Net Power Taps Finance Veteran Lee Shuman as CFO to Build Clean Gas Future

DURHAM, N.C. – April 13, 2026 – Net Power Inc. (NYSE: NPWR) has appointed seasoned energy finance executive Lee Shuman as its new Chief Financial Officer, a strategic move signaling the company's intensified focus on commercially deploying its clean natural gas power plants. The appointment, effective today, brings a specialist with a formidable track record in large-scale project financing into the leadership team at a pivotal moment for the energy technology firm.

Shuman steps into the role as Net Power navigates a strategic pivot aimed at accelerating its path to market. CEO Danny Rice, who had served as interim CFO since April 2025, heralded the hire as a critical step in the company's evolution.

“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,” Rice stated in the company's announcement.

Shuman will take over the principal financial officer duties for SEC purposes from Rice following the filing of the company's first-quarter 2026 report. His primary mandate will be to construct the financial architecture necessary to fund Net Power's ambitious, capital-intensive projects.

The Architect for Commercialization

Lee Shuman is not a typical corporate CFO; he is a project finance specialist with a 25-year career defined by securing capital for complex energy infrastructure. He has led the financing for over $10 billion in power-related transactions, spanning thermal, renewable, and distributed energy solutions. This specific expertise is seen as the missing piece in Net Power’s puzzle as it moves from technology development to project execution.

Before joining Net Power, Shuman was the Head of Power Finance for Javelin Global Commodities. His most notable recent role was as CFO of WattBridge Energy, where he was instrumental in raising over $2 billion to develop a 2.4 GW portfolio of natural gas peaker plants in Texas. His experience in structuring non-recourse and limited-recourse project-level financing—where debt is secured by the project's own assets and cash flow rather than the parent company's balance sheet—is directly applicable to Net Power's strategy.

This financing model is crucial for capital-intensive industries because it allows companies to build large-scale projects without putting the entire corporate entity at risk. For a pre-revenue company like Net Power, it is an essential tool for attracting the massive investment required to build power plants that can cost hundreds of millions or even billions of dollars.

“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,” Shuman commented on his new role.

A Pragmatic Pivot to Power the Grid

Shuman’s arrival coincides with a significant evolution in Net Power's business model. Founded in 2010, the company’s mission has been to commercialize its proprietary Allam-Fetvedt Cycle, a groundbreaking oxy-combustion technology that uses natural gas and pure oxygen to produce electricity with virtually no air emissions, inherently capturing nearly all carbon dioxide as a pipeline-ready byproduct.

While the company continues to mature this long-term solution, it announced a major strategic pivot in late 2025. To accelerate its entry into the commercial market, Net Power is now also developing projects that pair conventional natural gas turbines with proven post-combustion carbon capture (PCC) technology. This dual approach is enabled by a partnership with Entropy Inc., a specialist in PCC systems.

This pragmatic shift is already shaping the company's project pipeline. The flagship 'Project Permian' in West Texas, initially planned to use the Allam-Fetvedt Cycle, will now be developed in phases. Phase I is slated to be an 80 MW plant using Siemens turbines and Entropy’s PCC system, with a final investment decision targeted for the second half of 2026 and commercial operations in early 2029. The company is also advancing a 300 MW 'Northern MISO Project' using a similar PCC configuration, aiming for a 2027 investment decision.

This revised strategy allows Net Power to begin generating revenue and proving its business model this decade, addressing urgent market needs while its own oxy-combustion technology is perfected for future deployments.

High Stakes in a High-Demand Market

Shuman is stepping in at a time of both immense opportunity and significant financial pressure. The demand for clean, reliable, 24/7 power is skyrocketing, driven largely by the explosive growth of data centers and artificial intelligence, which require constant and massive amounts of electricity. This has created a powerful tailwind for technologies like Net Power's, which promise to decarbonize natural gas—a fuel source seen as essential for grid stability.

However, the company faces substantial financial headwinds. As of its last annual report for 2025, Net Power held approximately $379 million in cash and investments but is operating in a pre-revenue stage and continues to incur significant losses. The company reported a net loss per share of $0.20 for the fourth quarter of 2025, missing analyst expectations. Furthermore, it recognized an impairment loss related to its La Porte, Texas demonstration facility as it shifts focus to near-term commercial projects.

Successfully navigating this landscape requires not only technological innovation but also a robust financial strategy to bridge the gap until its projects become operational and profitable. The path forward is further complicated by the complex and often fragmented regulatory environment for Carbon Capture, Utilization, and Storage (CCUS) projects, which involves navigating a maze of federal and state permits for air quality, water use, and underground CO2 injection.

A New Financial Chapter for Investors

The transition in the CFO office marks a clear maturation for Net Power. With Danny Rice now able to focus exclusively on his CEO duties, Shuman's appointment installs a dedicated expert to tackle the company's most immediate and critical challenge: funding its growth. His hiring is a direct response to the financial realities of the business and a clear signal to investors that the company is moving aggressively from an R&D-focused entity to a commercial-scale project developer.

For stakeholders, Shuman’s deep experience in project finance is a de-risking event. It provides tangible assurance that the company has the leadership to structure the complex, multi-billion-dollar deals required to bring its clean energy vision to life. As Net Power aims to secure its position in the rapidly expanding market for clean firm power, Shuman’s role will be to ensure the financial foundation is as solid as the technology it supports.