A Natural-Gas Billionaire Bets on Greener Fossil Fuel

It's not easy or free. Others are trying to do this as well.

Traditional gas power plants spit CO2 out of exhaust stacks, contributing to global warming. NET Power, a company that Rice took public in 2023 in a $1.5 billion SPAC deal, has developed a gas plant with a different process, using the carbon dioxide it produces to spin a turbine and create electricity—a technology it says will eliminate almost all CO2 emissions.

A move toward renewable power sources reinforces the need for natural gas, Rice argues, as wind and solar can’t crank out energy around the clock. NET Power, he says, aims to offer utility companies an affordable way to make the grid carbon-free.'

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'NET Power’s patented process consists of burning natural gas along with oxygen to create heat and a mixture of pure CO2 and water that spins a turbine and creates power. Some of the CO2 is reused in the system and the rest is sequestered underground—which means that a plant using the technology will emit virtually no CO2, according to the company.

A traditional gas power plant burns air, mostly made of nitrogen and oxygen, along with natural gas—which is mainly methane—creating a concoction that CO2 can’t easily be scrubbed from.'