1. NET Power Truly Clean, Cheaper Energy Engage Energy Conference
September 29, 2017
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

2. …or it’s pier from which we
Previously, two visions for natural gas power generation in a low-carbon future
It’s a bridge to the
low-carbon future.
…or it’s pier from which we
will eventually fall.
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

3. NET Power makes possible a third vision for natural gas
… a destination.
50MWth Demonstration Plant, La Porte, Texas
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

4. NET Power is changing the value proposition for gas
Produces electricity from natural gas
Targets electricity costs that are competitive with existing natural gas power plants
Captures or eliminates substantially all CO2 and non-carbon atmospheric emissions without any additional cost
Water is not required
Co-produces valuable, useable industrial gases, in addition to CO2, including N₂, O₂ and Ar, that can reduce the cost of electricity below that of conventional plants
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

5. NET Power uses a new approach to power generation called the Allam Cycle
Traditional CCS is prohibitively expensive
Conventional fossil power generation systems all require Band-Aid CCS approaches
Unavoidably cost-additive
CCS is inherent to the Allam Cycle
An “oxy-fuel, direct-fired, supercritical CO2 power cycle”
By using pure, high-pressure CO2 as a working fluid, capturing all CO2 doesn’t require added costs
Applicable to natural gas AND coal
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

6. NET Power aims to compete head-to-head with conventional, emitting resources
Highly efficient:
Comparable efficiencies to NGCC (59% LHV)
Low capital costs:
Targeting $1000/kW
Additional economic benefits:
Gas sales; siting resiliency; ramping and availability; permitting and environmental; H20
LCOE calculated using EPRI methodology
Assumes natural gas at $2.85/MMBTU and coal at $1.73/MMBTU
Cost data: EIA (2013), Parsons Brinkerhoff (2013); Black & Veatch (2012); DOE NETL (2012)
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

7. NET Power offers value beyond electricity
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

8. NET Power is about to demonstrate the technology at large scale in La Porte, Texas
50MWth natural gas plant
$140 million investment, plus major in-kind contributions
Construction largely complete
Major industrial partners
8 Rivers, Exelon, CB&I co-own NP
Toshiba developing the turbine
First commercial-scale plants under development
First phase of engineering complete and site down-select underway
Targeting 2021 delivery
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

9. Colorado sits at a nexus in the changing energy landscape, and NET Power can unlock its full value
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

10. Appendix
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

11. NET Power partners with renewables to avoid diminishing returns
Data obtained from: Brick, S., and Thernstrom, S., Renewables and decarbonization: Studies of California, Wisconsin, and Germany, The Electricity Journal, 2016, 29, 6-12.
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

12. Market opportunity for NET Power turbine sales
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

13. NET Power is Environmentally Superior
Greater than 97% CO2 capture
Virtually Emissions Free
All CO2 is generated as a clean, high-pressure, pipeline-ready byproduct
Oxy-combustion eliminates NOx production; no other air emissions
Can operate without requiring water
Low Water Usage
No steam cycle means no steam make-up water required
Eliminates water needs (becoming a net water producer) with air cooling, for a small efficiency penalty
Emits only a nearly-pure CO2 stream in this configuration
Can Operate “Capture Ready”
Can begin capturing CO2 without requiring new Capex or a performance penalty
Even when emitting CO2, still cleaner than any other natural gas plant due to elimination of NOx
Does not trigger Major Source permitting requirements
Improved Permitting
No Major Source emissions levels means faster, cheaper, more certain permitting process
No NOx enables siting in EPA Non-Attainment Zones without offsets, which includes many metropolitan regions
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

14. NET Power Offers Improved Flexibility
Increased siting ability over combined cycle
Siting Flexibility
Elimination of NOx enables siting near major metropolitan areas that are EPA Non-Attainment Zones, without requiring purchase of offsets
Streamlined, minor source permitting expands siting opportunities, certainty, and timeline
Performance resiliency at high altitude and in hot, dry climates improves economics compared to combined cycle, which experiences major de-rating in these environments
Increased operational flexibility due to unique cycle
Operational Flexibility
Turndown not limited by NOx production concerns, as with combined cycle
Large parasitic load enables technology to turndown to zero net load to grid, providing fast response; desirability depends on individual plant economics
Ramp rate similar to combined cycle at 2-5% minute
Ability to increase power to grid beyond nameplate rating during peak power prices through use of on-site, stored oxygen (temporarily eliminating the parasitic load of Air Separation Unit oxygen production system)
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

15. Allam Cycle Natural Gas Platform5 1 2 3 4 7 6
Except for these components, all equipment is mature technology
❶ Fuel Combustion
❷ CO₂ Turbine
❸ Heat Rejection
❹ Water Separation
❺ Compression and Pumping
❻ Additional Heat Input
❼ Heat Recuperation
Tested in 2013
Assembled Using Existing Components
58.9% (LHV) net efficiency, with capture of >97% of carbon
Oxy-fuel, closed-loop, CO2 working fluid
bar; 6-12 pressure ratio
CO2 and water are the only byproducts
All components, other than combustor and turbine, currently available
740H now in commercial use at two facilities
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

16. The NET Power Advantage - The Allam Cycle
Pressure (bar)
Additional Heat
Specific Enthalpy (kJ/kg)
Turbine
Fuel Input
Compressor
Pump
Heat Exchanger 1 2 3 4 5 6 7
Water Separator
Combustor
© 8 Rivers Capital, LLC
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

17. NET Power’s effective heat rate (LHV)
4,713
2,755
-596
utility
Price location dependent
Note: Heat rates are net of additional ASU parasitics for capture of specialty gases. Assumes gas costs are offset at $4.44/MMBtu LHV
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

18. Toshiba turbine on site
50MWth turbine is complete.
Actually sized as 200 MWth, but uses only 1 combustor vs 4
500 MWth commercial turbine uses same technology
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

19. NET Power is much smaller than other first-of-a-kind projects
Compared to IGCC, bulks are small driver of costs:
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

20. +1 (919) 667-1800 www.NETPower.com / www.8Rivers.com
September 29, 2017
The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.