In its May 2026 quarterly filing, NET Power disclosed a significant operational update with the purchase contract for modular gas turbines to be deployed at Project Permian, marking a strategic shift from exclusive reliance on its proprietary oxy-combustion technology toward licensing post-combustion carbon capture (PCC) integration. This repositioning aligns with broader ambitions to expand market entry via licensing while updating the final investment decision (FID) timeline to H2 2026 and commercial operations targeted by early 2029. The company continues as a development-stage entity with no material revenue but maintains a robust liquidity buffer of approximately $133 million in cash and $318 million in total liquid assets at quarter-end. The key growth drivers revolve around successfully executing on Project Permian’s phased installation and scaling licensing arrangements, whereas risks center on regulatory shifts, capital intensity, supply-chain vulnerabilities, and intellectual property uncertainties.