California Resources Corporation and its carbon management business, Carbon TerraVault announced the signing of a Memorandum of Understanding with Net Power Inc. to develop Net Power’s ultra-low emission power plants in California..
Under the terms of the MOU, the parties plan to conduct feasibility studies on locating Net Power’s facilities in proximity to CTV’s underground storage vaults, which would reduce carbon dioxide transportation costs and midstream investments for CTV’s operations.
The parties plan to facilitate the initial deployment of up to 1 gigawatt of power capacity from Net Power’s new modular plants in Northern California, resulting in up to 3.6 million metric tons per annum (MMTPA) of CO2 emissions for permanent sequestration in CTV’s nearby reservoirs.
Each of Net Power’s utility-scale modular plants is expected to require less than 20 acres, generate up to 250 megawatts, and be deployable in multi-plant configurations.
Net Power’s plants will be designed to generate reliable power while eliminating substantially all carbon emissions with near-zero air particulate and gaseous pollutants, including nitrogen oxides (NOx) and sulfur oxides (SOx). These projects would support California’s air quality standards and emissions goals.
The MOU marks Net Power’s initial entry into California’s power market and positions CTV as an early strategic partner in the deployment of Net Power’s power technology.
Including this agreement, CTV’s carbon capture and sequestration (CCS) projects under consideration total approximately 7.8 MMTPA of CO2 emissions and if successful, would enable up to 2.1 GWs of new, low-carbon power capacity in California.
