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Subject: LIC

Lummus and NET Power Sign Strategic Supplier Agreement for Heat Transfer Equipment


Agreement Aligns with and Strengthens Lummus' Commitment to Decarbonizing Its Technology Portfolio, Including Proprietary Equipment

HOUSTON, Dec. 6, 2023 /PRNewswire/ -- Lummus Technology announced it has signed a Strategic Supply Agreement with NET Power Inc. (NYSE: NPWR) ("NET Power") to design and supply recuperative heat exchangers ("HXR") for NET Power's near-zero emissions power generation process. The HXR recovers energy from the turboexpander exhaust and air separation unit to reheat recirculated CO2, making it one of the most important equipment components in the NET Power Cycle.

"Lummus is proud to partner with NET Power, which has developed a way to efficiently and effectively produce electricity that is clean and economical," said Leon de Bruyn, President and Chief Executive Officer, Lummus Technology. "The NET Power Cycle system combines seamlessly with our advanced heat exchanger technology to minimize energy consumption and carbon emissions. We look forward to working with NET Power to deliver low carbon power and help them expand their offering to consumers around the world."

As the licensed NET Power HXR supplier, Lummus will provide HXR systems for NET Power's utility-scale power plants. Upon completing the Project Permian Front-End Engineering Design (FEED), NET Power intends to issue a purchase order to Lummus for its first utility-scale power plant in Texas. Under the terms of the Strategic Supply Agreement, Lummus intends to leverage its global supply chain network to increase global HXR manufacturing capacity, enabling NET Power deployments at scale to help countries and communities around the world rapidly achieve their energy and environmental goals. 

"This Strategic Supply Agreement marks an important milestone in implementing NET Power's three-pillared strategy of proving our technology, building our backlog, and manufacturing for scale," said Brian Allen, President and COO of NET Power. "Lummus' expertise in licensed technology as well as designing equipment for proprietary processes makes them an ideal strategic supplier to enable NET Power to deliver the energy trifecta."

Lummus has provided process industries worldwide with licensed technologies for more than 100 years. During that time, Lummus has designed and supplied more than 25,000 heat exchangers, including high pressure applications. The NET Power Cycle HXR leverages Lummus' decades of experience in heat transfer equipment design and delivery for proprietary systems.

NET Power's transformational technology produces power while inherently capturing nearly all emissions with its patented oxy-fuel combustion and supercritical CO2 cycle. NET Power seeks to deploy utility-scale plants that produce clean, on-demand power at low cost and address critical issues of air quality and land use, virtually eliminating air emissions including nitrogen oxides (NOx), sulfur oxides (SOx), and carbon dioxide (CO2).

About Lummus Technology
Lummus Technology is the global leader in developing technology solutions that make modern life possible and focus on a more sustainable, low carbon future. We license process technologies in clean fuels, renewables, petrochemicals, polymers, gas processing and supply lifecycle services, catalysts, proprietary equipment and digitalization to customers worldwide. To learn more about Lummus, visit www.LummusTechnology.com.

About NET Power
NET Power (NYSE: NPWR) is a clean energy technology company developing its proprietary NET Power Cycle, which transforms natural gas into low-cost, clean and reliable power. The Company is on a mission to deploy its utility-scale plants across the world by partnering with local communities, power producers, energy producers, technology providers and other stakeholders. NET Power was founded in 2010 and has offices in Durham, North Carolina (HQ) and Houston, Texas. For more information, visit netpower.com.

SOURCE Lummus Technology, LLC


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