NET POWER Closes Deal for 123 MW of Gas Generation at Project Permian
Net Power acquired EMPower's position under an EPC agreement with Saulsbury, lifting phase-one capacity at its West Texas powered land project to nearly 200 MW.
Net Power (NPWR) said on September 3, 2026 that it has closed the acquisition of contractual rights to 123 megawatts of new natural gas power generation equipment, a deal that lifts total potential capacity for the first phase of Project Permian to nearly 200 MW. The transaction closes out a deposit and exclusivity agreement the company announced on August 24, 2026.
The purchase, completed on August 31, 2026, transferred from EMPower USA, LLC the contractual rights and post-closing commitments under an agreement with Saulsbury Industries for the engineering, procurement and construction of an approximately 123 MW reciprocating-engine natural gas facility. Saulsbury consented both to the transfer and to the planned relocation of the facility to Project Permian.
The acquired position also carries specified rights under the related equipment-supply agreement covering the plant's ten engine-generator sets, to be supplied by Wärtsilä North America. Saulsbury remains in place as turnkey EPC contractor for engineering, procurement, construction, commissioning and start-up.
President and COO Marc Horstman said the Wärtsilä units are designed for fast-start operation and can ramp output to follow variable load, while the ten-unit modular configuration allows individual engines to be serviced without taking the whole plant offline.
Chief Executive Danny Rice framed the speed of the deal as the main point, saying the company identified the equipment, secured it and closed the transaction in eighteen days, in a market that urgently needs firm, reliable power identified and deployed as fast as possible.
Project Permian is Net Power's inaugural powered land project in West Texas. The company describes its near-term focus as natural gas generation, with projects designed to accommodate carbon capture in later phases.
The filing's risk language flags that the position remains conditional in important ways. If Net Power does not issue the full notice to proceed or fund the associated mobilization payment, the EPC agreement may be terminated and amounts previously paid may not be recovered. The company also notes it may commit substantial capital to generation equipment before binding power offtake, site-control or financing arrangements are in place.
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