現脫碳。

Second, very healthy subsidies for renewables which made these intermittent forms of power highly economic to deploy. And third, we had a very healthy grid system that didn't appear to need additional base load power generation capacity. Load growth was flat, we could supplant the existing base load capacity with intermittent renewables, and we'd be okay.

其次，對再生能源的大力補貼使得這些間歇性能源的部署具有很高的經濟效益。第三，我們的電網系統運作良好，似乎不需要額外的基礎負載發電能力。負載成長平穩，我們可以用間歇性再生能源取代現有的基本負載能力，這樣就沒問題了。

However, what was really missing from this viewpoint was the reality that at some point, we'd eventually need to replace our nation's aging fleet of base load facilities. In the US, the average active coal, gas, and nuclear plant is over 40 years old. And we ascertained that if we experience a load growth scenario, one that suddenly forces an industry that's been dormant for the last decade, to have to begin building again, and doing so in a regulatory environment that is increasingly making it harder, more expensive, and longer to get things built, we're going to be in a little bit of trouble.

然而，這種觀點真正忽略的現實是，在某種程度上，我們最終需要更換我國老化的基礎負荷設施。在美國，仍在運轉的燃煤、燃氣和核電廠的平均機齡超過 40 年。我們確定，如果出現負荷成長的情況，迫使過去十年一直處於停滯狀態的行業突然開始重新建設，而且在監管環境日益惡化、建設難度加大、成本更高、工期更長的情況下，我們將遇到一些麻煩。

Unfortunately, that's the situation we find ourselves here in North America. For the first time in a long time, we're seeing unprecedented demand growth of power, primarily driven by artificial intelligence and data centers, but also from re-onshoring of US manufacturing and growing residential demand for power.

不幸的是，這就是我們在北美所處的現狀。多年來，我們首次看到電力需求出現前所未有的成長，這主要由人工智慧和資料中心推動，但也得益於美國製造業的回流和居民用電需求的成長。

So, it really begs the question, how do we balance the desire of society to reduce emissions without compromising access to affordable, reliable energy? The answer to that question will come from the companies that are innovating supply side decarbonization solutions that don't compromise energy affordability or reliability.

因此，這就引出了一個問題：我們如何在滿足社會減少排放的願望的同時，又不損害人們獲得價格合理、可靠的能源？這個問題的答案將來自那些正在創新供應側脫碳解決方案的公司，這些解決方案不會影響能源的可負擔性或可靠性。

When most people think of clean power, they think of nuclear, they think of hydro, geothermal, wind, and solar. But the metrics that really matter are carbon intensity, land intensity, water intensity, and air quality. Those are measurable and more importantly, they are energy agnostic.

大多數人想到清潔能源時，都會想到核能、水力、地熱、風能和太陽能。但真正重要的指標是碳排放強度、土地利用強度、水資源利用強度和空氣品質。這些指標是可測量的，更重要的是，它們與能源無關。

So we took a somewhat contrarian view, one grounded in science and economics that said the lowest cost form of clean, reliable power can and should come from natural gas. Yes, we'll need to advance technologies to make it happen. But so too does every other form of energy in order to deliver the energy trifecta of clean, affordable, reliable power.

因此，我們採取了一種與主流觀點相反的觀點，這種觀點基於科學和經濟學，認為成本最低的清潔、可靠的能源可以而且應該來自天然氣。是的，我們需要推進技術發展才能實現這一點。但其他所有形式的能源也都需要這樣做，才能實現清潔、經濟、可靠的能源三重目標。

We believed that back then, and we still believe today, that the lowest cost form of clean, reliable, affordable power will come from natural gas. And NET Power has stood out in its singular mission to transform natural gas into the lowest cost form of clean firm power. And we decided it was important that we pursue this mission in the public spotlight to educate and to help inform the paradigm shifting narrative of natural gas as the cleanest, lowest cost source of base load power.

我們當時就認為，而且至今仍認為，清潔、可靠、價格合理的能源最經濟實惠的方式就是天然氣。NET Power 的獨特使命是將天然氣轉化為最低成本的清潔穩定能源，因此脫穎而出。我們認為，在公眾的關注下開展這項使命非常重要，以便進行教育，並幫助傳播天然氣作為最清潔、成本最低的基礎負荷能源的範式轉移理念。

So the industry today is at a really pivotal point, as are we in NET Power. We can choose to continue to allocate our scarce resources, namely our financial capital and our human capital towards what we've all been doing for the last decade or two, or we could take a step back and reassess an allocation of those resources towards solutions for what the world really needs looking ahead.

所以，如今整個產業都處於一個非常關鍵的時刻，我們 NET Power 也是如此。我們可以選擇繼續將我們稀缺的資源，即我們的財務資本和人力資本，投入到我們過去一二十年來一直在做的事情中，或者我們可以退後一步，重新評估這些資源的分配，以尋求解決世界未來真正需要的方案。

The market is saying the highest value solutions are those that are reliable, scalable power that can be deployed as quickly as possible. This isn't just the hyperscaler saying it. It's local communities and grid operators who understand if we don't build new generation fast enough, the cost of power for ordinary Americans and small businesses will go way up.

市場回饋表明，最有價值的解決方案是那些可靠、可擴展且能盡快部署的電力解決方案。這並非只有超大規模資料中心營運商這麼說。當地社區和電網營運商都明白，如果我們不能足夠快地建造新的發電設施，一般美國民眾和小型企業的用電成本將會大幅上漲。

It's also the federal government who sees losing the AI race as an existential threat to America. The common denominator here, across these cases is our ability to build reliable, scalable power as quickly as we can. And if this power can also be clean, that's the icing on the cake. With all things power, you can't have icing without the cake. Reliable, affordable power is that proverbial cake.

聯邦政府也認為，在人工智慧競賽中落敗對美國構成生存威脅。這些案例的共同點在於，我們能夠盡快建立可靠、可擴展的電力系統。如果這種能源還能是清潔能源，那就更是錦上添花了。權力這東西，沒有蛋糕就沒有糖霜。可靠且價格合理的電力就像一塊夢寐以求的蛋糕。

I believe this is becoming an arms race for AI, and this really is a call-to-arms moment for the energy industry. If you're a company that possesses the ability to design, build, and operate power plants safely and in a timely manner, you should do it.

我認為這正在演變成一場人工智慧領域的軍備競賽，而這對能源產業來說，確實是一個需要奮起反抗的時刻。如果你是一家有能力安全、及時地設計、建造和營運發電廠的公司，你就應該去做。

If you have access to the natural resource inputs and outputs for power generation, I think you should find ways to utilize them towards power. And if you know where and how to do this in a way that minimizes the impact on the environment, those resources should certainly be prioritized. That is the pivotal moment we really find ourselves at NET Power.

如果你擁有用於發電的自然資源投入和產出，我認為你應該想辦法利用它們來發電。如果你知道在哪裡以及如何以最大限度減少對環境影響的方式來做這件事，那麼這些資源當然應該優先考慮。這就是我們在 NET Power 所處的關鍵時刻。

We have a choice to singularly keep our heads down the path of proving our oxy-combustion technology, which I would say is a very noble path, and one that we believe is the right power solution in the long-term, or we can take our differentiated and valuable resources and skill sets, and prepare to allocate them towards more pressing and more valuable near-term opportunities; ones that have proved to be successful, will help fund our long-term ambitions in a more creative way to our shareholders.

我們可以選擇一心一意地致力於驗證我們的富氧燃燒技術，我認為這是一條非常崇高的道路，我們相信這是長期的正確能源解決方案；或者，我們可以利用我們差異化且寶貴的資源和技能，準備將它們投入到更緊迫、更有價值的近期機遇中；這些已被證明成功的機遇將以更具創造性的方式幫助我們為股東長期實現目標。

The pivot that we'll discuss with you all today is one that stays true to our mission: to transform natural gas into the lowest cost form of clean, reliable power, at a cost that people can afford with reliability that we cannot afford to lose. And as I mentioned above, speed to market is paramount.

今天我們要和大家討論的轉型方向，將始終秉承我們的使命：將天然氣轉化為成本最低的清潔、可靠的能源，讓人們能夠負擔得起，同時保證我們無法失去的可靠性。正如我上面提到的，上市速度至關重要。

We as an industry cannot afford to wait 5 to 7 to 10 years for new generation. We need to get building now for the benefit of our shareholders, our prospective customers in the communities where power demand is increasing. That's what we intend to do responsibly, but with conviction.

我們這個產業不能再等5到7到10年才能等到新一代產品了。為了股東的利益，為了電力需求不斷增長的社區的潛在客戶的利益，我們現在必須開始建造。我們打算以負責任的態度，並且充滿信心地去做這件事。

So turning to slide 4, as we've noted on previous calls, the power sector faces unprecedented low growth through the end of this decade to support AI and data center buildouts. The market has shifted dramatically in favor of natural gas for all the reasons I've mentioned. Conventional gas turbines, reciprocating gas engines, all of them are being deployed as quickly as they can to meet data center demand.

因此，請看第 4 張投影片，正如我們在先前的電話會議中提到的，為了支持人工智慧和資料中心建設，電力產業在本十年末將面臨前所未有的低成長。正如我前面提到的所有原因，市場已經發生了巨大的轉變，天然氣市場佔據了主導地位。傳統燃氣渦輪機、往復式燃氣發動機等等，都在以最快的速度部署，以滿足資料中心的需求。

The US is in a very fortunate place where we have over 50 years of ultra-low-cost natural gas reserves. In fact, we in the states have essentially stopped exploring for new gas many years ago simply because we possess a very deep inventory of proven reserves across the major sedimentary basins from northeast Appalachia to Texas and everywhere in between.

美國非常幸運，擁有超過50年的超低成本天然氣儲量。事實上，美國早在多年前就基本上停止了對新天然氣的勘探，因為從東北阿巴拉契亞山脈到德克薩斯州以及兩者之間的所有地區，主要沉積盆地都擁有非常豐富的已探明天然氣儲量。

Our energy resources are totally different than any other country on Earth. Unlike places like China, India, and most of Europe, the US doesn't necessarily need to pursue new forms of energy today. We have the lowest cost energy to last us for many decades.

我們的能源資源與地球上任何其他國家都截然不同。與中國、印度和歐洲大部分地區不同，美國目前未必需要尋求新的能源形式。我們擁有成本最低的能源，足以滿足未來幾十年的需求。

So what we really need to ask ourselves, are we advancing these other forms of energy because we need the energy, or are we doing it to reduce emissions? Nuclear is probably the greatest example. It holds great long-term promise, but it's not necessarily needed to meet our energy needs today. Nuclear is more competitive in places that are short energy today, and more so ones that are short natural gas. Europe comes to mind, but not here in the US.

所以，我們真正需要問自己的是，我們發展這些其他形式的能源是因為我們需要能源，還是為了減少排放？核能或許是最好的例子。它具有巨大的長期發展前景，但並非滿足我們當前能源需求的必要條件。在目前能源短缺的地方，核能更具競爭力，在天然氣短缺的地方更是如此。首先想到的是歐洲，但不是在美國。

If the US has sufficient low cost gas to supply the AI industry, can we advance the technologies that reduce natural gas's environmental impact? Now, if you thought we weren't going to need to build new gas power generation, you probably wouldn't think about CCS. But here we are, at the beginning stages of a natural gas power super cycle, and I think folks are just now beginning to see the relevance in the importance of CCS.

如果美國擁有足夠的低成本天然氣來供應人工智慧產業，我們能否推動減少天然氣對環境影響的技術？如果你認為我們不需要建造新的燃氣發電廠，你可能不會想到碳捕獲與封存技術。但現在我們正處於天然氣發電超級週期的初期階段，我認為人們現在才開始意識到碳捕獲與封存的重要性。

For example, Google just signed the industry's first power offtake for a gas plus CCS project in Illinois. And we think, with the right projects in the right areas, there should be a lot more to come. Gas plus CCS can be meaningfully lower cost than any other scalable, clean, firm power solution. That's always been our thesis, and we think it's about to begin playing out as such.

例如，Google剛剛簽署了業界首個在伊利諾州開展的天然氣+碳捕獲與封存（CCS）計畫的電力購買協議。我們認為，只要在合適的領域開展合適的項目，未來應該會有更多成果。天然氣加碳捕集與封存技術相比，成本可以顯著降低，比任何其他可擴展、清潔、穩定的能源解決方案都要低得多。這始終是我們的論點，我們認為它即將開始以這種方式實現。

So the signals, they're beginning to form that natural gas with CCS is being embraced simply because natural gas power generation is quickly being accepted as the only scalable power solution that can be deployed on the hyper accelerated timeline to meet accelerated need for 24/7 power.

因此，種種跡象表明，採用碳捕獲與封存技術的天然氣正在被廣泛接受，原因很簡單，天然氣發電正迅速被接受為唯一可擴展的電力解決方案，可以按照超快的部署時間表滿足全天候電力加速需求。

So let's flip to slide 5 and talk about the steps we're taking to best position our company for success. So we can call this an expansion of our business, we can call it a pivot, but at the end of the day, it's really focusing our resources on actionable opportunities to transform natural gas into clean, affordable, reliable power.

那麼，讓我們翻到第 5 張投影片，談談我們正在採取哪些措施來讓我們的公司處於最佳的成功位置。所以我們可以稱之為業務擴張，也可以稱之為轉型，但歸根結底，這實際上是將我們的資源集中在可行的機會，將天然氣轉化為清潔、經濟、可靠的能源。

And over the past decade, we at NET Power have built an incredible team of technical leaders to develop our oxy-combustion power generation technology, which is arguably one of the most challenging and promising technologies in the energy sector, second probably only to nuclear fusion in both complexity and potential.

在過去的十年裡，NET Power 組建了一支傑出的技術領導團隊，致力於開發我們的富氧燃燒發電技術。這項技術可以說是能源領域最具挑戰性和最有前途的技術之一，其複雜性和潛力可能僅次於核融合。

And while the team has been diligently working to design, develop, improve our technology both in the lab and at our pilot plant in La Porte, Texas, we've been assembling a small portfolio of ideal locations to site these NET Power projects.

雖然團隊一直在努力在實驗室和位於德克薩斯州拉波特的試驗工廠中設計、開發和改進我們的技術，但我們也一直在收集一些理想的地點，以選址這些 NET Power 專案。

And you can really see that on the bottom of the slide. We really consider this setting the table for successful future commercial deployments. So, within that power, we possess a very good understanding of where our projects -- where these NET Power projects make really good economic sense and also where they don't.

在幻燈片的底部，這一點尤其明顯。我們認為這確實為未來成功的商業部署奠定了基礎。因此，憑藉這種權力，我們非常清楚地了解我們的計畫——這些 NET Power 計畫在哪些方面具有真正的經濟意義，以及在哪些方面不具有經濟意義。

And in most cases, for them to make economic sense, you really need three things. You need access to gas, the lower the cost, the better; you need proximity to a high-quality carbon sink, the lower the cost to transport and sequester, the better it is for the power economics; and if you can find someone to purchase the CO2 for an industrial use, that's even better. That just means lower power prices at the end of the day.

在大多數情況下，要讓它們在經濟上有意義，你真正需要三件事。你需要天然氣，成本越低越好；你需要靠近高品質的碳匯，運輸和封存成本越低，對電力經濟就越有利；如果你能找到人購買二氧化碳用於工業用途，那就更好了。這意味著最終電價會更低。

And then there's proximity to high capacity transmission lines. And in North America, the optimal combination of these features that I just mentioned are predominantly within deregulated competitive power markets where anyone with the capability to build, own, and operate a power plant can do so.

此外，靠近大容量輸電線路也是一個重要因素。在北美，我剛才提到的這些特點的最佳組合主要體現在不受管制的競爭性電力市場中，任何有能力建造、擁有和運營發電廠的人都可以這樣做。

So for the last couple years, we've assembled a couple high-quality locations that were really meant to prove and commercialize our initial NET Power deployments. Because we had always been planning to license our oxy-combustion technology, we didn't really see the rationale to continue to secure additional high-quality locations in these and other areas, but I'll come back to the bottom of this page in a second.

因此，在過去的幾年裡，我們聚集了幾個高品質的地點，這些地點真正是為了驗證和實現我們最初的 NET Power 部署的商業化。因為我們一直在計劃授權我們的富氧燃燒技術，所以我們並沒有真正看到繼續在這些地區和其他地區尋找更多高品質地點的理由，但我稍後會回到這一頁的底部。

One of the setbacks we've faced at NET Power is the rising cost for our first facility and learning it was going to be much more expensive than we previously anticipated. And we've come to that hard realization that trying to fund and then build a $1.7 billion dollar, 200 megawatt first-of-a-kind facility before completing all of our testing is a low probability event.

NET Power 遇到的挫折之一是第一座工廠的成本不斷上漲，而且我們得知它比我們之前預期的要貴得多。我們已經痛苦地意識到，在完成所有測試之前，試圖籌集資金並建造一座耗資 17 億美元、200 兆瓦的首創設施，是件機率很低的事情。

So in the best case scenario, we'd be looking at a COD of that first plant in 2030 or 2031. But just given the persistent inflation that we're seeing in the industry sector -- in the energy, industry sector, those costs could be higher in a few years. So we can either keep our heads down and continue investing 100% of our capital to advance our oxy-combustion technology, which we have great confidence can be the right long-term solution, or we can slow down that spending in order to free up some of our resources for near-term accretive opportunities.

因此，在最好的情況下，我們預計第一家工廠將在 2030 年或 2031 年實現商業化運作。但鑑於我們在工業領域（能源、工業領域）看到的持續通貨膨脹，這些成本在幾年內可能會更高。因此，我們可以選擇繼續埋頭苦幹，將 100% 的資金投入到我們非常有信心的富氧燃燒技術的發展中，我們堅信這項技術是正確的長期解決方案；或者，我們可以放慢支出速度，以便騰出一些資源，抓住近期增值的機會。

We strive to allocate our capital in a responsible manner that maximizes shareholder value and is aligned with our mission. The day that we can't do that will be the day we return that capital to shareholders. But today is not that day.

我們努力以負責任的方式配置資本，以最大限度地提高股東價值，並與我們的使命保持一致。當我們無法做到這一點時，就是我們將資金回饋給股東的那一天。但今天並非那一天。

I'm really excited to talk about the right side of this page for a few reasons. Conventional gas power with post-combustion carbon capture technology, or PCC for short, the conventional power side of the facility, gas turbines and gas engines are proven bankable technologies.

我非常興奮地想和大家聊聊這個頁面的右側，原因有幾個。採用燃燒後碳捕獲技術（簡稱 PCC）的常規燃氣發電，以及該設施的常規發電部分、燃氣渦輪機和燃氣發動機，都是經過驗證的、具有融資潛力的技術。

The other half of that configuration, the PCC side, has also been proven, but it hasn't been widely deployed or as quickly as it should, and it's not necessarily a technology issue. It's been an economic and timing issue. It could take a long time to permit sequestration wells. It could take a long time to permit new CO2 pipelines.

該配置的另一半，即 PCC 部分，也經過驗證，但尚未廣泛部署，或部署速度未達到應有的水平，這不一定是技術問題。這既是經濟問題，也是時機問題。批准修建封存井可能需要很長時間。批准新建二氧化碳管道可能需要很長時間。

And if you're in areas where it's uneconomic to transport and sequester, where the underlying power project doesn't operate at sufficient up time to justify the capital investment in PCC, in those instances, it's just not economic to install PCC versus just doing a simple cycle or combined cycle facility.

如果你所在的地區運輸和儲存能源不經濟，或者基礎電力項目的正常運行時間不足以證明對 PCC 進行資本投資的合理性，那麼在這些情況下，安裝 PCC 就不經濟，不如直接建造一個簡單的循環或聯合循環設施。

But as we all begin to see the tangible support for adding new 24/7 power, and the differentiated value the market is willing to pay for clean firm power, PCC becomes very interesting in the right geographies. So for us and everyone else in the power and data center space these days, speed is everything, and we believe gas turbines with PCC can and should be the fastest to market and most cost-competitive clean firm solution for our prospective customers.

但隨著我們開始看到增加全天候電力供應的實際支持，以及市場願意為清潔穩定的電力支付的差異化價值，在合適的地區，PCC 變得非常有趣。因此，對於我們以及當今電力和資料中心領域的其他所有人而言，速度至關重要，我們相信，配備 PCC 的燃氣渦輪機可以而且應該成為我們潛在客戶上市速度最快、最具成本競爭力的清潔能源解決方案。

So we connected with the Entropy team over the summer and discussed ways we could work together to accelerate the deployment of clean gas projects together in the US. Entropy, which I'll cover on the next slide, is a Canadian-based company. They're a bit under the radar here in the states, but they have the only operational natural gas CCS facility in North America, and it's been running for a few years now.

因此，我們在夏季與 Entropy 團隊取得了聯繫，並討論了我們可以如何合作，共同加速在美國部署清潔天然氣專案。Entropy 是一家總部位於加拿大的公司，我將在下一張投影片中介紹它。他們在美國不太為人所知，但他們擁有北美唯一一家營運中的天然氣碳捕集與封存 (CCS) 設施，而且已經運作了好幾年了。

They've fine tuned their solvent mixture for carbon capture from natural gas. In between our two companies, we recognized an opportunity to combined NET Power's power generation and site origination skill set was theirs on PCC to accelerate the deployment of clean gas power projects in the US, which takes me back to the bottom of the page.

他們已經對用於從天然氣中捕獲碳的溶劑混合物進行了微調。在我們兩家公司之間，我們意識到有機會將 NET Power 的發電和選址技能與 PCC 的技能相結合，以加速美國清潔天然氣發電項目的部署，這讓我又回到了頁面的底部。

One of the immediate commercial synergies we can realize with Entropy is the ability to accelerate deployment of their technology at NET Power sites, specifically starting with our Project Permian site in West Texas, and our second originated site in northern MISO region.

我們與 Entropy 合作能夠立即實現的商業協同效應之一是加速其技術在 NET Power 站點的部署，特別是從我們在西德克薩斯州的 Project Permian 站點和我們在北部 MISO 地區的第二個初始站點開始。

I think each of these locations is great in their own right. Our West Texas project has real potential to be the lowest cost clean firm power project in North America. We're targeting a below $80 LCOE for the first phase of this project and below $70 per megawatt hour as we scale to 300 megawatts and beyond. In our northern MISO project can add much needed 24/7 power to a grid system that is not seeing enough new base load power showing up in the queue, not to mention zero new clean firm baseload showing up.

我認為這些地方各有千秋。我們在西德州的專案極有可能成為北美成本最低的清潔能源穩定發電專案。該專案第一階段的目標是將平準化能源成本 (LCOE) 控制在每兆瓦時 80 美元以下，隨著規模擴大到 300 兆瓦及以上，目標是將 LCOE 控制在每兆瓦時 70 美元以下。在我們北部的 MISO 專案可以為電網系統增加急需的 24/7 全天候電力，該系統目前沒有足夠的新的基本負載電力進入隊列，更不用說沒有一個新的清潔穩定的基本負載電力了。

So by utilizing our existing sites, we have the instant ability to deploy up to 600 megawatts into these key power markets with the ability to do even more through additional interconnect upgrades or behind the meter co-location.

因此，透過利用我們現有的站點，我們能夠立即向這些關鍵電力市場部署高達 600 兆瓦的電力，並且能夠透過額外的互連升級或表後共址部署更多電力。

And through this exclusive partnership, both us and Entropy will have the ability to co-invest in the equity of the projects we develop. So the price for this partnership is building high-quality, clean firm power projects in markets that value 24/7 clean power on an accelerated timeline. And over the course of the next several months, we'll be working several workstreams in parallel with the entropy team.

透過這項獨家合作關係，我們和 Entropy 將能夠共同投資於我們開發的專案的股權。因此，這種合作關係的代價是在重視全天候清潔能源的市場中，以更快的速度建立高品質、清潔穩定的電力項目。在接下來的幾個月裡，我們將與熵團隊並行多個工作流程。

First, we'll be finalizing definitive documents of the yellow eye. Second, we'll wrap up technical diligence to fully confirm this is the right path, as well as complete design work around our first project, which Marc will talk about in some detail.

首先，我們將敲定有關黃眼症的最終文件。其次，我們將完成技術盡職調查，以完全確認這是正確的方向，並完成我們第一個專案的設計工作，Marc 將對此進行詳細討論。

It's worth flagging that if we choose to complete this transaction, we'll be making a small strategic investment into entropy to help fund their ongoing business and technical work supporting our joint development. I have to mention there's no binding obligation on the part of either of us or Entropy to consummate the transaction, but sitting here today, assuming everything continues to track the progress we've made to date, we expect to finalize the JV in the first quarter of '26 in conjunction with preparations to FID, the first phase of our West Texas project.

值得一提的是，如果我們選擇完成這筆交易，我們將對 Entropy 進行一筆小規模的策略性投資，以幫助資助他們持續的業務和技術工作，從而支持我們的共同開發。我必須說明，我們雙方或 Entropy 都沒有完成交易的約束性義務，但就目前而言，假設一切都繼續按照我們迄今為止取得的進展進行，我們預計將在 2026 年第一季完成合資企業，同時為西德克薩斯項目的第一階段——最終投資決定 (FID) 做準備。

So when we take a step back and we think about what NET Power is becoming, we're still a company with a singular mission to transform gas into the lowest cost form of clean firm power, but instead of just having one solution to do it, we now can have two.

所以，當我們退後一步，思考 NET Power 的發展方向時，我們仍然是一家以將天然氣轉化為成本最低的清潔穩定能源為唯一使命的公司，但我們現在不再只有一種解決方案，而是有兩種。

And in a market that's operating with a very near-term focus on scalable, reliable power, but still thinking about a cleaner end state, we think us having a high impact deployable solution today to complement our game changing long-term patented product is the optimal setup for our business, our shareholders, and our future power customers.

在一個以可擴展、可靠的電力為近期重點，但仍在考慮更清潔的最終狀態的市場中，我們認為，我們今天擁有一個具有高影響力的可部署解決方案，以補充我們具有顛覆性的長期專利產品，這對我們的業務、我們的股東和我們未來的電力客戶來說是最佳的配置。

Turning to slide 6, we wanted to briefly summarize the landscape of our new product portfolio, which is a really evolved to prioritize speed to market and technology readiness. In summary, we have a technology in the oxy-combustion, the top-line, that looks a lot like new nuclear ready in the 2030s, and LCOE in the mid 100s with a pathway to sub-$100 LCOE or lower with an extremely low environmental impact. We are keeping that technology in our arsenal and will methodically advance its development on the right timeline.

接下來請看第 6 張投影片，我們想簡單總結一下我們新產品組合的概況，這是一個真正意義上的進化，旨在優先考慮產品上市速度和技術準備。總而言之，我們擁有的富氧燃燒技術，其頂尖水平看起來很像 2030 年代就能投入使用的新型核能，其平準化度電成本 (LCOE) 為 100 美元左右，並且有潛力達到 100 美元以下甚至更低，同時對環境的影響極低。我們將保留這項技術，並按部就班地按照正確的時間表推進其發展。

But then skipping down to the bottom of the slide is where we'll be with entropy today. Conventional turbines with capture, proven technologies ready to be deployed today in the right areas that we control with very compelling break-even economics. We think this can be the most competitive near-term solution that the market needs now.

但接下來，我們將直接跳到滑梯的底部，這就是我們今天要討論的熵。傳統的渦輪機配備捕集裝置，成熟的技術已準備好在我們可控的合適區域立即部署，具有非常可觀的盈虧平衡經濟效益。我們認為這可能是目前市場最需要的、最具競爭力的短期解決方案。

So turning briefly to slide 7, I wanted to provide a brief overview of entropy. As I mentioned before, we've signed an LOI to partner with them to deploy its proprietary aiming-based solvent PCC solutions to the buildup of clean firm power in the US.

接下來，我簡單地看一下第 7 張投影片，我想簡單概述一下熵的概念。正如我之前提到的，我們已經簽署了一份意向書，與他們合作，將他們專有的基於目標的溶劑 PCC 解決方案部署到美國清潔能源建設中。

Entropy is based in Calgary, and has a world-class ownership group that includes Advantage Energy, Brookfield, and the Canada Growth Fund. They operate the world's first, and I believe it's the only natural gas facility equipped with post-combustion carbon capture and sequestration at the glacier gas plant in Alberta, which has been operating consistently since 2022.

Entropy 公司總部位於卡加利，其世界一流的所有權集團包括 Advantage Energy、Brookfield 和加拿大成長基金。他們在阿爾伯塔省的冰川天然氣廠運營著世界上第一個，我相信也是唯一一個配備燃燒後碳捕獲和封存技術的天然氣設施，該設施自 2022 年以來一直持續運作。

Entropy solution is designed to capture more than 90% of the CO2 emissions associated with gas power generation. We put it at the highest level of technology readiness, a TRL-9, which enables us to develop and deliver clean power hubs before the end of this decade.

Entropy解決方案旨在捕獲與燃氣發電相關的90%以上的二氧化碳排放。我們將其技術成熟度提升至最高級別，即 TRL-9，這使我們能夠在本十年結束前開發和交付清潔能源中心。

We're really excited to work with the entropy team and get these clean firm power projects off the ground quickly because that's what the market wants. The entropy solution, coupled with our power generation knowledge and product approach allows us to deploy a clean natural gas fired solution meeting the current market demands.

我們非常高興能與 Entropy 團隊合作，盡快啟動這些清潔能源項目，因為這正是市場所需要的。熵解決方案，結合我們的發電知識和產品方法，使我們能夠部署清潔的天然氣發電解決方案，滿足當前市場需求。

I think it would be helpful if we could share some of the early work we've already been doing around this program and these projects. So with that, I'd like to turn the call over to Marc Horstman, NET Power's Chief Operating Officer.

我認為，如果我們能分享一些我們圍繞這個專案和計劃已經開展的早期工作，將會很有幫助。那麼，接下來我將把電話交給 NET Power 的營運長 Marc Horstman。

Thanks, Danny. Slide 8 details how we'll be leveraging the existing infrastructure that has been established through our project perming efforts to develop our first clean power hub, where we're preparing to deploy gas turbines with post combustion capture in a modular scalable configuration. This site represents a pathway to ultimately deliver up to 1 gigawatt of capacity as we expand over time.

謝謝你，丹尼。第 8 頁詳細介紹了我們將如何利用透過專案規劃工作建立的現有基礎設施來開發我們的第一個清潔能源中心，我們正準備以模組化可擴展配置部署帶有燃燒後捕獲功能的燃氣渦輪機。隨著我們不斷擴展，該站點最終將實現高達 1 吉瓦的發電容量。

We are leveraging the existing Project Permian land position near Midland Odessa. Phase one is being structured around a 60-megawatt module and a clear expansion path to 1 gigawatt as demanded offtake agreements mature.

我們正在利用位於米德蘭-敖德薩附近的現有二疊紀專案土地優勢。第一階段以 60 兆瓦的模組為核心，並隨著需求購電協議的成熟，制定了明確的擴展路徑，最終達到 1 吉瓦。

Our gas turbines for Phase 1 are being prepared by Relevant Power Solutions or RPS, and carbon capture will be delivered through Entropy's proprietary amine solvent technology, which is designed to achieve greater than 90% CO2 capture.

第一階段的燃氣渦輪機由 Relevant Power Solutions（RPS）負責準備，碳捕獲將透過 Entropy 的專有胺溶劑技術實現，該技術旨在實現 90% 以上的 CO2 捕獲率。

On the commercial side, we've already begun to set this project up for a successful FID in 2026. We've reached indicative terms with Oxy to purchase 30 megawatts and 100% of the captured CO2 under long-term agreements. And we're in advanced discussions with another major oil and gas offtaker for the remaining capacity.

在商業方面，我們已經開始為該專案在 2026 年成功做出最終投資決定做準備。我們已與西方石油公司達成初步協議，將根據長期協議購買 30 兆瓦電力和 100% 的二氧化碳捕集量。我們正與另一家大型油氣承購商就剩餘產能進行深入洽談。

One of the core advantages of this project is the ability to use the existing Permian infrastructure: land, interconnect, gas supply, and offtake. With that foundation in place, we can deliver our clean firm power by utilizing gas servings prepared by RPS and paired with Entropy EPCC technology. This approach enables a faster development timeline of lower cost relative to Greenfield alternatives, strengthening Project Permian's position as a repeatable, scalable buildout platform.

該項目的核心優勢之一是能夠利用現有的二疊紀盆地基礎設施：土地、互聯、天然氣供應和承購。有了這個基礎，我們可以利用 RPS 提供的天然氣，並結合 Entropy EPCC 技術，提供清潔穩定的電力。與新建專案相比，這種方法能夠以更低的成本更快地完成開發，從而鞏固了二疊紀專案作為可重複、可擴展的建設平台的地位。

Our current schedule targets a financial decision in the first half of 2026, assuming that it is achieved, construction will begin in the second half of 2026 with commercial operation expected second half of 2028 or first half of 2029. This project is structured to demonstrate speed, repeatability, and long-term commercial durability of our clean power product, key steps in building a gigawatt scale footprint in the premium.

我們目前的計畫目標是在 2026 年上半年做出財務決定，假設該決定得以實現，建設將於 2026 年下半年開始，商業營運預計將於 2028 年下半年或 2029 年上半年開始。該專案旨在展示我們清潔能源產品的速度、可重複性和長期商業耐久性，這是在高端市場建立吉瓦級規模佈局的關鍵步驟。

Turning the slide 9. Slide 9 focuses on our development pipeline. I want to provide an update on our northern MSO project, which represents our next major clean firm power build out alongside our Permian Project. This project continues to progress on schedule. We're targeting commercial operations between 2029 and 2030. We've secured the project site and are actively working with a local carbon capture and sequestration development partner.

轉動幻燈片 9。第 9 張投影片重點介紹我們的開發流程。我想向大家報告我們北部 MSO 專案的最新進展，該專案是我們繼二疊紀盆地專案之後，下一個主要的清潔能源穩定電力建設專案。該項目目前正按計劃推進。我們的目標是在 2029 年至 2030 年間開展商業營運。我們已經落實了專案場地，並正在積極與當地的碳捕獲和封存開發合作夥伴合作。

This partnership is central to our plan as the project is expected to utilize classic sequestration for long-term CO2 storage. Our partner currently holds two Class 6 wall applications, and both are on track for permitting in the second half of 2028. Similar to the Permian, we're designing phase one of this project to utilize gas turbines paired with Entropyce PCC technology. FID is targeted for 2027, and we expect commercial operations to come as soon as 2029.

這項合作是我們計畫的核心，因為該計畫預計將利用經典的碳封存技術進行二氧化碳的長期儲存。我們的合作夥伴目前持有兩份 6 級牆體申請，這兩份申請均預計在 2028 年下半年獲得許可。與二疊紀盆地類似，我們正在設計此專案的第一階段，採用燃氣渦輪機與 Entropyce PCC 技術相結合。最終投資決定 (FID) 的目標是在 2027 年做出，我們預計商業營運最早將於 2029 年實現。

NET Power is an active dialogue with strategic octas for the for the power at this site. Overall, Northern MISO is moving forward as an anchor site for our next phase of growth, complementing the Permian program and reinforcing the scalability of our clean power product platform.

NET Power 是與策略八方就此站點的權力進行積極對話。總體而言，Northern MISO 正在作為我們下一階段成長的錨地向前發展，補充了二疊紀盆地計劃，並加強了我們清潔能源產品平台的可擴展性。

Slide 10 shows that Project Permian remains on track for its first power in 2028.

第 10 張投影片顯示，二疊紀計畫仍按計畫於 2028 年實現首次發電。

Phase 1 is designed around a 60-megawatt module with more than 90% carbon capture and target availability of 95% plus. Our current estimates point to a levelized cost of energy or LCOE under $80 per megawatt hour. With inter-connect capacity secured at 300 megawatts, we see a clear path to more than 750 megawatts of future expansion at this site.

第一階段的設計以 60 兆瓦的組件為中心，碳捕獲率超過 90%，目標可用性超過 95%。我們目前的估算表明，平準化能源成本（LCOE）低於每兆瓦時 80 美元。互聯容量已確定為 300 兆瓦，我們看到該站點未來擴大至 750 兆瓦以上的明確路徑。

Our MISO project is progressing with first power targeted for 2029. The project features similar performance expectations, 95% availability and greater than 90% carbon capture with a projected LCOE of roughly $100 per megawatt hour. This site also holds 300 megawatts of internet capacity and supports more than 400 megawatts of future phases. Moving to the right-hand side of the slide, we'll continue to leverage our people and skill sets to build a robust project pipeline, following the same blueprint we have thus far, finding the bright spots, securing interconnect spots, securing the poor space to sequester CO2, negotiating long-term supply and offtake agreements and leveraging our strategic owners to establish clean firm power hubs that can scale into large multi-gigawatt campuses in the early part of the decade.

我們的MISO專案正在推進中，目標是在2029年實現首次供電。該專案具有類似的性能預期，可用性為 95%，碳捕獲率超過 90%，預計平準化電成本約為每兆瓦時 100 美元。該站點還擁有 300 兆瓦的網路容量，並支援未來階段超過 400 兆瓦的容量。移至幻燈片的右側，我們將繼續利用我們的人員和技能，按照我們迄今為止的藍圖，構建一個強大的項目儲備，尋找亮點，確保互聯點，確保用於封存二氧化碳的貧瘠空間，談判長期供應和承購協議，並利用我們的戰略所有者，建立清潔穩定的電力中心，這些中心可以在本十年初擴展到大型多吉瓦園區。

These actions set the foundations for scalable, repeatable project execution. Big picture, we're designing these clean firm power hubs to come online beginning 2028 through 2030 with the potential to expand into multi-gigawatt campuses by the early to mid-2030s. We're excited for this next stage of our story and look forward to sharing updates on our progress in future quarters. With that, I'll pass it back to the operator to open up the line for Q&A.

這些措施為可擴展、可重複的專案執行奠定了基礎。從宏觀角度來看，我們正在設計這些清潔穩定的電力中心，計劃從 2028 年至 2030 年間陸續上線，並有可能在 2030 年代初期至中期擴展到數吉瓦的園區。我們對公司發展的下一階段感到興奮，並期待在未來幾季與大家分享我們的進展。這樣，我就把電話轉回給接線生，以便開通問答線路。

(Operator Instructions) Nate Pendleton, Texas Capital.

（操作說明）內特·彭德爾頓，德克薩斯資本。

With the pivot you announced here, can you provide your perspective on what makes NET Power uniquely positioned to take advantage of this opportunity compared to some of the others, given your prior focus on the Oxy combustion cycle?

鑑於您先前專注於富氧燃燒循環，您能否從自身角度談談，與其他公司相比，NET Power有哪些獨特優勢能夠抓住這一機會？

Yes. Good to hear from you, Nate. That's a great opening question. I think when you really get down to it and you look at the skill set that NET Power has, it's not just about the skills, but it's about like the resources and assets that we possess today. I think it starts with having like a fundamental understanding of both power, really the aboveground piece, along with a really, really solid understanding on the subsurface.

是的。很高興收到你的來信，內特。這是一個很好的開場問題。我認為，當你真正深入了解 NET Power 的技能組合時，你會發現，這不僅僅是技能的問題，而是我們今天所擁有的資源和資產的問題。我認為首先要對電力，特別是地上電力，有基本的了解，同時也要對地下電力有非常紮實的了解。

And I think when we take a step back and you just ask yourselves like why hasn't like gas with CCS really taken off in the past, I think it's because when you look at all of these potential projects that have really been proposed on the CCS side for PCC, it's always been through like a power first sort of approach.

我認為，當我們退後一步，問問自己為什麼過去天然氣與碳捕獲和封存技術（CCS）沒有真正發展起來時，我認為這是因為，當你審視所有針對碳捕獲和封存技術（CCS）提出的項目時，你會發現它們總是以電力為先。

Where is the best place to put a power plant? And then secondarily is, well, can we do PCC here? And if you're not close enough to the sink, if you're not close enough to a high-quality reservoir, the PCC economics fall apart pretty quickly. So it's all about like location, location, location and finding the best place to be able to put these sites. You kind of pair that up with, as I mentioned in the prepared remarks, how long it takes to actually permit a lot of this stuff.

哪裡是建造發電廠的最佳地點？其次，我們能否在這裡進行 PCC？如果你離水槽不夠近，如果你離優質水庫不夠近，PCC 的經濟效益很快就會崩潰。所以關鍵在於選址、選址、選址，找到放置這些網站的最佳地點。正如我在準備好的演講稿中提到的，這和實際批准許多這類事情所需的時間也有關係。

This isn't something where you can just wake up tomorrow and say, let's start doing PCC here. It takes years to be able to permit the wells -- years to be able to permit the pipelines.

這不是你明天早上醒來就能說的，讓我們開始在這裡進行 PCC 的事情。獲得油井開採許可需要數年時間，獲得管道建設許可也需要數年時間。

I think that will be changing over time as you see permit reforms start to accelerate and shorten those time lines to get this infrastructure built. But sitting here today, I think the biggest differentiator, who has actionable projects in the right areas to be able to deploy. And so I think one of the unique synergies that I sort of mentioned earlier was we're kind of sitting in this unique position where over the last several years, we've started to originate high-quality sites to put these NET Power plants.

我認為隨著許可證改革的加速推進和基礎建設時間的縮短，這種情況會逐漸改變。但今天坐在這裡，我認為最大的區別在於，誰擁有在正確領域可以實施的可操作項目。因此，我認為我之前提到的一個獨特的協同效應是，我們正處於一個獨特的地位，在過去的幾年裡，我們開始尋找高品質的地點來建造這些 NET 發電廠。

And these sites work just as well for PCC as they do for NET Power because it's the same exact inputs and outputs, the same quality of natural gas comes in and the same amount of high-quality, high-purity CO2 comes out. And so as we think about the best places to be able to put PCC, NET Power is sitting here today with a couple of high-quality sites to put these projects.

這些站點對 PCC 和 NET Power 來說效果一樣好，因為輸入和輸出完全相同，輸入的天然氣品質相同，輸出的高品質、高純度二氧化碳的數量也相同。因此，當我們考慮將 PCC 部署到哪裡時，NET Power 今天就拿出幾個高品質的場地來部署這些專案。

And so part of just the obvious synergies that we saw with the Entropy folks is, hey, we've assembled like really great sites to be able to put our NET Power plants. The deployment and commercialization of those NET Power plants is many years away. And so we're going to have grid connect ready for 300 megawatts in West Texas, 300 megawatts ready in Northern MISO that could potentially sit there unutilized if all we said was we're going to wait to deploy NET Power.

因此，我們與 Entropy 團隊之間顯而易見的協同效應之一是，我們已經聚集了一些非常棒的場地來放置我們的 NET Power 工廠。這些淨發電廠的部署和商業化還需要很多年。因此，我們將在西德克薩斯州準備好 300 兆瓦的併網發電，在北部 MISO 準備好 300 兆瓦的併網發電，但如果我們只是說要等待部署 NET Power，這些發電量可能會閒置不用。

So this opportunity that we see in front of us is we can actually accelerate the deployment of a clean gas technology on these sites much sooner than we would if we just waited for NET Power. And so you kind of end up in this place where when Marc is talking about getting to FID in '26 and COD in that first plant in 2028, that positions us to have the first clean firm gas power plant online in the United States years ahead of the next guide.

因此，我們眼前的機會是，我們可以比僅僅等待 NET Power 更快地在這些地點加速部署清潔天然氣技術。因此，最終你會發現，當馬克談到在 2026 年做出最終投資決定 (FID) 並在 2028 年實現第一座工廠的商業運營 (COD) 時，這意味著我們將在下一個指南發布前幾年就擁有美國第一座清潔可靠的燃氣發電廠。

And that's really just the first phase, right? I think over the course of '28 through 2030, 2031, if we do this right, we're going to have the ability to scale and develop multiple phases across both West Texas and Northern MISO. And so I think when you get to 2031, 2032, when the next competitor's clean gas project comes online, we're going to have 3 to 4 years of operational run time as well as 3 to 4 years of multiple deployments under our belts by the time the next project comes online.

而這只是第一階段，對吧？我認為，從 2028 年到 2030 年、2031 年，如果我們做得好，我們將有能力在西德克薩斯州和北部 MISO 地區擴大規模並開發多個階段。因此，我認為到了 2031 年、2032 年，當下一個競爭對手的清潔天然氣項目上線時，我們將擁有 3 到 4 年的運營時間，以及 3 到 4 年的多次部署經驗。

But the key to all of this is having the right locations in the right areas that are really conducive to clean gas power and NET Power just coincidentally possesses those today.

但這一切的關鍵在於擁有合適的地點和區域，這些地點非常有利於清潔天然氣發電，而 NET Power 恰好今天就擁有這些地點。

Yes. It seems like a compelling opportunity. thanks for laying that out. And then if I may, looking at Entropy, there seems like a phenomenal partner from what I understand about their history and what they've been able to achieve. So with the Glacier project and their Entropy 23 solvent, it does seem quite a bit better than what's in the market today on an array of metrics.

是的。這看起來是個很吸引人的機會。謝謝你詳細介紹。如果可以的話，我想談談 Entropy，就我所了解的歷史和他們所取得的成就而言，他們似乎是一個非常棒的合作夥伴。因此，從一系列指標來看，Glacier 專案及其 Entropy 23 溶劑似乎比目前市場上的產品好得多。

So can you maybe elaborate on why specifically you chose to partner with them? And what you see in that technology that may make post-combustion carbon capture truly competitive economically?

那麼，您能否詳細說明您為什麼選擇與他們合作？您認為這項技術中哪些方面能夠真正使燃燒後碳捕獲在經濟上具有競爭力？

Yes. I'll start and then Marc can certainly fill in the holes. I mean, first and foremost, I think they're just a great group of people. And I think like one of the things I've learned over my career is it's always better to work with great people. It makes the experience a lot more fun.

是的。我先開始，然後馬克肯定能把剩下的部分補充完整。我的意思是，首先，我認為他們是一群很棒的人。我覺得我在職涯中學到的最重要的一點就是，和優秀的人一起工作總是比較好。這讓體驗變得更有趣。

And I think that ultimately is what leads to like the best potential economic outcome at the end of the day is partnering with good people. And the Entropy guys are top of the class. I think what is really differentiating about the Entropy folks is their operational experience with the solvent technology.

我認為，最終帶來最佳經濟效益的關鍵在於與優秀的人合作。而 Entropy 團隊的成員都是頂尖的。我認為 Entropy 公司真正與眾不同的地方在於他們在溶劑技術方面的操作經驗。

I think because the industry as a whole hasn't really gotten off the ground, the real differentiators are the ones that have actionable real projects in the ground today and the Entropy guys have done that. And as a result of being able to have like real projects, you're able to fine-tune the technology, you're able to fine-tune the assets to optimize for performance.

我認為，由於整個產業還沒有真正發展起來，真正的差異化因素在於那些目前已經有了實際的實際專案的人，而 Entropy 團隊就做到了這一點。由於能夠擁有類似真實項目的操作，您可以對技術進行微調，對資源進行微調，從而優化效能。

And so being able to have three years of run time on the facility, they've been able to optimize and improve the performance of their technology, which is both the infrastructure, but also the solvent technology. And so they've been able to optimize the essentially their cocktail for capture.

因此，經過三年的設施運行，他們得以優化和改進其技術的性能，這包括基礎設施以及溶劑技術。因此，他們得以優化捕獲所需的“雞尾酒”配方。

And I think when you take a step back and you say what differentiates one solvent from the next, there's a couple of ways to measure it. It's the amount of energy it takes to separate the solvent from the CO2. It's the capture efficiency of the CO2. It's the degradation of rate of how long does it take before that solvent breaks down. And then it's also the inhibition of that solvent or the amines to become nitrosamines, which is not good.

我認為，當你退後一步，思考是什麼讓一種溶劑與另一種溶劑區分開來時，你會發現有幾種方法可以衡量這一點。這是將溶劑與二氧化碳分離所需的能量。這是二氧化碳的捕獲效率。這是溶劑分解所需時間的速率衰減指標。此外，它還會抑制溶劑或胺類物質轉化為亞硝胺，這可不是好事。

And the entropy solvent -- they've done a phenomenal job essentially like building what is a peer-leading sort of technology. And so that's really where this whole synergy comes in as they have what we would say is a TRL 9 product that should and can be deployed in the power markets that need clean power the fastest. That happens to be the US and we have these sites that are ready for clean power projects.

而熵溶劑——他們基本上已經取得了驚人的成就，打造了一種同行業領先的技術。因此，這就是整個協同效應的真正體現，因為他們擁有我們所說的 TRL 9 產品，該產品應該而且可以快速部署到最需要清潔能源的電力市場。碰巧那是美國，我們有一些場地已經準備好開展清潔能源計畫。

So this sort of coming together of us enables them to accelerate the deployment of their technology in the largest market in the world, the US power market. And for us, it allows us to accelerate the deployment of clean power projects that stays true to our mission. And I think where we both sort of win is we both will be participating in the equity in the investment of these projects side by side.

因此，我們之間的這種合作使他們能夠加速在世界上最大的市場——美國電力市場——部署其技術。對我們而言，這使我們能夠加快清潔能源項目的部署，從而真正實踐我們的使命。我認為我們雙方都能從中獲益的地方在於，我們將並肩參與這些項目的投資，共同擁有股權。

So the goal here is let's stand up and develop, build, own and operate high-quality, clean firm power projects, leveraging Entropy's solvent and PCC expertise, combine that with our power generation and site development expertise.

因此，我們的目標是站出來，開發、建造、擁有和運營高品質、清潔的電力項目，利用 Entropy 的溶劑和 PCC 專業知識，並將其與我們的發電和場地開發專業知識相結合。

And what you end up with is a win-win situation for both of our firms.

最終的結果對我們兩家公司來說都是雙贏的局面。

Martin Malloy, Johnson Rice.

馬丁·馬洛伊，約翰遜·賴斯。

I wanted to ask if you could maybe talk broadly about the financing strategy with Phase 1 and then follow-on projects. It sounds like from Marc's comments with Phase 1, you've got potentially all the power, you've got an offtake for and as well as the CO2 going to Oxy. Maybe if you could talk about just broad terms, the financing strategy in terms of being able to put debt on these projects. And also I did see on Entropy's website that Brookfield is an investor in them, if that plays a role here at all?

我想請問您能否大致談談第一階段以及後續專案的融資策略。從 Marc 對第一階段的評論來看，你們似乎擁有了所有潛在的動力，你們有出口，而且 CO2 還會輸送到 Oxy。或許您可以談談大致情況，例如這些項目能否透過舉債融資的策略。另外，我在Entropy的網站上看到Brookfield是他們的投資者，這會不會跟這件事有關呢？

Yes. No, Marty, great to hear from you. Those are really awesome questions. Yes, I think starting on just like the financing of these projects. I think when you take a step back and you look at just what we were planning to do on the NET Power side, because NET Power's oxy-combustion technology was going to be a first-of-a-kind sort of facility.

是的。不，馬蒂，很高興收到你的來信。這些問題問得真好。是的，我認為首先應該從這些項目的融資入手。我認為，當你退後一步，看看我們在 NET Power 方面計劃要做的事情時，你會發現，NET Power 的富氧燃燒技術將是獨一無二的設施。

One of the things we told the market is, hey, we're most likely going to have to equity finance the entirety of that first facility. So you're talking about $1.7 billion of what would most likely need to be 100% equity financed because there's no bankable technology within that plant. And that's okay. And that's sort of common across new first-of-a-kind technologies.

我們告訴市場的一件事是，嘿，我們很可能需要用股權融資來為第一個項目提供全部資金。所以，你談論的是17億美元的投資，這筆投資很可能需要100%的股權融資，因為工廠沒有可用的技術。這樣也沒關係。這在新興的開創性技術中相當普遍。

I think you contrast that against what we're doing here with Entropy with the gas turbines and the PCC. Like I mentioned before, half of that facility is existing proven bankable technologies, the gas turbine, steam turbine, the HRSG. That's all stuff that is financeable because these are -- this is proven equipment that has real value in the market. So you buy the equipment, it maintains its asset value if you want to transfer or sell it. So that becomes very financeable on the project financing side.

我認為，這與我們在這裡利用 Entropy 的燃氣渦輪機和 PCC 所做的工作形成了鮮明的對比。正如我之前提到的，該設施的一半是現有的、經過驗證的、可融資的技術，即燃氣渦輪機、蒸汽渦輪機和餘熱鍋爐。這些都是可以融資購買的設備，因為這些都是經過市場檢驗、具有真正價值的設備。所以，當你購買這台設備時，如果你想轉讓或出售它，它仍然可以保持其資產價值。因此，從專案融資的角度來看，這非常容易獲得資金。

And so the way we kind of look at it is we know we're going in with at least half of the CapEx very, very bankable with just project financing. So it's not going to require equity financing.

因此，我們看待這個問題的方式是，我們知道至少有一半的資本支出可以透過專案融資輕鬆籌集到資金。所以不需要股權融資。

I think you kind of wrap this whole thing within long-term contracted cash flows, and we're talking 10 to 15 years contracted cash flows. And you get to a place where you could probably project finance a good chunk of the total CapEx spend of this project. And that is really just because like sort of what we're targeting in terms of how competitive is this from an LCOE perspective. I think LCOE isn't the end all be all in what project economics are.

我認為你應該把這一切都歸結為長期合約現金流，我們說的是10到15年的合約現金流。這樣一來，你或許就能透過專案融資來支付該專案總資本支出中的很大一部分。這主要是因為我們關注的是從 LCOE 的角度來看，它的競爭力如何。我認為平準化能源成本（LCOE）並不是衡量專案經濟性的全部標準。

But knowing if you're on like the low end of the LCOE range and you're able to command a higher price for that power, that implicitly says these are going to be mid-single -- mid-double-digit sort of IRRs, 10% to 15% on a levered after-tax basis that provides sufficient capacity to be able to have project financing on the whole thing. And so as we look at the financing piece, this isn't going to be -- NET Power is going to have to put up $300 million or $400 million of equity dollars for the first project.

但是，如果你處於 LCOE 範圍的低端，並且能夠為這種電力索取更高的價格，那就意味著這些項目的內部收益率 (IRR) 將達到個位數到兩位數的中等水平，在槓桿稅後基礎上達到 10% 到 15%，這將提供足夠的容量，使整個項目能夠獲得融資。因此，當我們審視融資部分時，情況並非如此——NET Power 將不得不為第一個項目投入 3 億美元或 4 億美元的股權資金。

It's going to be a much smaller portion of that. And then one of the arrangements that we have with Entropy is their ability to participate alongside us in these projects. And that certainly becomes really interested for Entropy's investors for Brookfield and CGF and Advantage and potentially for other Entropy investors to be able to participate through Entropy in these projects alongside us.

這將只佔其中很小的一部分。我們與 Entropy 達成的協議之一是，他們可以與我們一起參與這些專案。對於 Entropy 的投資者 Brookfield、CGF 和 Advantage 來說，這無疑會讓他們非常感興趣，其他 Entropy 投資者也可能透過 Entropy 與我們一起參與這些專案。

So the equity capital burden that we're going to be looking at on West Texas Phase 1, but also on the future phases as we expand this thing, the equity capital needs are going to be a whole lot less intensive on a per megawatt basis, on a per dollar of CapEx basis than we would have otherwise seen with NET Power projects. So it's sort of like a perfect setup where it's we're -- we're able to deliver clean firm power sooner.

因此，我們將在西德克薩斯第一期工程以及未來各階段（隨著我們擴大該項目）中考察的股權資本負擔，與NET Power項目相比，每兆瓦、每美元資本支出所需的股權資本要少得多。所以這就像是完美的配置，我們能夠更快地提供清潔穩定的電力。

It's more accretive to our equity dollars that we're investing on an accelerated time line in terms of speed to market with new power generation.

我們加快投資步伐，加快新發電項目的上市速度，對我們的股權投資更有利。

Great. That was very helpful. And then for a follow-up question, I just wanted to see if you could share with us maybe any anecdotes of conversations that you have had with potential offtakers in the data center market that are looking for this type of solution for their power needs and might be willing to enter into a longer-term offtake agreement, how they're viewing this? And I know you mentioned the Google announcement recently.

偉大的。那很有幫助。那麼，我還有一個後續問題，我想請您分享一些您與資料中心市場中潛在的購電方進行的對話軼事，這些購電方正在尋找此類解決方案來滿足他們的電力需求，並且可能願意簽訂更長期的購電協議，他們對此有何看法？我知道你最近提到了谷歌的公告。

Yes. I mean it's quite interesting. I mean today is really like us like -- this is sort of like our coming out party as far as starting to say, these are the projects. This is the time line for the projects. This is the carbon intensity profile.

是的。我的意思是，這很有意思。我的意思是，今天對我們來說真的就像——這有點像我們的亮相派對，開始宣布，這些就是我們的項目。這是專案時間表。這是碳排放強度分佈圖。

This is the reliability profile of us doing this in both West Texas and in Northern MISO on these sites that we control. It's really -- so yes, we've been having conversations with the hyperscalers. I think the conversations have historically been around the NET Power technology, which is a great technology. But I think the one just challenge on the NET Power piece is you're talking about projects that would start in 2030 or 2031 and then the second plant in 2033 or 2034.

這是我們在西德克薩斯州和北中獨立系統運營商 (MISO) 控制的這些站點上進行這項工作的可靠性概況。確實如此——所以，是的，我們一直在與超大規模資料中心營運商進行對話。我認為，以往的討論主要圍繞在 NET Power 技術展開，這是一項非常棒的技術。但我認為 NET Power 專案面臨的一個挑戰是，你談論的是 2030 年或 2031 年啟動的項目，然後第二個工廠將在 2033 年或 2034 年建成。

And I think when you think about the urgency of power for the hyperscalers for these data centers for AI 2030, 2031 is -- I mean, in dog years or cat years or pick any other animal that has a really short shelf life, like the way they think about time value is totally different than we do through like a traditional financial lens where we think of time value as like a 10% or 12% cost of capital from year-to-year.

我認為，當你考慮到超大規模資料中心在 2030 年、2031 年對電力資源的迫切需求時——我的意思是，以狗年、貓年或任何其他壽命很短的動物的年齡來衡量，它們對時間價值的思考方式與我們透過傳統金融視角看待時間價值的方式完全不同，我們通常將時間價值視為每年 10% 或 12% 資本的成本。

I think they're thinking about things like multiples, multiples, multiples of that. And a project that comes online in 2031 is 100x less valuable than the same project that could come online in '27 or '28. And so these conversations that we can now start having with strategic offtakers, they've become a lot more real and a lot more interesting because we're talking about projects on a very accelerated timeline than the conversations we've been having with them in the past about projects starting in 2031 or 2032.

我認為他們考慮的是倍數、倍數、再倍數之類的東西。一個在 2031 年上線的項目，其價值比同一個在 2027 年或 2028 年上線的項目低 100 倍。因此，我們現在可以開始與策略性承購商進行這些對話，這些對話變得更加真實，也更有趣，因為我們談論的專案時間線比我們過去與他們談論的 2031 年或 2032 年開始的專案要快得多。

And that all plays into like why this partnership with Entropy makes a whole lot of sense. It accelerates not just the deployment of these projects, but it really starts to bring forward a lot of the strategic conversations around strategic offtake with folks that are in dire need for as much clean, reliable power coming on to these grids or behind the meters as soon as realistically possible.

而這一切都解釋了為什麼與 Entropy 的合作非常有意義。它不僅加速了這些項目的部署，而且真正開始推進與那些迫切需要盡可能多的清潔、可靠電力接入電網或用戶側的人們就戰略性購電進行的許多戰略對話，以便盡快實現。

So I think this really sets us up to have much more constructive, much more tangible and real conversations. But at the end of the day, it all depends on our ability to continue to progress these projects and deliver the right solutions on the right time line. And I think this certainly partnership with Entropy allows us to do that.

所以我認為這確實為我們開展更具建設性、更切實、更真實的對話奠定了基礎。但歸根結底，這一切都取決於我們能否繼續推進這些項目，並在正確的時間節點上提供正確的解決方案。我認為與 Entropy 的合作無疑能夠讓我們做到這一點。

Betty Jiang, Barclays.

Betty Jiang，巴克萊銀行。

I want to ask about the Slide 10. And then just thinking -- unpacking the economics of the project, what enables the sub-$80 LCOE in the Permian compared to roughly $100 in MISO? And if you could just speak to maybe how you're thinking about the CapEx cost and then some of the other credit stacking attributes on the Permian project.

我想問第 10 張投影片的問題。然後仔細思考——分析該項目的經濟效益，是什麼使得二疊紀盆地的平準化能源成本低於 80 美元，而中西部獨立系統運營商 (MISO) 的平準化能源成本約為 100 美元？如果您能談談您對二疊紀盆地專案資本支出成本以及其他一些信用疊加屬性的看法，那就太好了。

Yes. No, that's a great question, Betty. And I think this is an important one for everybody to understand. It really comes down to like two simple things that makes a clean firm power project in West Texas, lower cost than anywhere else, I would say, almost in the world. And it comes down to the cost of the energy feedstock for the power generation.

是的。不，貝蒂，你問得好。我認為這一點對每個人來說都很重要，應該要理解。實際上，西德克薩斯州清潔能源項目的成本比世界上任何其他地方都低，原因很簡單，就在於兩件事。歸根結底，這取決於發電所需能源原料的成本。

And in our case, it's natural gas. It's just -- it happens to be lower cost in West Texas than just about anywhere else in the country. And that's really thanks to the oil and gas industry that's been able to unlock the shale gas potential out there. So there's that factor. And then the other really, really important differentiating one, and this gets into the subsurface side of things is you have the ability to utilize that CO2 versus having to just permanently sequester.

而我們這裡用的是天然氣。只是碰巧西德克薩斯州的成本比美國其他任何地方都低。這真的要感謝石油和天然氣產業，他們開發並釋放了頁岩氣的潛力。所以，這是個需要考慮的因素。另一個非常非常重要的差異在於，這涉及到地下方面的問題，那就是你可以利用二氧化碳，而不是只將其永久封存。

And so what that really means is we have active buyers of that CO2 that are able to ascribe real value for the CO2 because it has an industrial use.

因此，這實際上意味著我們有積極的二氧化碳買家，他們能夠賦予二氧化碳真正的價值，因為它具有工業用途。

So in most other places where you're just permanently sequestering the CO2 and there's no industrial value, you're having to pay somebody to take the CO2, transport it and formally sequester it. And so that comes out of the 45Q proceeds that you get. So in a place like Northern MISO, we're going to collect the $85. And then from the $85, you'll pay a certain fee per ton to transport and sequester the CO2. And that's the way it works in most of these applications for CCS.

所以在其他大多數地方，如果你只是永久封存二氧化碳，而沒有工業價值，你必須付錢給別人來接收二氧化碳、運輸二氧化碳並正式封存它。所以這筆錢會從你獲得的 45Q 收益中扣除。所以在像北中型獨立系統營運商（Northern MISO）這樣的地方，我們將收取 85 美元。然後，從這 85 美元中​​，你還要支付每噸二氧化碳一定的運輸和封存費用。在大多數 CCS 應用中，它的工作方式都是如此。

West Texas is a totally different animal. West Texas is an area that's been purchasing 10 million, 15 million tons of CO2 per year for industrial use for enhanced oil recovery specifically. And so that's a market where they can ascribe the value to purchase the CO2 without you having to then pay to transport and sequester it because they have real industrial value there.

西德克薩斯州的情況完全不同。西德州每年購買 1,000 萬至 1,500 萬噸二氧化碳用於工業用途，特別是用於提高石油採收率。因此，在這個市場上，他們可以為購買二氧化碳賦予價值，而你無需再支付運輸和封存二氧化碳的費用，因為二氧化碳在那裡具有真正的工業價值。

And so in a place like West Texas, the plant is going to get paid the $85 per ton, but rather than paying somebody $20 or $30 or $40 or if you're in a bad area, $50 or $60 per ton out of that $85 that you're getting paid from the 45Q, you're actually getting paid on top of the $85. So you can think about -- you can kind of think about it as like carbon stacking, where you're getting paid to $85 in the 45Q and then you're collecting another amount per ton to sell the CO2 to an industrial user.

因此，在像西德克薩斯州這樣的地方，工廠每噸將獲得 85 美元的報酬，但與其從 45Q 獲得的 85 美元中​​支付給某人每噸 20 美元、30 美元、40 美元，或者如果你在糟糕的地區，支付 50 美元或 60 美元，你實際上是在 85 美元之外獲得額外報酬。所以你可以把它想像成碳堆積，你在 45Q 中獲得 85 美元的報酬，然後你還可以透過向工業用戶出售二氧化碳來獲得每噸額外的收入。

And the biggest industrial user of that CO2 in West Texas is Oxy. They have been pioneers in enhanced oil recovery for a long, long time. We're going to be using oil in this country and in the world for a long, long time. And so there's real industrial value that then gets valued back to these plants.

西德克薩斯州最大的二氧化碳工業用戶是 Oxy 公司。他們在提高石油採收率方面一直是先驅者，而且由來已久。在這個國家乃至全世界，我們將長期使用石油。因此，這些工廠確實具有工業價值，而這些價值最終會回饋給這些工廠。

And so what that really means is the more value that we can capture on the CO2 side of this facility, the lower the power price can be. And so that's really like the really interesting setup that we see in West Texas is this is arguably the lowest cost place to do clean gas power.

因此，這實際上意味著，我們在這個設施的二氧化碳排放方面所能獲得的價值越多，電力價格就可以越低。所以，我們在西德州看到的這種局面真的很有意思，這裡可以說是清潔天然氣發電成本最低的地方。

And so I think a lot of people are now starting to see a lot more power projects pop up in West Texas, more so than anywhere else in the United States. And it's specifically because of the low-cost nature of natural gas there. And then I think if you take it a step further and you say, okay, well, where is the most economic place to do clean gas power projects? It also happens to be in West Texas because of the utilization of the CO2.

因此，我認為現在很多人開始注意到，西德克薩斯州湧現出越來越多的電力項目，比美國其他任何地方都多。這正是因為當地天然氣成本低。然後，我認為如果你更進一步，說，好吧，那麼在哪裡開展清潔天然氣發電項目最經濟呢？它也恰好位於德克薩斯州西部，這得益於二氧化碳的利用。

So we kind of recognized this way back in the day with NET Power, we said, hey, the absolute best place to do our first NET Power oxy-combustion project is West Texas. And so that's why we already have the infrastructure in progress with the interconnect, with the site, with the offtake stuff for the CO2 is because we've been working on it for the oxy-combustion, but the same thing applies to what we're going to be doing with Entropy on the PCC side of things.

所以早在 NET Power 時期，我們就意識到了這一點，我們說，嘿，開展我們第一個 NET Power 富氧燃燒計畫的最佳地點絕對是西德克薩斯州。所以，這就是為什麼我們已經在互聯、場地、二氧化碳的承購等方面建立了基礎設施，因為我們一直在為富氧燃燒進行這方面的工作，但同樣的道理也適用於我們將在 PCC 方面對 Entropy 所做的工作。

So it's a great place to be able to demonstrate that clean, reliable, affordable power can come from natural gas in the right areas. And so that Project Permian site is going to be a great place to be able to demonstrate that on a very accelerated time line with the Entropy folks.

因此，這裡是一個很好的地方，可以向世界證明，在合適的地區，天然氣可以提供清潔、可靠、價格合理的電力。因此，Project Permian 網站將成為與 Entropy 團隊一起在非常短的時間內展示這一點的絕佳場所。

Got it. That makes a lot of sense. My second question, a bigger picture. So if I think about your business model now or prior, it was capital light, it was licensing model and others spend the money on the big capital dollars to build these plants. And now it seems you're pivoting to a more capital-heavy model where in order to scale, you have to grow and spend that money to build these plants.

知道了。這很有道理。我的第二個問題，想從更宏觀的角度來看。所以，如果我回顧一下你現在或以前的商業模式，你會發現它是輕資本的，是許可模式，而其他人則花費巨資建造這些工廠。現在看來，你們正在轉向一種資本密集型模式，為了擴大規模，你們必須發展壯大並花費資金來建造這些工廠。

So how are you thinking about the project financing or just the longer-term capital needed to scale this business?

那麼，您是如何考慮專案融資或擴大業務規模所需的長期資金的呢？

Yes. No, it's a great question. And I think that's one of like the exciting parts about what we're trying to do here. And it all comes down to making sure that we're sizing these things appropriately for what NET Power can accommodate with its balance sheet and its access to capital. I think one of the things you're seeing with what we're doing on Phase 1, we can just as easily say, hey, let's go do a 300-megawatt facility right out of the gates.

是的。不，這是一個很好的問題。我認為這是我們在這裡嘗試做的事情中最令人興奮的部分之一。歸根究底，就是要確保我們根據 NET Power 的資產負債表和融資管道，合理地調整這些項目的規模。我認為，從我們第一階段的工作中可以看出，我們可以很容易地說，嘿，讓我們一開始就建造一個 300 兆瓦的發電廠。

There's really not going to be any technology scale-up risk because we're deploying this PCC technology in a very modular small-scale fashion. So we could do 4 or 5 of what we're doing in Phase 1, we could just replicate that to do the full 300 megawatts right out of the gate.

由於我們以非常模組化的小規模方式部署這項 PCC 技術，因此實際上不會有任何技術規模化風險。所以，我們可以把第一階段的成果複製四到五倍，直接達到 300 兆瓦的裝置容量。

But in doing that, you're going to get to a really large CapEx number, which is going to require a lot more equity capital than NET Power has access to today. And that's a position we don't want to put our balance sheet or our shareholders in that position.

但這樣做會導致資本支出非常龐大，這將需要比 NET Power 目前所能獲得的更多的股權資本。我們不希望我們的資產負債表或股東陷入那種境地。

So what we're really doing is we're really rightsizing the scale of these facilities to be able to accommodate NET Power's ability to participate to its fullest in the economics of these projects to be able to participate for our full economic potential without it being dilutive to the balance sheet or to our share count.

因此，我們實際上正在做的是調整這些設施的規模，以便 NET Power 能夠充分參與這些項目的經濟效益，從而充分發揮我們的經濟潛力，而不會稀釋資產負債表或我們的股份數量。

And so Phase 1 of that project is going to be smaller, but it's smaller by design, to both prove this modular concept, which isn't really a concept that we have to prove because this is what the Entropy folks have been doing up on their Glacier facility, but it's really sizing in a way that we can establish a commercial project that requires only a small portion of our existing cash on hand.

因此，這個專案的第一階段規模會比較小，但這是有意為之，既是為了驗證這種模組化概念（這其實並不是我們需要驗證的概念，因為 Entropy 公司在他們的 Glacier 設施中一直在這樣做），也是為了以一種能夠讓我們建立一個商業項目的方式進行規模控制，而這個項目只需要我們現有現金的一小部分。

And so we're in this unique position where we're going to exit the year with around $390 million to $400 million of cash. And one of the capital allocation decisions that we're actively assessing today is, okay, how do we slow down some of the spending that we're doing on the oxy-combustion side because that frees up capital that we can then allocate to an equity investment into economic commercial projects on the turbine and PCC side on an accelerated time line.

因此，我們現在處於一個獨特的地位，到年底我們將擁有約 3.9 億美元至 4 億美元的現金。我們目前正在積極評估的資本配置決策之一是，如何放慢我們在富氧燃燒方面的一些支出，因為這可以釋放出資金，然後我們可以將這些資金分配給渦輪機和 PCC 方面的經濟商業項目的股權投資，從而加快項目進度。

And so we're in this unique position where we're going to be able to get project financing. We expect to be able to get project financing for a good chunk of the capital spend on this first project. But because we're doing it at such a smaller scale compared to what we ultimately could be able to do it at, it makes the equity requirements on our side a lot more manageable and a lot more palatable knowing that what we really need to do is establish clean firm power generation prudently and then prepare to scale quickly to the 300 megawatts and above.

因此，我們處於一個獨特的地位，我們將能夠獲得專案融資。我們預計能夠為這個首個項目的大部分資本支出獲得專案融資。但因為我們目前的規模比我們最終能夠達到的規模要小得多，這使得我們這邊的股權要求更容易管理，也更容易接受，因為我們知道我們真正需要做的是謹慎地建立清潔穩定的發電，然後準備迅速擴大到 300 兆瓦及以上。

And that sort of strategy is really like what we're running with at both West Texas and at the Northern MISO site, where we're going to start smaller, but these are going to be sites that are expandable up to 1 gigawatt or larger. And so we're going to do that very prudently using our available capital on our balance sheet.

這種策略與我們在西德克薩斯州和北部 MISO 站點所採用的策略非常相似，我們將從較小的規模開始，但這些站點將可擴展到 1 吉瓦或更大。因此，我們將非常謹慎地利用資產負債表上的可用資金來做到這一點。

But we know that if we do it right, and we're able to demonstrate that these are highly economic, highly strategic and differentiated projects, that will really open up the door on our access to additional capital because the real prize for us is if we could put billions of dollars to work in projects that generate 15% to 20% after-tax returns to us, access to capital becomes a lot easier to get.

但我們知道，如果我們做對了，並且能夠證明這些項目具有很高的經濟效益、戰略意義和差異化優勢，這將真正為我們打開獲得更多資本的大門，因為對我們來說，真正的回報是，如果我們能夠將數十億美元投入到能夠為我們帶來 15% 到 20% 稅後回報的項目中，那麼獲得資本就會變得容易得多。

So the first key piece for us is being able to demonstrate economic differentiated projects at a small scale, and that's ultimately what we're going to be doing with the first phase of this West Texas project.

因此，對我們來說，第一個關鍵點是能夠小規模地展示經濟差異化項目，而這正是我們最終將在西德克薩斯州項目第一階段所做的事情。

Wade Suki, Capital One.

Wade Suki，Capital One。

I might have missed it, but maybe just to dovetail on, I think, the Betty and Marty's questions. Can you give us a sense for what Phase 1 might cost in West Texas or MISO for that matter, sort of including the carbon capture component. Again, I might have missed it, but I wonder if you could kind of clarify that for us.

我可能錯過了，但也許只是為了配合貝蒂和馬蒂的問題，我想。您能否大致估算一下第一階段在西德克薩斯州或中西部獨立系統運營商 (MISO) 的成本，包括碳捕獲部分？我可能錯過了什麼，但我想請您幫我們解釋一下。

Yes, absolutely. Yes, we didn't really provide any specifics, but I think we're still going through a lot of the final preliminary engineering work over like the scope of the facility. The rough number, just to put it out there for everybody is total installed CapEx on that facility will be between, call it, $375 million and $425 million.

是的，絕對的。是的，我們還沒有提供任何具體細節，但我認為我們仍在進行許多最後的初步工程工作，例如確定設施的範圍。粗略估計一下，該設施的總安裝資本支出將在 3.75 億美元到 4.25 億美元之間。

And then when you just kind of go through the math weight in terms of what that could be on an equity piece to NET Power, if we're doing 50% or 51% of the equity and Entropy is doing the balance, if we can get project financing for 50% to 70% of the total CapEx, that leaves you with around $200 million -- $150 million to $200 million of total equity.

然後，當你仔細計算股權對 NET Power 的影響時，如果我們持有 50% 或 51% 的股權，Entropy 持有剩餘部分，如果我們能獲得 50% 到 70% 的總資本支出項目融資，那麼你將剩下大約 2 億美元——1.5 億美元到 2 億美元的總股權。

And so if NET Power is taking 50% of that, you're talking about $75 million to $90 million on the equity side. Now it could be a little bit more, it could be a little bit less depending on where things shake out on total CapEx and total financeability. But that's probably a good rule of thumb of where we're going to be in terms of potential capital invested in that project. And that's like a pretty compelling setup in my mind because we're sitting here with $400 million at the end of the year, $390 million, $400 million. And so you kind of have 2026 capital spend allocated to this of $80 million to $90 million.

因此，如果 NET Power 拿走其中的 50%，那麼股權方面就是 7,500 萬美元到 9,000 萬美元。現在，具體金額可能會略高一些，也可能會略低一些，這取決於資本支出總額和融資總額的最終情況。但這可能是一個很好的經驗法則，可以預測我們將在該專案上投入的潛在資本規模。在我看來，這是一個相當吸引人的結果，因為到年底我們就能擁有 4 億美元，3.9 億美元，4 億美元。因此，2026 年的資本支出預計將達到 8,000 萬至 9,000 萬美元。

That leaves sufficient capital for us for any projects that we want to FID at the end of '26 or the beginning of '27, whether it's West Texas Phase 2 or whether it's MISO Phase 1.

這樣一來，我們就有足夠的資金用於任何我們想在 2026 年底或 2027 年初做出最終投資決定的項目，無論是西德克薩斯第二階段還是 MISO 第一階段。

I think the real timing of being able to FID those phases, it's probably less on like availability of the real key stuff, which is like the turbomachinery. I think Marc has done a good job -- an excellent job, not just with securing these turbines for the first phase of West Texas, but really designing this facility so we've become very turbine agnostic. This isn't going to be one where we can only convert -- we can only fix this thing with one sort of turbomachinery. This is going to be one where if we want to do this with recips, we can. If we want to do it with small-scale turbines, we can.

我認為能夠對這些階段進行最終決策的真正時機，可能不太取決於真正關鍵部件（例如渦輪機械）的可用性。我認為馬克做得很好——非常出色，不僅為西德克薩斯州第一階段爭取了這些渦輪機，而且真正地設計了這個設施，使我們對渦輪機的選擇變得非常靈活。這不是我們只能改造的問題——我們只能用一種渦輪機械來修復這個問題。這次我們可以用互惠的方式來操作。如果我們想用小型渦輪機來實現，也是可以的。

If we want to do it with larger-scale turbines, we can. So the product design that we're doing on this integrated plant is going to be a lot different than how people have thought about PCC in the past, which is every single plant is bespoke on the PCC and power side.

如果我們想用更大規模的渦輪機來實現，我們也可以做到。因此，我們正在對這個整合工廠進行的產品設計，將與人們過去對 PCC 的思考方式大相徑庭，過去每個工廠的 PCC 和電力方面都是客製化的。

This is going to be very customized to be flexible to accommodate any which number of turbines. And so as we think about the supply chain, looking forward for Phase 2 in West Texas, Phase 1 in Michigan, it's not going to be about the availability of the turbo machinery.

這將進行高度客製化，以靈活適應任意數量的渦輪機。因此，當我們考慮供應鏈，並展望西德克薩斯州的第二階段和密西根州的第一階段時，關鍵不在於渦輪機械的可用性。

It's really going to come down to our ability to be able to contract the offtake for the power, to be able to secure the gas supply, the inputs and the outputs, knowing that a good chunk of the economics is already spoken for, the 45Q. And that's $85 per ton for each ton that you're capturing. And that really is helpful to being able to like have like a fully contracted cash flow for -- I mean, that's 12 years.

最終還是要看我們能否簽訂電力承購合同，能否確保天然氣供應，以及投入和產出，因為經濟效益的很大一部分已經確定下來了，那就是 45Q。每捕獲一噸，就要支付 85 美元。這對於擁有長達 12 年的完全合約現金流真的很有幫助。

So that really helps underwrite a lot of the upfront investment and the financing that we can get in place for these facilities. So we're pretty excited about what the setup could be on the timing, the cadence and really like how accelerated this thing could take off. But the key thing that we're really focused on is, let's make sure we have a highly successful FID on this first phase in West Texas.

因此，這確實有助於為這些設施的前期投資和融資提供保障。所以我們對時機、節奏等方面的設定感到非常興奮，也很喜歡它能加速發展的速度。但我們真正關注的關鍵是，確保我們在西德克薩斯州的第一階段取得非常成功的最終投資決定 (FID)。

That's very helpful. Appreciate it. Would you mind just expanding a little bit on the Entropy investment to the extent you can at this point?

那很有幫助。謝謝。您能否在目前情況下，就熵投資問題再詳細闡述？

Our investment in Entropy?

我們對 Entropy 的投資？

Yes, exactly.

是的，正是如此。

It will be a small investment. I mean the Entropy team, fantastic organization. As we look at collaborating with them on this program, it's going to require technical resources from both our side and their side to make this happen. Really, it's not so much on like the project side, but it's on like if you think about the product and the product road map and the program that product is within, it's going to require engineering resources from both their side and ours. And so we said, hey, we'll make an investment on your behalf into your business.

這將是一筆小投資。我指的是Entropy團隊，他們是一個非常棒的組織。當我們考慮與他們合作這個計畫時，我們需要雙方投入技術資源才能實現這一目標。實際上，這倒不是專案本身的問題，而是如果你考慮產品、產品路線圖以及該產品所在的計劃，你會發現這需要雙方的工程資源。於是我們就說，嘿，我們會代表你對你的企業進行投資。

So it's a small equity investment. But it's an important one because it gives them the resources to be able to contribute their people and their skill set to ensure that we deliver the right product on this accelerated time line.

所以這是一筆小額股權投資。但這很重要，因為它使他們能夠利用自身的人員和技能，確保我們能夠在這個加速的時間內交付正確的產品。

One last one, if I could. I apologize, I don't mean to (technical difficulty) here. But look, just kind of taking a step back, and you and I might have discussed this in the previous conversation. But as I look at the business now, kind of new strategy, I guess what's the rationale for being a public entity? And again, hate to ask -- don't mean to be a (technical difficulty) but just kind of curious how you think about that, the current pivot, I guess.

如果可以的話，我想再說最後一個問題。抱歉，我無意中（技術故障）在這裡。但是，退一步講，你我可能在之前的談話中討論過這個問題。但當我審視這家公司現在的業務和新策略時，我想知道成為上市公司的理由是什麼？再次抱歉問這個問題——我不是故意刁難（技術難題），只是有點好奇您對目前的轉型有何看法。

Yes. I think -- no, it's a totally fair question. It's a question I ask myself every day. And it's not because we don't like being a public company. I think it's really important that we're a public company.

是的。我認為——不，這是一個完全合理的問題。這是我每天都會問自己的問題。這並不是因為我們不喜歡成為上市公司。我認為我們是一家上市公司這一點非常重要。

The access to capital as a public company is unparalleled. But I think it's really important that if you're a public company, you have the ability to access that capital, and that is really a function of do you have places to invest that capital, right? And I think on the NET Power side, for the stand-alone oxy combustion, it is pretty hard to justify why do you need to be a public company if you have all the dollars you need to advance the technology and the capital needs you're going to need for that first project are way more than you'll be able to capture as a public company. It becomes a harder proposition for stand-alone oxy-combustion.

作為一家上市公司，其獲得資本的機會是無與倫比的。但我認為，如果你是一家上市公司，能夠獲得資金是非常重要的，而這實際上取決於你是否有地方可以投資這些資金，對吧？我認為就 NET Power 而言，對於獨立的氧燃燒技術來說，如果你擁有推進技術發展所需的所有資金，那麼很難證明為什麼你需要成為一家上市公司，而且你第一個項目所需的資金遠遠超過你作為一家上市公司所能獲得的資金。對於獨立的富氧燃燒而言，這變得更加困難。

I think when you now introduce a business that has real actionable projects that can use capital sooner rather than later and use capital not for the sake of being able to spend money, but invest money into economic projects, that becomes a lot more compelling setup for us to be a public company. And then I think like the other part of it is there's no other clean firm public power company in the space today that's going to have projects online this decade.

我認為，當你推出一家擁有真正可操作項目、能夠盡快利用資金、並且不是為了花錢而花錢，而是將資金投資於經濟項目的企業時，這對我們來說就更有吸引力，也更有理由成為一家上市公司。另一方面，我認為目前市場上沒有其他清潔能源公共電力公司能在本十年內推出上線專案。

Yes, you have the nuclear folks that are out there, but they're in like a 2030, 2040 sort of time frame. And so this new sort of net power, I think, is really differentiated for public market investors, both the institutional crowd, but also for the retail crowd of, hey, we're at the beginning of a natural gas super cycle. What is the absolute best way to be able to play this thesis is clean firm power coming from natural gas is going to be the prevailing source of clean firm power for the next decade.

是的，確實有一些發展核能的人，但他們的目標大概在 2030 年、2040 年左右。因此，我認為這種新的淨力量對於公開市場投資者來說確實具有差異化意義，無論是機構投資者還是散戶投資者，都意識到，我們正處於天然氣超級週期的開端。要論證這個論點，最好的方法是：來自天然氣的清潔穩定電力將在未來十年成為主要的清潔穩定電力來源。

Right now, there's really no -- the only way to play that really is NET Power. But NET Power, you're making a huge technology bet on a technology that's going to be commercialized in 2030 and beyond. Now we really bring a whole lot of that actionability forward with projects that can come online in '28, years ahead of the competition.

目前真的沒有——唯一能玩這個遊戲的方式就是 NET Power。但是 NET Power，你們正在對一項將在 2030 年及以後實現商業化的技術進行巨大的技術押注。現在，我們真正將這種可操作性帶到了未來，一些項目可以在 2028 年上線，比競爭對手領先數年。

And so I think NET Power now becomes in a really interesting position where we have the ability to be not just the premier clean firm power company, but the one that's actually able to put more capital to work in a very accretive manner, both at the project level, but also on behalf of our shareholders. So I think all of a sudden, we're now in a much more compelling place to be able to demonstrate why it makes sense for us to be a public company.

因此，我認為 NET Power 現在處於一個非常有趣的位置，我們不僅有能力成為首屈一指的清潔能源公司，而且能夠以非常增值的方式投入更多資本，無論是在專案層面，還是代表我們的股東。所以我覺得，突然之間，我們現在更有理由向大家證明，為什麼我們成為上市公司是合理的。

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Danny Rice for any closing comments.

我們的問答環節到此結束。現在我想把發言權交還給丹尼·賴斯，讓他做最後的總結發言。

Yes. Thanks, everybody, for joining us today. I know the world is quickly evolving. The market is changing. Power demand is exploding.

是的。謝謝大家今天收看我們的節目。我知道世界正在快速變化。市場正在改變。電力需求正在爆炸性成長。

And it's an exciting, exciting time to be in power. And I think what you really see from us here today is the ability for our team to proactively and at the same time, responsibly adapt to this quickly changing market.

現在正是掌權的好時機，真是令人興奮！我認為今天大家真正看到的是，我們的團隊能夠積極主動、同時又負責任地適應這個快速變化的市場。

And I think when we look forward a couple of years and look back on today, I think everybody -- hopefully, everybody says, wow, that was a really, really smart expansion of your business to be able to capture this market faster than everybody else while still preserving not just the mission, but preserving this really differentiated oxy-combustion technology that, combined with our ability to become experts on all things clean gas, really sets NET Power up for long-term success.

我認為，當我們展望未來幾年，再回顧今天時，我想每個人——希望每個人都會說，哇，你們的業務擴張真是非常非常明智，能夠比其他任何人都更快地佔領這個市場，同時不僅保留了使命，還保留了這項真正差異化的富氧燃燒技術，再加上我們成為清潔天然氣領域專家的能力，這真正為 NET Power 的長期成功奠定了基礎。

So this is the beginning of it, and we're really excited for your support, and we're really excited to come back and visit with you all in a few months and show the progress that this team is going to make. So thank you again for your time today, and we will always be available to answer any additional questions or comments you all have. Thank you.

所以這只是個開始，我們非常感謝大家的支持，也非常期待幾個月後能再次與大家見面，向大家展示這支隊伍將要取得的進步。再次感謝各位今天抽出時間，我們隨時樂意解答大家提出的任何其他問題或意見。謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines at this time. Enjoy the rest of your day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以在此時斷開線路。祝您今天餘下的時間愉快。