Net Power closes $58.9 million acquisition of 123 MW gas-power project contract
Net Power said its subsidiary took over EMPower USA's rights and assumed commitments under a $196.7 million engineering, procurement and construction contract with Saulsbury Industries for an approximately 123 MW natural-gas power facility, effective August 31, 2026. The company paid $97.6 million in cash on the closing date, and remaining payment commitments under the contract are approximately $119.1 million, so shareholders face large near-term capital needs before the project's financing and change order are settled.
Key points
- Aggregate cash paid to EMPower, including $20.0 million of deposits, totaled $58.9 million; total cash paid on the closing date was $97.6 million.
- Remaining EPC payment commitments are approximately $119.1 million, including a $10.2 million Mobilization Payment due on or before October 15, 2026.
- Work under the EPC agreement has been suspended since July 1, 2026; the post-closing change order has not been executed, and the Purchaser may terminate if it is not executed within 30 days after closing.
- Wärtsilä North America expressly reserved its position on the project relocation to the Purchaser's replacement site.
The filing
Written by AI on Nov 9, 2026, 11:45 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 03, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.