Stock market today: Stocks fall as investors rotate out of tech into Jackson Hole
DURHAM, N.C. - Net Power Inc. (NYSE: NPWR), an energy technology company with a market capitalization of $511 million, announced today a reshuffle in its executive team following the departure of two top executives. The company confirmed that Brian Allen, the outgoing President and Chief Operating Officer, and Akash Patel, the Chief Financial Officer, will step down from their roles effective May 1, 2025. According to InvestingPro data, this leadership change comes as the company’s stock has declined 76% over the past year.
In a strategic move, Net Power has appointed Marc Horstman as the new Chief Operating Officer. Horstman, who has been with the company since May 2023 as the Head of Product Development, brings over two decades of experience in the power sector to his new role. In addition to his new responsibilities, Danny Rice, currently the Chief Executive Officer, will expand his leadership duties to include the roles of President and interim Chief Financial Officer, as well as spearhead the company’s future project funding initiatives. InvestingPro analysis indicates the company maintains a strong cash position relative to debt, though it’s currently experiencing rapid cash burn - a crucial factor for investors to monitor during this transition period.
Rice expressed his gratitude to the departing executives for their contributions and emphasized the importance of these changes for the company’s growth. "Delivering breakthrough solutions like Net Power’s requires constant assessment and adjustments along the way. Changes like these are tough but essential to ensure we’re best positioned to achieve the ambitious potential of our proprietary technology," said Rice.
Net Power specializes in the development of its proprietary Net Power Cycle, a technology that aims to convert natural gas into clean, reliable, and affordable power. The company has been actively working to deploy its utility-scale plants globally, collaborating with various stakeholders in the energy industry.
The company’s forward-looking statements indicate plans for the development of its technology, anticipated demand, and business strategies. However, these statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.
This executive transition at Net Power is based on a press release statement and reflects the company’s ongoing efforts to adapt its leadership to meet the challenges of providing clean energy solutions. With analysts setting price targets ranging from $3 to $17 per share and the company’s next earnings report due on May 19, 2025, investors seeking detailed analysis can access comprehensive financial health metrics and 17 additional ProTips through InvestingPro’s detailed research reports.
In other recent news, NET Power Inc. reported a wider-than-expected fourth-quarter loss, with an adjusted loss of $0.67 per share, significantly missing analyst estimates of a $0.12 per share loss. The company also announced delays in its Project Permian, with cost estimates rising to between $1.7 billion and $2.0 billion, pushing the anticipated operational date to 2029. Despite these setbacks, Texas Capital Securities maintained a Buy rating with a $24.00 price target, citing the completion of the Front End Engineering Design for Project Permian and the La Porte validation campaign milestones. In a strategic move, NET Power switched its auditing firm to KPMG LLP for the upcoming fiscal year, replacing Grant Thornton LLP. This change was made without any disagreements on accounting principles or practices. Additionally, Citi analyst Ryan Levine upgraded the company’s stock rating from Neutral to Buy, although the price target was reduced to $6.00 from $14.00. Levine noted the company’s strategic partners and liquidity as positive factors, with potential for additional capital raising. The company is also exploring modular multi-unit plant designs to reduce costs, with feasibility studies underway.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.