Net Power takes over Saulsbury EPC agreement for planned 123 MW Texas gas plant

Net Power Inc. said in an SEC filing dated 3 September 2026 that its indirect subsidiary Net Power, LLC acquired EMPower USA, LLC’s position as owner under an engineering, procurement and construction agreement with Saulsbury Industries, Inc. The assignment closed on 31 August 2026. The agreement, dated 15 December 2025, covers an approximately 123 MW reciprocating-engine natural gas power generation facility, with a total contract price of $196,711,035.70.

Saulsbury remains the turnkey contractor for engineering, procurement, construction, pre-commissioning, commissioning, start-up and testing. The scope includes ten Wärtsilä engine-generator sets, balance-of-plant systems and the project substation. Saulsbury consented to the project’s relocation from Ector County, Texas, and Net Power intends to deploy the position at its Project Permian site in West Texas. The consideration included a premium of $40.0 million and reimbursement of $18,947,272.70 that EMPower had paid under the agreement.

Work has been suspended since 1 July 2026 and is expected to resume after Net Power issues the full notice to proceed and pays a mobilization payment of $10,153,524.85. Saulsbury extended the deadline for both to 15 October 2026. The filing said no revised project schedule has been agreed, no final investment decision has been made and no power purchase or energy services agreement has been signed for the facility.