NET Power pivots from proprietary tech to licensed gas turbines, suspends R&D amid lawsuits

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~2 min read

Key Changes

• high

  Company abandoned its proprietary Oxy-Combustion Cycle plant (SN1) after cost overruns and pivoted to conventional gas turbines with licensed carbon capture technology from Entropy. Phase I now targets 60 MW by early 2029 versus original utility-scale design.

  MD&A: Business Model Pivot verify on EDGAR →
• high

  Two securities lawsuits filed in 2025 allege false statements about Project Permian timing and costs. Company cannot estimate potential financial loss; litigation targets executives and board for breach of fiduciary duty and securities violations.

  Legal Proceedings verify on EDGAR →
• high

  Suspended R&D at La Porte facility and Baker Hughes joint development agreement in December 2025. R&D spending fell 13% despite $1.2M severance costs; Baker Hughes evaluating whether to continue Oxy-Combustion Cycle commercialization through May 2026.

  MD&A: R&D Expense verify on EDGAR →