Carbon TerraVault And Net Power Sign MOU To Develop Low Carbon, Reliable Power Solutions In California

Net Power's Greenfield Facilities Initially Target up to 1GW of Reliable, Low Carbon Baseload Power

Carbon TerraVault Expected to Transport and Sequester up to 3.6 Million Metric Tons of CO2 Emissions Annually

LONG BEACH, Calif. and DURHAM, N.C., Dec. 09, 2024 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC), and its carbon management business, Carbon TerraVault (CTV), today announced the signing of a Memorandum of Understanding (MOU) with Net Power Inc. (NYSE:NPWR), to develop Net Power's ultra-low emission power plants in California1.

Under the terms of the MOU, the parties plan to conduct feasibility studies on locating Net Power's facilities in proximity to CTV's underground storage vaults, which would reduce carbon dioxide (CO2) transportation costs and midstream investments for CTV's operations. The parties plan to facilitate the initial deployment of up to 1 gigawatt (GW) of power capacity from Net Power's new modular plants in Northern California, resulting in up to 3.6 million metric tons per annum (MMTPA) of CO2 emissions for permanent sequestration in CTV's nearby reservoirs. Each of Net Power's utility-scale modular plants is expected to require less than 20 acres, generate up to 250 megawatts, and be deployable in multi-plant configurations.