Latest news with #Front-EndEngineeringandDesign
Business Wire
21-04-2025
- Business
- Business Wire
Law Offices of Howard G. Smith Encourages NET Power Inc. (NPWR) Investors To Inquire About Securities Fraud Class Action
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased NET Power Inc. ('Net Power' or the 'Company') (NYSE: NPWR) securities between , inclusive (the 'Class Period'). NET Power investors have until June 17, 2025 to file a lead plaintiff motion. IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN NET POWER INC. (NPWR), CONTACT THE LAW OFFICES OF HOWARD G. SMITH TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT. Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmith@ by telephone at (215) 638-4847 or visit our website at What Happened? On November 14, 2023, before market hours, Net Power released its third quarter 2023 financial results, disclosing that due to 'tightness in the global supply chain,' it would be 'incorporating a 12-month cushion into [its] expected schedule' for its first utility-scale plant, Project Permian. The Company stated that it was 'now expecting to achieve initial power generation sometime between the second half of 2027 and first half of 2028,' compared to the initial schedule of having the plant operational by 2026. On this news, Net Power's stock price fell $2.47, or 18.5%, to close at $10.85 per share on November 14, 2023, thereby injuring investors. Then, on March 10, 2025, Net Power released its fourth quarter and full year 2024 financial results, disclosing the Company had 'finalized the Front-End Engineering and Design (FEED) for Project Permian' but the 'cost estimate was significantly higher than expected and, as a result, the Company has paused long-lead releases for the project.' Specifically, the Company revealed it is 'estimating total installed cost will be $1.7 billion to $2 billion.' On this news, Net Power's stock price fell $2.18, or 31.5%, to close at $4.75 per share on March 10, 2025. Then, on April 15, 2025, Net Power announced that its President and Chief Operating Officer and Chief Financial Officer would depart the Company. On this news, Net Power's stock price fell $0.13, or 5.8%, to close at $2.13 per share on April 16, 2025, thereby injuring investors further. What Is The Lawsuit About? The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Net Power was unlikely to complete Project Permian on schedule, and the project was likely to be significantly more expensive than Defendants had represented, because of, inter alia, supply chain issues and numerous site- and region-specific challenges; (2) accordingly, Defendants' projections regarding the time and capital needed to complete Project Permian were unrealistic; (3) the increased time and capital needed to complete Project Permian were likely to have a significant negative impact on the Company's business and financial results; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times. Contact Us To Participate or Learn More: If you purchased Net Power securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us: Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, Telephone: (215) 638-4847 Email: howardsmith@ Visit our website at: This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Zawya
25-03-2025
- Business
- Zawya
ADNOC Gas expects Rich Gas Development's FID this year
ADNOC Gas expects to announce the Final Investment Decision (FID) on Rich Gas Development (RGD) in 2025, the company said in its 2024 integrated report. These key steps aim to deliver the Adnoc subsidiary's strategy to grow its processing capacity by 30% or more than 1.5 billion standard cubic feet per day (scfd). The expected capex allocated for the project is more than $4bn , according to ADNOC Gas' strategy update released in November 2023. In December, the company awarded the Front-End Engineering and Design (FEED) contract for new gas processing facilities at Bab Gas Cap to Worley Engineering. The FID is expected in 2026 as the new facilities will boost ADNOC Gas' current processing capacity by 20% or over 1.8 billion scfd. (Writing by P Deol; Editing by Anoop Menon) (
