Rice Acquisition II : Presentation Q1 2024

Q1 2024 Business Update & Results

May 13, 2024

1

Important Notice

Cautionary Note Regarding Forward-LookingStatements and Projections. Certain statements in this presentation may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, each as amended. Forward-looking statements provide current expectations of future events and include any statement that does not directly relate to any historical or current fact. Words such as "anticipates," "believes," "expects," "intends," "plans," "projects," or other similar expressions may identify such forward-looking statements. Forward-looking statements may relate to the development of NET Power's technology, the anticipated demand for NET Power's technology and the markets in which NET Power operates, the timing of the deployment of plant deliveries, and NET Power's business strategies, capital requirements, potential growth opportunities and expectations for future performance (financial or otherwise). Forward-looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of the Company, and such statements involve known and unknown risks, uncertainties and other factors. Actual results may differ materially from those discussed in forward-looking statements as a result of factors, risks and uncertainties over which NET Power has no control. These factors, risks and uncertainties include, but are not limited to, the following: (i) NET Power's history of significant losses; (ii) NET Power's ability to manage future growth effectively; (iii) NET Power's ability to utilize its net operating loss and tax credit carryforwards effectively; (iv) the capital-intensive nature of NET Power's business model, which may require NET Power to raise additional capital in the future; (v) barriers NET Power may face in its attempts to deploy and commercialize its technology; (vi) the complexity of the machinery NET Power relies on for its operations and development; (vii) NET Power's ability to establish and maintain supply relationships; (viii) risks related to NET Power's joint development arrangements with Baker Hughes and reliance on Baker Hughes to commercialize and deploy its technology; (ix) risks related to NET Power's other strategic investors and partners; (x) NET Power's ability to successfully commercialize its operations; (xi) the availability and cost of raw materials; (xii) the ability of NET Power's supply base to scale to meet NET Power's anticipated growth; (xiii) risks related to NET Power's ability to meet its projections; (xiv) NET Power's ability to expand internationally; (xv) NET Power's ability to update the design, construction and operations of its NET Power process; (xvi) the impact of potential delays in discovering manufacturing and construction issues; (xvii) the possibility of damage to NET Power's Texas facilities as a result of natural disasters; (xviii) the ability of commercial plants using the NET Power process to efficiently provide net power output; (xix) NET Power's ability to obtain and retain licenses; (xx) NET Power's ability to establish an initial commercial scale plant; (xxi) NET Power's ability to license to large customers; (xxii) NET Power's ability to accurately estimate future commercial demand; (xxiii) NET Power's ability to adapt to the rapidly evolving and competitive natural and renewable power industry; (xxiv) NET Power's ability to comply with all applicable laws and regulations; (xxv) the impact of public perception of fossil fuel derived energy on NET Power's business; (xxvi) any political or other disruptions in gas producing nations; (xxvii) NET Power's ability to protect its intellectual property and the intellectual property it licenses; (xxvii ) risks relating to data privacy and cybersecurity, including the potential for cyberattacks or security incidents that could disrupt our or our service providers' operations; (xxviii) the Company's ability to meet stock exchange listing standards following the Business Combination; (xxix) potential litigation that may be instituted against the Company; and (xxx) other risks and uncertainties indicated in NET Power's Annual Report on Form 10-K for the year ended December 31, 2023, including those under "Risk Factors" therein, its subsequent annual reports on Form 10-K and quarterly reports on Form 10-Q, and in its other filings made with the SEC from time to time, which are available via the SEC's website at www.sec.gov. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and NET Power assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. NET Power does not give any assurance that it will achieve its expectations.

2

Overview

Danny Rice, Chief Executive Officer

We Generate Clean Power from Natural Gas

NET Power's patented oxy-combustion cycle delivers reliable, affordable power with ultra-low emissions

				ELECTRICITY
							WATER
NATURAL GAS IN		COMBUSTOR	TURBOEXPANDER			OUT
		WATER
			WATER	WATER
AIR IN
AIR SEPARATION	OXYGEN IN	CO2	CO2	EXCHANGER	CO2	WATER SEPARATOR
			HIGH	LOW	LOW
	NITROGEN	PRESSURE	PRESSURE		PRESSURE
CLEAN
INDUSTRIAL	ARGON				HEAT
GASES	OXYGEN			CO2
						COMPRESSOR/PUMP

LOW PRESSURE CO2

HIGH	CO2 OUT
PRESSURE
	High Pressure to Pipeline

Original patents filed for NET Power's technology

50 MWth prototype

combustor and turbine

design and testing

Construction begins

on 50 MWth La Porte, Texas

Test Facility

Utility-scale conceptual design; controls system finalized

Signed strategic partnership with

Baker Hughes to develop key turbomachinery technology for NET Power cycle

FEED initiated with Zachry Group for first utility-scale NET Power Plant (Project Permian)

2H 2027 / 1H 2028: Initial power generation expected for Project Permian

2010 2011 2012

NET Power starts basic engineering, conceptual design of test facility to demonstrate cycle

		2013	2014	2015		2016	2017		2018		2019	2020	2021		2022	2023			2024	2025	2026	2027
									Test Facility commissioned;				La Porte Test Facility				Release of initial long leads		Expect to complete final
										combustor first fire
			FEED for Test Facility begins								achieves synchronization to				and commence validation		validation campaigns with
						complete; core technology
													the ERCOT grid					campaigns at La Porte		Baker Hughes at La Porte
									of the cycle validated

4

Clean Power Generation that Checks all the Boxes

NET Power is designed to meet the world's growing energy needs without compromising our planet

	Affordable	Reliable	Flexible	Scalable	Low Carbon	Low Land Impact
New Generation	(<$100/MWh)	(24/7, 365 days)	(Load-Following)	(>100 GW)	(<100 g CO2e/kWh)	(>1 GW / sq mile)
						
Coal						
Natural Gas						
(CCGT)
Natural Gas	?		?			
(CCGT + CCUS)
Nuclear						
Solar / Wind +					
Battery
Geothermal			?			
Hydro					

5

Reliability and Dispatchability in Focus

Regional Transmission Organizations (RTOs) forecast significant shortfalls from baseload retirements and increased renewable penetration

	MISO Capacity Forecast through 2042 (1)
75	+ 60 GW
60
45
30	Installed Capacity
15
0
-15	Accredited Capacity
-30	-32 GW
-45

MISO forecasts a ~32 GW reduction in

accredited capacity through 2042

"…a reduction of that magnitude could result in load interruptions of 3-4 hours in length for 13-26 days per year when energy output from wind and solar resources is reduced or unavailable"

MISO

PJM

ERCOT

24 - 58 GW

Forecasted thermal retirements

in PJM over next 6 years, compared

to ~15GW of new capacity

resources in interconnect queue (3)

ERCOT 2030 Peak Summer Forecast (4)

"…the increased penetration of variable energy resources is changing the net load profile in RTOs/ISOs and increasing the need for ramp- capable resources to manage net load variability and uncertainty"

- Federal Energy Regulatory Commission, State of the Market

Report 2023 (2)

41% Increase

85 GW

Peak 2023

Generation

		~33 GW shortfall
<120 GW				153 GW
2030 Forecasted
				2030 Forecasted
Peak Generation					Peak Demand

1.	MISO's Response to the Reliability Imperative, February 2024
2.	FERC State of the Market Report, 2023
3.	PJM Independent Market Monitor State of the Market Report
4.	ERCOT 2024 Regional Transmission Planning - Generation Assumptions Update; ERCOT Peak Demand Records

ERCOT forecasted 2030 peak summer load demand exceeds forecasted

generation capacity by ~33 GW, despite generation capacity growth

6

U.S. EPA Regulations on Power Sector Greenhouse Gas Emissions

Finalized EPA standards under 111(b) of the Clean Air Act will set 90% CO2 emission reduction requirement on new natural gas-fired plants

Implications for NET Power
 EPA's analysis finds carbon capture is an available and	Turbines	Capacity Factor	Upon Startup	Phase 2: 2032
Less than 20%	Requires use of
cost-effective pollution control approach
 Regulations affirm the role and importance of carbon	Combustion	20% to 40%	lower-emitting fuels
 NET Power expects to be above-and-beyond	efficient simple cycle
capture and storage technologies
			Requires highly
compliance with the 111(b) new power plant	Stationary		generation
 NPWR <30 lbs CO2/MWh vs. EPA measure of 100 lbs		Requires highly
standards
 NPWR >97% carbon capture vs. EPA standard of 90%				90% capture
CO2/MWh	New	Greater than 40%	efficient combined	Emissions limited
		cycle generation	to max of 100 lbs
				CO2/MWh

1.	EPA's Presentation re: Final Carbon Pollution Standards to Reduce Greenhouse Gas Emissions from Power Plants (Apr 2024)	7

2024

Milestones

Commence Baker Hughes Equipment Validation at La Porte

Complete Project Permian Front-End Engineering and Design (FEED)

Finalize Long-Term Air Separation Unit Partnership

Advance NPWR Origination Projects

Operational Updates

Brian Allen, President and Chief Operating Officer

Validation Campaigns at La Porte

Baker Hughes validation and risk reduction strategy encompasses multiple proven approaches

• The validation campaign aims to assess, model and test the nearest utility-scale conditions (e.g. technologies, techniques, architecture, behavior and environment as practically possible)

	Phase 1: Oxy-Fuel Burner Configurations
1	• Test multiple burners configurations in a dedicated test rig
• Result: ignite and detect flame, validate high-pressure combustion models, down select
	best design

		Phase 2: Single Demonstrator Combustor Can
	2	• Test selected burner and liner in a single "combustor can"
	• Result: prove cooling and dilution, validate acoustic and structural dynamic, optimize
		design at La Porte full pressure, temperature and power
		Phase 3: Single Utility-Scale Combustor Can
	3	• Test full utility-scale cluster, liner, and transition piece
	• Result: prove burner cluster operability, cooling and dilution, validate acoustic and
		structural dynamic, optimize design at utility scaled pressure, temperature and power
x]	Phase 4: Full Demonstrator Turboexpander & Cycle
4	• Result: validate mechanical architecture and materials at full pressure and temperature
• Result: tune performance model to real test outcomes
	• Result: validate full plant operability and dynamic capabilities (load following)

La Porte validation will de-risk and optimize the first utility-scale plant

Due to the intrinsic nature of a new technology development, the information listed herein is subject to change without notice.	10
Baker Hughes' relationship with NET Power should not be viewed as an endorsement of NET Power or an investment in its common stock.