Net Power Inc. announced that Lee Shuman will serve as its Chief Financial Officer, effective April 13 2026. The appointment follows the company’s recent strategic pivot toward a gas‑turbine plus post‑combustion carbon capture (PCC) model and is intended to strengthen Net Power’s financial execution and capital‑raising capabilities as it moves toward commercializing its technology.
The company’s flagship Project Permian, an 80 MW clean firm power plant in West Texas, is targeting a final investment decision in the second half of 2026 and expects commercial operations in early 2029. The shift to PCC, in partnership with Entropy Inc., is a response to market demand for faster deployment and a more commercially ready solution compared to the original oxy‑combustion approach.
Net Power’s most recent quarterly results showed an earnings‑per‑share miss of $0.15 versus a forecast of $0.1167 for Q4 2025, reflecting ongoing profitability challenges. The company ended the quarter with approximately $379 million in cash, cash equivalents, and investments, but reported negative EBITDA of $265.73 million over the last twelve months and a market capitalization of about $129.58 million as of April 13 2026.
"I am pleased to welcome Lee Shuman to the Net Power team. As part of our strategic pivot to be a leader in the commercial deployment of new clean gas power plants, Lee's proven track record—executing strategic financing for new power generation—is the right experience to add and at the right time," said CEO Danny Rice. Shuman added, "I am excited to join the Net Power team where I plan to draw upon my decades of experience to lead the development of the financial engine to help commercialize their differentiated clean firm power solutions and ultimately deliver on the company's mission to transform natural gas into the lowest‑cost form of clean, firm power."
Analysts have issued a range of price targets, reflecting uncertainty about the company’s near‑term profitability and the execution risk of its large‑scale projects. Despite this, the CFO appointment signals confidence in Net Power’s ability to secure the capital needed to bring Project Permian and future plants to market.
Lee Shuman’s extensive experience in raising capital for power‑generation projects—over $1.6 billion in senior secured financings and $425 million in mezzanine and HoldCo capital at WattBridge Energy—positions Net Power to navigate the financing challenges of its ambitious expansion. The appointment is expected to accelerate the company’s path to commercial operations and strengthen its balance sheet as it pursues additional projects in the United States and beyond.
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