The innovative CSR solution towards sustainable development
The green power company NET Power, which is known for their power generation from fossil fuels with minimum emission of carbon, is now in advance stages of developing a new technology that can provide carbonless natural gas power plants to the world.
The Principal at 8 Rivers Capital, Adam Goff, showcased the project at the workshop on the deployment of deep decarbonizing technologies held in National Academics of Sciences, Engineering and Medicine in Washington D.C.
Goff said, “We have multiple 300-scale commercial projects in development, none of them are announced yet, but we have got a couple in the US and then some in Canada, Asia-Pacific, the Middle East and Europe-the regions of the world where we have interest in developing these projects.”
Geoff also shared the locations and economics before the Senate Committee on Energy and Natural Resources. He also revealed that the US is going to be first in line to get the project due to the 45Q federal tax credit act.
It will provide economical and pollution-free electricity
As NET Power is involved in the process of zero-emission of carbon into the atmosphere, recycle and use it for some other purposes, 45Q will help the company a tax relief of 50 US dollars for every ton of carbon that it has isolated.
The four major products that are sold by NET Power are electricity, carbon dioxide, nitrogen, and argon. Through the sale of these products, the company was able to bring down the cost per kilowatt-hour from 4.2 cents to 1.9 cents for a regular combined-cycle natural gas plant.
These prices might not be there in future because 45Q does not have a clause for the new plants that are going to be built after 2024 and as the company produces more nitrogen and argon will ultimately devalue these products.
Irrespective of the by-products, a zero-carbon NET Power plant will be at par with the conventional natural gas plants in terms of cost with zero emission of carbon. This new development can really help the Asian countries who have a high level of carbon emission.
This innovative concept of the NET Power got turbine made by Toshiba and backed by industry giants Exelon, McDermott and Occidental Petroleum, bringing something in the market that will change the way we use power as observed by the tech experts in the industry and in the universities.