California Resources Corporation (CRC), its carbon management arm Carbon TerraVault (CTV), and Net Power have signed a memorandum of understanding (MoU) to advance low-carbon energy solutions in California.
The collaboration aims to integrate Net Power’s ultra-low emission power plants with CTV’s carbon capture and storage (CCS) infrastructure.
The partnership will conduct feasibility studies to assess placing Net Power’s modular plants near CTV’s underground storage sites. This is expected to cut CO₂ transportation costs and enable the deployment of up to 1 GW of power capacity.
The initial phase could sequester up to 3.6 million metric tonnes of CO₂ annually in CTV’s reservoirs, utilizing Net Power’s facilities in Northern California.
Net Power’s modular plants, covering less than 20 acres each, can generate up to 250 MW of electricity with near-zero carbon emissions and reduced air pollutants.
This MoU marks Net Power’s entry into California’s energy market, establishing CTV as a critical partner in deploying its innovative technology. CTV’s CCS projects under consideration could collectively capture 7.8 million metric tonnes of CO₂ and support up to 2.1 GW of low-carbon power generation in the state.
Net Power CEO Danny Rice highlighted the potential of this partnership to advance California’s energy and environmental goals, emphasizing the role of innovative, ultra-low emission technologies in attracting businesses seeking reliable, low-carbon power.