DURHAM, N.C., Oct. 15, 2014 /PRNewswire/ -- NET Power,
LLC, the developer of a new, emissions-free, natural gas power
generation technology, today announced the funding and completion
of major project agreements for its first-of-a-kind power
plant. The 50MWt demonstration plant will validate the
world's first natural gas power generation system that produces no
air emissions and includes full CO2 capture without
requiring expensive, efficiency-reducing carbon capture
equipment.
"This program highlights the private sector's unique ability to
develop breakthrough technologies without having to settle for
anything less than compelling economics," said NET Power CEO
Bill Brown. "We are extremely
excited to move forward on this important power plant with the
outstanding team of Exelon, CB&I, Toshiba and 8 Rivers
Capital."
The $140 million project—which
includes ongoing process engineering, plant engineering,
procurement and construction, a full testing and operations
program, and commercial product development—is funded by a
combination of cash and in-kind contributions from Exelon
Corporation and CB&I.
"This technology is a potential game changer in reducing carbon
emissions from power generation," Exelon President and CEO
Chris Crane said. "The collaboration
with CB&I, Toshiba and 8 Rivers is another step towards
Exelon's vision of a clean, innovative energy future."
Toshiba Corporation, following several years of development and
testing, has begun manufacturing a novel supercritical
CO2 turbine for the project. Operations,
maintenance and development arrangements have been completed with
Exelon. Contracts for plant engineering, procurement and
construction are in place with CB&I. 8 Rivers Capital,
the inventor of the technology, will provide continued technology
development services and the intellectual property for the
project. The plant will be built at a site in Texas, with commissioning expected to begin in
2016 and be completed in 2017. Design and development is also
progressing on the first 295MWe commercial-scale NET Power
plant.
"Toshiba is excited to have achieved this major milestone
together with Exelon, CB&I and 8 Rivers," said Shigenori Shiga, President and CEO of Toshiba
Corporation Power Systems Company. "We are pleased that our
world-leading experience in supercritical steam has paved the way
for the design and manufacture of the innovative supercritical
CO2 turbine that we will provide for this new,
game-changing technology. We are committed not only to the
success of the turbine and combustor for the demonstration plant,
but, more importantly, to the successful development of the
commercial plant as well."
"Our participation in NET Power further expands CB&I's
technology portfolio and will allow our customers the ability to
meet today's increasing energy demands while complying with
tomorrow's stringent environmental regulations," said Philip K. Asherman, CB&I's President and
Chief Executive Officer.
NET Power's system transforms the future of both the electricity
and the oil and gas markets. Using a novel supercritical
CO2 power cycle known as the Allam Cycle, the
technology will match or lower the current cost of electricity from
natural gas—already one of the most affordable sources of
electricity available—while also inherently capturing all carbon
dioxide and other air emissions. The cycle produces carbon dioxide
as a pipeline-quality byproduct, as opposed to in conventional
power plants, where CO2 is produced as an exhaust-gas
mixed with other pollutants and emitted through a stack.
NET Power's pipeline-ready CO2 can be sequestrated or
used in enhanced oil recovery, a decades-old process that uses
carbon dioxide to significantly increase production from mature oil
wells while permanently storing the CO2 underground. In
addition, NET Power plants can either significantly reduce water
usage compared to conventional plants, or eliminate water usage
entirely, in each case with only a minor reduction in plant
efficiency.
NET Power, LLC is a Durham,
NC-based company developing the natural gas-fueled Allam
Cycle power system. For more information, please visit
www.NETPower.com.
Exelon Corporation (NYSE: EXC) is the nation's leading
competitive energy provider, with 2013 revenues of approximately
$24.9 billion. Headquartered in
Chicago, Exelon does business in
48 states, the District of
Columbia and Canada. Exelon
is one of the largest competitive U.S. power generators, with
approximately 35,000 megawatts of owned capacity comprising one of
the nation's cleanest and lowest-cost power generation fleets. The
company's Constellation business unit provides energy products and
services to approximately 100,000 business and public sector
customers and more than 1 million residential customers. Exelon's
utilities deliver electricity and natural gas to more than 7.8
million customers in central Maryland (BGE), northern Illinois (ComEd) and southeastern Pennsylvania (PECO). Follow Exelon on Twitter
@Exelon.
CB&I (NYSE: CBI) is the most complete energy infrastructure
focused company in the world and a major provider of government
services. With 125 years of experience and the expertise of
approximately 55,000 employees, CB&I provides reliable
solutions while maintaining a relentless focus on safety and an
uncompromising standard of quality. Visit www.cbi.com for more
information.
8 Rivers Capital, LLC is a Durham,
NC-based technology commercialization firm and the inventor
of the Allam Cycle. 8 Rivers is continuing to develop further
applications for the Allam Cycle, as well as other technologies in
the energy, water, communications and space-launch industries. For
more information, visit www.8RiversCapital.com.
Toshiba Corporation (TYO: 6502), a Fortune 500 company, channels
world-class capabilities in advanced electronic and electrical
products and systems into five strategic business domains: Energy
& Infrastructure, Community Solutions, Healthcare Systems &
Services, Electronic Devices & Components, and Lifestyles
Products & Services. Guided by the principles of The Basic
Commitment of the Toshiba Group, "Committed to People, Committed to
the Future," Toshiba promotes global operations towards securing
"Growth Through Creativity and Innovation" and is contributing to
the achievement of a world in which people everywhere live in a
safe, secure and comfortable society. Founded in Tokyo in 1875, today's Toshiba is at the heart
of a global network of over 590 consolidated companies employing
over 200,000 people worldwide, with annual sales surpassing
6.5 trillion yen (US$63 billion). To find out more about Toshiba,
visit www.toshiba.co.jp/index.htm.
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SOURCE NET Power LLC