09:59 AM EST, 12/09/2024 (MT Newswires) -- California Resources ( CRC ) and its Carbon TerraVault unit said Monday that the latter will develop Net Power's ( NPWR ) ultra-low emission power plants in California under a memorandum of understanding.

The MoU marks Net Power's ( NPWR ) entry into the state's power market, the companies said.

Under the agreement, the companies will conduct feasibility studies on locating Net Power's ( NPWR ) facilities close to Carbon TerraVault's underground storage vaults to facilitate the initial deployment of up to 1 gigawatt of power capacity from Net Power's ( NPWR ) new modular plants in northern California, according to a statement.

Shares of California Resources ( CRC ) advanced 2.5% in early trading, while Net Power ( NPWR ) was up 0.4%.

Price: 55.46, Change: +1.86, Percent Change: +3.47