NET Power (NPWR) 10-Q 13 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40503
Entity Registrant Name	NET Power Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1580612
Entity Address, Address Line One	320 Roney St.
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Durham
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27701
City Area Code	(919)
Local Phone Number	287-4750
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001845437
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Document Period End Date	Mar. 31, 2024
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock
Trading Symbol	NPWR
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		72,162,898
Warrants, each exercisable for one share of Class A Common Stock at a price of $11.50
Document Information [Line Items]
Title of 12(b) Security	Warrants, each exercisable for one share ofClass A Common Stock at a price of $11.50
Trading Symbol	NPWR-WT
Security Exchange Name	NYSE
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		141,608,678

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 428,595	$ 536,927
Short-term investments	100,000	100,000
Investments in securities, available-for-sale	69,190	0
Accounts receivable, net	0	58
Interest receivable	373	1,942
Prepaid expenses	1,501	1,777
Other current assets	358	93
Total current assets	600,017	640,797
Long-term assets
Fair value, noncurrent	27,793	0
Intangible assets, net	1,290,453	1,307,265
Goodwill	423,920	423,920
Property, plant and equipment, net	101,099	96,856
Operating lease right-of-use assets	2,120	2,212
Total long-term assets	1,845,385	1,830,253
Total assets	2,445,402	2,471,050
Current liabilities
Accounts payable	2,669	617
Accrued liabilities	7,211	10,915
Due to related parties	302	142
Operating lease liabilities, current portion	364	347
Total current liabilities	10,546	12,021
Long-term liabilities
Earnout Shares liability	2,147	1,671
Warrant liability	70,021	55,920
Asset retirement obligation	2,103	2,060
Noncurrent operating lease liabilities	1,728	1,808
Tax receivable agreement, liability	10,099	8,937
Deferred taxes	53,085	57,719
Total long-term liabilities	139,183	128,115
Total liabilities	149,729	140,136
Commitments and contingencies (Note 14)
Mezzanine shareholders' equity
Redeemable non-controlling interests in subsidiary	1,635,900	1,545,905
Shareholders' equity
Preferred Stock, $.0000 par value; 1,000 shares authorized; no shares issued or outstanding as of March 31, 2024 (Successor) and December 31, 2023 (Successor)	0	0
Additional paid-in-capital	737,802	851,841
Accumulated other comprehensive income	224	0
Accumulated deficit	(78,274)	(66,853)
Total shareholders' equity	659,773	785,009
Total liabilities, mezzanine shareholders' equity and shareholders' equity	2,445,402	2,471,050
Class A Common Stock
Shareholders' equity
Common stock, value, issued	7	7
Class B Common Stock
Shareholders' equity
Common stock, value, issued	$ 14	$ 14

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.0001
Preferred stock, shares authorized (in shares)	1,000,000
Preferred stock, shares outstanding (in shares)	0
Accumulated other comprehensive income	$ 224	$ 0
Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	520,000,000	520,000,000
Common stock, outstanding (in shares)	71,970,052	71,277,906
Common stock, shares, issued (in shares)	71,970,052	71,277,906
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	310,000,000	310,000,000
Common stock, outstanding (in shares)	141,801,811	141,787,429
Common stock, shares, issued (in shares)	141,801,811	141,787,429

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue	$ 0	$ 50
Gross profit	0	50
Operating expenses
Sales and marketing	751	340
Project development	324	178
Depreciation, amortization and accretion	20,057	3,332
Total operating expenses	38,783	17,089
Operating loss	(38,783)	(17,039)
Other income (expense)
Interest income (expense)	7,690	(30)
Change in Earnout Shares liability and Warrant liability	(14,577)	0
Other income	0	2
Net other income (expense)	(6,887)	(28)
Net loss before income tax	(45,670)	(17,067)
Income tax benefit	(4,038)	0
Net loss after income tax	(41,632)	(17,067)
Net loss attributable to non-controlling interests	(30,211)	0
Net loss attributable to NET Power Inc.	(11,421)	(17,067)
Other comprehensive gain (loss)
Unrealized gain on investments	662	0
Total other comprehensive gain (loss)	662	0
Comprehensive loss	(40,970)	(17,067)
Comprehensive loss attributable to non-controlling interests	(29,773)	0
Comprehensive loss attributable to NET Power Inc.	$ (11,197)	$ (17,067)
Net loss per share of Class A Common Stock (Successor) or per membership interest (Predecessor), diluted (in dollars per share)	$ (0.16)	$ (4.55)
Net Loss per share of Class A Common Stock (Successor) or per membership interest (Predecessor), basic (in dollars per share)	$ (0.16)	$ (4.55)
Weighted average shares of Class A Common Stock or membership interests, diluted (in shares)	71,894,553	3,748,476
Weighted average shares of Class A Common Stock or membership interests, basic (in shares)	71,894,553	3,748,476
Nonrelated Party
Cost of revenue	$ 0	$ 0
Operating expenses
General and administrative	6,383	5,563
Research and development	10,975	1,102
Related Party
Cost of revenue	0	0
Operating expenses
General and administrative	26	110
Research and development	$ 267	$ 6,464

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Shareholders’ Equity and Non-Controlling Interest (Unaudited) - 3 months ended Mar. 31, 2024 - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Total Shareholders' Equity	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Non-controlling Interests - Mezzanine Equity
Common stock, beginning balance (in shares) at Dec. 31, 2023		71,277,906	141,787,429		71,277,906	141,787,429
Equity, beginning balance at Dec. 31, 2023	$ 785,009			$ 785,009	$ 7	$ 14	$ 851,841	$ 0	$ (66,853)	$ 1,545,905
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Class A Common Stock (in shares)			679,559		679,559
Redemption of Class A Common Stock				74			74			(74)
Issuance of Class A Common Stock (in shares)					12,587
Issuance of Class A Common Stock				4,032			4,032			(4,005)
Tax Receivable Agreement, net of deferred taxes				(567)			(567)
Unrealized gain on investments	662			224				224		438
Amortization of share based payments (in shares)						693,941
Amortization of share-based payments				647			647			5,622
Adjustment of redeemable non-controlling interest to redemption value				(118,225)			(118,225)			118,225
Net loss	(41,632)			(11,421)					(11,421)	(30,211)
Common stock, ending balance (in shares) at Mar. 31, 2024		71,970,052	141,801,811		71,970,052	141,801,811
Equity, ending balance at Mar. 31, 2024	$ 659,773			$ 659,773	$ 7	$ 14	$ 737,802	$ 224	$ (78,274)	$ 1,635,900

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Members’ Equity (Unaudited) - 3 months ended Mar. 31, 2023 - USD ($) $ in Thousands	Total	Occidental Petroleum	Constellation	BHES BHES Bonus Shares	BHES In-Kind Shares	Membership Interests	Membership Interests Occidental Petroleum	Membership Interests Constellation	Membership Interests BHES	Membership Interests BHES In-Kind Shares	Additional Paid-in-Capital	Additional Paid-in-Capital BHES BHES Bonus Shares	Additional Paid-in-Capital BHES In-Kind Shares	Accumulated Other Comprehensive Income	Accumulated Deficit
Common unit, outstanding, beginning balance (in shares) at Dec. 31, 2022						3,722,355
Beginning balance, members' equity at Dec. 31, 2022	$ 64,402					$ 262,622					$ 26,288			$ 17	$ (224,525)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share issuances (in shares)							5,824	28,764		6,281
Issuance of Class A Common Stock		$ 1,859	$ 9,181	$ 2,688	$ 1,943		$ 1,859	$ 9,181	$ 1,943	$ 1,325		$ 2,688	$ 618
Vesting of profits interests	1,747										1,747
Comprehensive loss	(17,067)														(17,067)
Common unit, outstanding, ending balance (in shares) at Mar. 31, 2023						3,763,224
Ending balance, members' equity at Mar. 31, 2023	$ 64,753					$ 274,987					$ 31,341			$ 17	$ (241,592)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss before income tax	$ (41,632)	$ (17,067)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	3,176	3,268
Amortization	16,812	5
Accretion	43	59
Non-cash lease expense	113	33
Deferred taxes	(4,039)	0
Change in fair value of Earnout Shares liability	476	0
Change in fair value of Warrant liability	14,101	0
Vesting of profits interests	0	1,745
Share-based compensation	6,269	4,632
Changes in operating assets and liabilities:
Accounts receivables	58	289
Interest receivable	1,396	0
Prepaid expenses	276	(252)
Other current assets	(46)	(629)
Accounts payable	2,078	95
Accrued liabilities	(1,820)	1,033
Lease liabilities	(84)	(31)
Option liability	0	31
Due to related parties – current	160	3,857
Due to related parties – long-term	0	(2,212)
Net cash used in operating activities	(2,663)	(5,144)
Cash flows from investing activities
Purchases of available-for-sale securities	(96,148)	0
Purchase of property, plant and equipment	(9,521)	(615)
Net cash used in investing activities	(105,669)	(615)
Cash flows from financing activities
Proceeds from share issuances	0	5,836
Net cash provided by financing activities	0	5,836
Net (decrease) increase in cash and cash equivalents	(108,332)	77
Cash and cash equivalents, beginning of period	536,927	5,164
Cash and cash equivalents, end of period	428,595	5,241
Non-cash investing activities:
Liabilities recorded for property, plant, and equipment, net	$ 1,721	$ 26

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	NOTE 1 — Nature of Business and Basis of Presentation Nature of Business NET Power Inc. (the "Company") is a clean energy technology company that has developed a proprietary process for producing electricity using a predominantly carbon dioxide working fluid that involves the capture and reuse, sale and sequestration of carbon dioxide (the "NET Power Cycle"). The NET Power Cycle is the subject of U.S. and foreign patents, as well as additional applications and provisional applications on file with the United States Patent and Trademark Office and international patent authorities. Business Combination On December 13, 2022, NET Power, LLC entered into a Business Combination Agreement with Rice Acquisition Corp. II ("RONI"), Rice Acquisition Holdings II LLC ("RONI OpCo"), Topo Buyer Co, LLC ("Buyer") and Topo Merger Sub, LLC ("Merger Sub"). On June 8, 2023 (the "Closing Date"), Merger Sub merged with and into NET Power, LLC, with NET Power, LLC continuing as the surviving entity, resulting in it becoming a majority-owned, direct subsidiary of Buyer. RONI OpCo, a subsidiary of RONI, renamed itself NET Power Operations LLC ("OpCo") and RONI renamed itself NET Power Inc. upon completion of the merger (the "Business Combination"). The Business Combination resulted in an umbrella partnership, C corporation or "Up-C" structure. OpCo is a variable interest entity ("VIE") in accordance with the guidance in Accounting Standards Codification ("ASC") Topic 810, Consolidation ("ASC 810"); therefore, RONI represented the accounting acquirer within the Business Combination structure. The Company elected push-down accounting for the Business Combination and recorded the push-down entries at OpCo. ASC 810 requires that a reporting entity that possesses a controlling financial interest in a VIE consolidate that VIE. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities that most significantly impact the VIE's economic performance; and (b) the obligation to absorb the VIE's losses and the right to receive benefits that are significant to the VIE. The Company determined that OpCo continued to meet the definition of a VIE after the Business Combination and that the Company became the primary beneficiary of OpCo beginning on the Closing Date of the Business Combination; therefore, the Company has consolidated OpCo from the date of the Business Combination. As a result of the Business Combination, the Company's financial statement presentation distinguishes NET Power, LLC as the "Predecessor" through June 7, 2023 (the "Predecessor Period") and NET Power Inc. as the "Successor" for periods beginning on or after the Closing Date (the "Successor Period"). Revenue and earnings after the date of the Business Combination are shown in the Successor Period on the condensed consolidated statements of operations and comprehensive loss. As a result of the application of the acquisition method of accounting in the Successor Period, the consolidated financial statements for the Successor Period are presented on a full step-up basis; therefore, the Successor Period consolidated financial statements are not comparable to the consolidated financial statements of the Predecessor Period, which are not presented on the same full step-up basis. The condensed consolidated financial statements include the accounts of subsidiaries that NET Power Inc. consolidated according to the rules set forth in ASC 810. The Company consolidates all wholly-owned subsidiaries and subsidiaries in which it owns a 50.0% or greater ownership interest and all VIE's to which it is deemed to represent the primary beneficiary, as described above. These condensed consolidated financial statements include the accounts of all wholly-owned subsidiaries and consolidated VIE's. Intercompany balances have been eliminated through the consolidation process. Basis of Presentation The accompanying unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP") for interim financial information; however, certain information or footnote disclosures normally included in complete financial statements prepared in accordance with US GAAP may have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). In management's opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements for the year ended December 31, 2023 and include all adjustments, which consist of only normal and recurring adjustments, necessary for fair statement. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of the results to be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the annual financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 11, 2024.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 2 — Significant Accounting Policies In the opinion of the Company’s management, the Company’s significant accounting policies used for the three months ended March 31, 2024, unless otherwise noted below are consistent with those used for the fiscal year ended December 31, 2023. Accordingly, reference Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Annual Report”) for the Company’s significant accounting policies. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make certain estimates, judgments and assumptions. The estimates, judgments and assumptions made by the Company when accounting for items and matters such as, but not limited to, depreciation, amortization, asset valuations and share-based compensation were based on information available at the time they were made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, as well as amounts reported on the condensed consolidated statements of operations and comprehensive loss during the periods presented. Actual results could differ from those estimates. Reclassification Certain immaterial prior period amounts have been reclassified to conform to current period presentation. Accounting Standards Not Yet Adopted During December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires public business entities to provide annually a tabular reconciliation of the reported income tax expense (or benefit) from continuing operations to the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal income tax rate using specified categories and to disclose separately reconciling items within certain categories with absolute values equal to or greater than five percent of the product of the income (or loss) from continuing operations before tax and the applicable statutory tax rate. Additionally, ASU 2023-09 requires a public business entity to disclose the year-to-date amount of income taxes paid, net of refunds received, to federal, state and foreign jurisdictions. If a payment to a single federal, state or foreign jurisdiction equals or exceeds five percent of total income taxes paid, ASU 2023-09 requires separate disclosure of that payment. Finally, ASU 2023-09 requires a public business entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign jurisdictions and to disclose income tax expense (or benefit) from continuing operations disaggregated between federal, state and foreign jurisdictions. ASU 2023-09 removes the requirement to disclose the nature and estimate of the range of reasonably possible increases or decreases in the unrecognized tax benefits balance in the next 12 months, or to make a statement that an estimate of the range cannot be made. ASU 2023-09 is effective for the Company for calendar years beginning after December 15, 2025. Early adoption is permitted. The Company is evaluating the effect ASU 2023-09 will have on its consolidated financial statements.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	NOTE 3 — Goodwill and Intangible Assets Goodwill Goodwill represents the future economic benefits derived from the Company's unique market position, the growth attributable to the NET Power Cycle and the Company's assembled workforce, none of which are individually and separately recognized as intangible assets. Goodwill is allocated to the Company's sole reportable segment and reporting unit. The following table presents the Company's goodwill included in the condensed consolidated balance sheets: Goodwill at December 31, 2023 (Successor) $ 423,920 Measurement Adjustments — Goodwill at March 31, 2024 (Successor) $ 423,920 Current period measurement adjustments calculated as part of the purchase price allocation that accompanied the Business Combination are still pending finalization of the annual income tax return for the year ended December 31, 2023. Definite Lived Intangible Assets The following tables summarize the Company's definite lived intangible assets included in the condensed consolidated balance sheets: March 31, 2024 (Successor) December 31, 2023 (Successor) Developed technology, gross $ 1,345,000 $ 1,345,000 Accumulated amortization (54,547) (37,735) Developed technology, net $ 1,290,453 $ 1,307,265 Amortization expense for the three months ended March 31, 2024 (Successor) and March 31, 2023 (Predecessor) was $16,812 and $5, respectively. The Company does not own or control any intangible assets with indefinite useful lives except goodwill. The following table presents estimated amortization expense for the next five years and thereafter: Remainder of 2024 $ 50,438 2025 67,250 2026 67,250 2027 67,250 2028 67,250 2029 67,250 2030 and thereafter 903,765 Total $ 1,290,453

Property, Plant, and Equipment

Property, Plant, and Equipment	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	NOTE 4 — Property, Plant and Equipment The following table summarizes the key classifications of property, plant and equipment included in the condensed consolidated balance sheets: March 31, 2024 (Successor) December 31, 2023 (Successor) Furniture and equipment, gross $ 328 $ 320 Demonstration Plant, gross 89,239 89,239 Construction in progress 21,853 14,443 Total property, plant and equipment, gross 111,420 104,002 Accumulated depreciation (10,321) (7,146) Total property, plant and equipment, net $ 101,099 $ 96,856 Depreciation expense for the three months ended March 31, 2024 (Successor) and March 31, 2023 (Predecessor) was $3,176 and $3,268, respectively.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	NOTE 5 — Accrued Liabilities Accrued liabilities consist of the following components included in the condensed consolidated balance sheets: March 31, 2024 (Successor) December 31, 2023 (Successor) Accrued incentive compensation $ 819 $ 2,016 Accrued cash-based expense of BHES JDA 3,438 3,669 Accrued legal service provider fees 241 160 Accrued capital expenditures 1,721 3,605 Other accrued liabilities 992 1,465 Total accrued liabilities $ 7,211 $ 10,915

Revenue and Accounts Receivable

Revenue and Accounts Receivable	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Revenue and Accounts Receivable	NOTE 6 — Revenue and Accounts Receivable Revenue The following table disaggregates the revenue included in the condensed consolidated statements of operations and comprehensive loss into its major components: Three months ended March 31, 2024 (Successor) March 31, 2023 (Predecessor) Feasibility studies $ — $ 50 Test data sales — — Testing services — — Total revenue $ — $ 50 Performance Obligations Revenue recognized under contracts with customers exclusively includes the performance obligations satisfied in the applicable reporting period. Accounts Receivable Accounts receivable, net consist of the following balances included in the condensed consolidated balance sheets: March 31, 2024 (Successor) December 31, 2023 (Successor) Accounts receivable, gross $ — $ 58 Allowance for credit losses — — Accounts receivable, net $ — $ 58 During the three months ended March 31, 2024 (Successor) and March 31, 2023 (Predecessor), the Company did not record any provision for credit losses within General and administrative expense on the condensed consolidated statements of operations and comprehensive loss associated with its accounts receivable.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 7 — Related Party Transactions The following table summarizes the related party amounts included in the condensed consolidated balance sheets: March 31, 2024 (Successor) December 31, 2023 (Successor) Amounts due to related parties under master services agreements $ 302 $ 142 The following table summarizes the related party transactions included in the condensed consolidated statements of operations and comprehensive loss: Three months ended March 31, 2024 (Successor) March 31, 2023 (Predecessor) Master services agreement administrative costs $ 26 $ 34 Engineering support provided by former board member — 76 General and administrative – related party $ 26 $ 110 Master services agreement costs for Demonstration Plant $ 267 $ 278 BHES JDA — 6,186 Research and development – related party $ 267 $ 6,464 Master Services Agreements A significant shareholder has provided the Company with marketing services, patent administration services and technology maintenance services related to the development of the NET Power Cycle. The total cost incurred for these services was $26 and $34 during the three months ended March 31, 2024 (Successor) and March 31, 2023 (Predecessor), respectively. These totals are included in General and administrative – related party on the condensed consolidated statements of operations and comprehensive loss. Another shareholder supports the Company with regard to general business oversight and with the operation of the Demonstration Plant. The total cost incurred for these services was $267 and $278 during the three months ended March 31, 2024 (Successor) and March 31, 2023 (Predecessor), respectively. These totals are reflected in Research and development – related party on the condensed consolidated statements of operations and comprehensive loss. The Company had $302 and $142 in current liabilities payable to related parties as of March 31, 2024 (Successor) and March 31, 2023 (Predecessor), respectively, on the condensed consolidated balance sheets related to these services. These related party payables are unsecured and are due on demand. Engineering Support Provided by Former Board Member A shareholder, who is also a former board member, supported the Company with regard to general business oversight and with the operation of the Demonstration Plant. The total cost incurred for these services was $76 during the three months ended March 31, 2023 (Predecessor). These expenses are reflected in Research and development – related party on the condensed consolidated statements of operations and comprehensive loss prior to the Business Combination. The counterparty ceased being a related party on June 8, 2023 upon completion of the Business Combination. BHES JDA The Baker Hughes Energy Services LLC Amended and Restated Joint Development Agreement (the "BHES JDA") is discussed in more detail in Note 14. Transactions under the BHES JDA are included in Research and development – related party on the condensed consolidated statements of operations and comprehensive loss prior to the Business Combination. Subsequent to the Business Combination, transactions under the BHES JDA are included in Research and development on the condensed consolidated statements of operations and comprehensive loss because Baker Hughes Company ceased being a related party on June 8, 2023. Lease Reference Note 13 — Leases for a discussion of the OXY lease.

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	NOTE 8 — Investments The Company has two types of investments, a certificate of deposit, which is classified as short-term investments, and investments in securities, which are classified as available-for-sale. The entire balance of $100,000 of the certificate of deposit is shown within short-term investments on the condensed consolidated balance sheets as of March 31, 2024 (Successor) and December 31, 2023 (Successor). The interest receivable on the certificate of deposit was $317 and $1,886 at March 31, 2024 (Successor) and December 31, 2023 (Successor), respectively, and is included in Interest receivable on the condensed consolidated balance sheets. The following table presents the Company's available-for-sale investments included in the condensed consolidated balance sheets March 31, 2024 Current assets Amortized Cost Unrealized Gain (Loss) Fair Value Corporate bonds $ 9,900 $ 78 $ 9,978 Commercial paper 23,641 199 23,840 U.S. treasuries 35,214 158 35,372 Total $ 68,755 $ 435 $ 69,190 Long-term assets Amortized Cost Unrealized Gain (Loss) Fair Value Corporate bonds $ 2,900 $ 30 $ 2,930 U.S. treasuries 24,666 197 24,863 Total $ 27,566 $ 227 $ 27,793 The cost of securities sold is based on the specific-identification method. There were no credit losses recognized during the three months ended March 31, 2024 (Successor). The Company established no allowances for credit losses as of March 31, 2024 (Successor). The Company did not have available-for-sale investments as of December 31, 2023 (Successor).

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 9 — Fair Value Measurements The following table presents the assets and liabilities that the Company measures at fair value on a recurring basis included in the condensed consolidated balance sheets and indicates the level of the valuation inputs the Company utilized to determine each asset's and each liability's fair value: Level March 31, 2024 (Successor) December 31, 2023 (Successor) Assets Available-for-sale investments 1 1 $ 96,983 $ — Short-term investments 2 100,000 100,000 Total assets $ 196,983 $ 100,000 Liabilities Public Warrants 1 $ 25,004 $ 18,969 Private Placement Warrants 3 45,017 36,951 Earnout Shares 3 2,147 1,671 Total liabilities $ 72,168 $ 57,591 ___________ (1) $27,793 of these investments are classified as long-term on our consolidated balance sheet. The following table contains a reconciliation of the beginning and ending balances of recurring level 3 fair value measurements included in the condensed consolidated statements of operations and comprehensive loss: March 31, 2024 (Successor) March 31, 2023 (Predecessor) Balance of recurring level 3 liabilities at beginning of period $ 38,622 $ 5,174 Change in Earnout Shares liability and Warrant liability 8,542 — Payments — (5,174) Balance of recurring level 3 liabilities at end of period $ 47,164 $ — Earnout Shares The fair values for the Earnout Shares are estimated using a Monte Carlo simulation. The Monte Carlo simulation considers daily simulated stock prices as a proxy for the Company's daily volume-weighted average share price. The key inputs into the valuation of the Earnout Shares are an expected remaining term of 2.19 years, a risk-free rate of 4.5% and estimated equity volatility of 37.3%. The estimated equity volatility assumption is based on a blended average of asset and equity volatility measurements of publicly traded companies within the Company's peer group. Warrants The Public Warrants are valued using their quoted and publicly available market prices. Since their fair value is predicated on quoted prices in an active market for identical instruments, the Public Warrants are considered to be level 1 fair value instruments. The Company uses a Black-Scholes Merton Model to value the Private Placement Warrants. Key inputs into the Black-Scholes Merton Model include the last Class A Common Stock closing price of $11.39 as of March 31, 2024 (Successor), a risk-free rate of 4.2%, volatility of 38.1%, a term of five years and a strike price of $11.50 per share. The volatility assumption is based on a blended average of operating and equity volatility of publicly traded companies within the Company's peer group, the Company's own historical volatility and the implied volatility of the Public Warrants. The Private Placement Warrants are considered to be level 3 fair value instruments. Short-term Investments Short-term investments are valued at cost, which approximates fair value. Short-term investments are considered level 2 fair value instruments because cost basis is not observable in a public market. Option Liability The Company's option liability was issued in conjunction with member loans on October 15, 2021. The loans were fully repaid on February 3, 2022; however, the members had one year to exercise their options subsequent to the repayment of the loans. The interest expense related to these loan options was $30 during the three months ended March 31, 2023 (Predecessor). These measurements were reported in Interest income (expense) on the condensed consolidated statements of operations and comprehensive loss. In early 2023, two option holders exercised their options to purchase an aggregate of 34,588 membership units in NET Power, LLC for total proceeds of $5,836. There were no loan options outstanding at the time of the Business Combination.

Net Loss per Share_Unit

Net Loss per Share/Unit	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss per Share/Unit	NOTE 10 — Net Loss per Share/Unit Successor Period For the purposes of the diluted earnings per share calculation, Warrants, Earnout Shares, BHES Bonus Shares (as defined in Note 12), unvested Class A OpCo Units and the potential conversion of vested OpCo Units are excluded from the net loss per share calculation for the three months ended March 31, 2024 (Successor) because their inclusion would be anti-dilutive due to the losses reported in the Successor Period. Additionally, Earnout Shares and BHES Bonus Shares are excluded from the net loss calculation because the contingencies that would allow for those Earnout Shares to vest into OpCo Units have not yet been met. Based on the amounts outstanding at March 31, 2024 (Successor), the Company excluded the following financial instruments from the computation of diluted net loss per unit because their inclusion would be anti-dilutive: Anti-Dilutive Instrument March 31, 2024 (Successor) Public Warrants 8,622,235 Private Placement Warrants 10,900,000 Earnout Shares 328,925 BHES Bonus Shares 2,068,416 Unvested Class A OpCo Units 848,415 Vested Class A OpCo Units 141,274,719 Unvested RSU's 504,421 Total 164,547,131 Only shares of Class A Common Stock participate in the Company's undistributed earnings. As such, the Company's undistributed earnings are allocated entirely to the Class A Common Stock based on the weighted-average number of shares of Class A Common Stock outstanding for the three months ended March 31, 2024 (Successor). The following table sets forth the computation of the Company's basic and diluted net loss per share for the three months ended March 31, 2024 (Successor): Class A Common Stock Numerator Net loss $ (41,632) Net loss attributable to shareholders $ (11,422) Denominator Weighted-average number shares outstanding, basic and diluted 71,895 Net loss per share attributable to shareholders, basic and diluted $ (0.16) Predecessor Period As of March 31, 2023 (Predecessor), the Company's anti-dilutive securities were profits interests, member loan share options and share options. Based on the amounts outstanding as of March 31, 2023 (Predecessor), the Company excluded the following positions from the computation of diluted net loss per unit because their inclusion would be anti-dilutive due to the losses reported in the Predecessor Period: Anti-Dilutive Instrument March 31, 2023 (Predecessor) Unvested profits interests 226,494 Member loan share options — Occidental Petroleum share options — Total 226,494 The following table sets forth the computation of the Company's basic and diluted net loss per unit for the three months ended March 31, 2023 (Predecessor): March 31, 2023 (Predecessor) Numerator Net loss $ (17,067) Net loss attributable to membership interest holders $ (17,067) Denominator Weighted-average number membership interests outstanding, basic and diluted 3,748 Net loss per unit attributable to membership interest holders, basic and diluted $ (4.55)

Shareholders' Equity and Non-Co

Shareholders' Equity and Non-Controlling Interest	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Shareholders' Equity and Non-Controlling Interest	NOTE 11 — Shareholders' Equity and Non-Controlling Interest Successor Period The Company's equity consists of a total of 831,000,000 authorized shares across all classes of capital stock, which the Company has the authority to issue. The 831,000,000 authorized shares consist of 1,000,000 authorized shares of Preferred Stock with a par value of $0.0001 per share, 520,000,000 authorized shares of Class A Common Stock with a par value of $0.0001 per share, and 310,000,000 shares of Class B Common Stock with a par value of $0.0001 per share. As of March 31, 2024 (Successor), the Company had no outstanding shares of Preferred Stock, 71,970,052 outstanding shares of Class A Common Stock, and 141,801,811 outstanding shares of Class B Common Stock. As of March 31, 2024 (Successor), redeemable non-controlling interests are comprised of 140,624,471 vested Class A OpCo Units, of which 6,967,050 units were formerly vested Class B OpCo Units. Class A OpCo Units are exchangeable for shares of Class A Common Stock or redeemable for cash. Additionally, the Company holds a call right that enables it to redeem Class A OpCo Units for shares of Class A Common Stock or cash once the unit holder has elected to redeem the equity instrument. After considering the effects of consolidation, the Company owns 33.8% of OpCo and non-controlling interest holders own the residual 66.2%. The table below demonstrates the calculation of net loss before income tax attributable to redeemable non-controlling interest holders for the three months ended March 31, 2024 (Successor): March 31, 2024 (Successor) Net Loss before income tax $ (45,670) Redeemable non-controlling interest percentage — Class A OpCo Units 66.2 % Net Loss before income tax attributable to Class A OpCo Units $ (29,773) Predecessor Period The Company's equity in the Predecessor Period comprised a single class of membership interests. The Company's members’ equity as of March 31, 2023 (Predecessor) included 4,987,845 authorized membership interests, of which 3,763,224 were issued and outstanding.

Share-Based Payments

Share-Based Payments	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payments	NOTE 12 — Share-Based Payments OpCo Unit Awards (Predecessor and Successor) As of March 31, 2024 (Successor), there was $1,639 of unrecognized share-based compensation expense related to unvested Class A OpCo Units granted under previous programs, which the Company expects to recognize over a weighted average period of three years. The following table presents a summary of employee equity awards comprised of Class A OpCo Units and the corresponding quantity of shares of Class B Common Stock outstanding, granted, forfeited, vested on an accelerated basis and redeemed included in the condensed consolidated statements of operations and comprehensive loss: Quantity Calculated Value March 31, 2024 (Successor) March 31, 2023 (Predecessor) March 31, 2024 (Successor) March 31, 2023 (Predecessor) Unvested, beginning of period 848,415 226,494 $ 5.21 $ 63.25 Granted — — $ — $ — Forfeited — — $ — $ — Vested — — $ — $ — Accelerated — — $ — $ — Unvested, end of period 848,415 226,494 $ 5.21 $ 63.25 Restricted Stock Units (Successor) During the three months ended March 31, 2024 (Successor), the Company authorized the issuance of 504,421 restricted share units ("RSU") under the terms of the 2023 Omnibus Incentive Plan. As of March 31, 2024 (Successor), there was $5,201 of unrecognized share-based compensation expense related to unvested RSU's, which the Company expects to recognize over a weighted average period of three years. The following table presents a summary of RSU's outstanding, granted, forfeited, vested and accelerated during the three months ended March 31, 2024 (Successor): Quantity Fair Value Unvested, beginning of period 443,221 $ 13.13 Granted 71,200 $ 9.26 Forfeited — $ — Vested — $ — Accelerated (10,000) $ 13.23 Unvested, end of period 504,421 $ 12.85 Awards granted to employees and the majority of executives cliff-vest on the three-year anniversary date of the grant. Awards granted to independent directors and certain executives use a graded vesting schedule over the three-year period that begins on each award's grant date. BHES JDA (Predecessor and Successor) The following table presents the quantity and value of equity issued to Baker Hughes Energy Services LLC ("BHES") as payment for costs incurred pursuant to the Original JDA and the Amended and Restated BHES JDA (Note 14). The portion of BHES JDA costs that the Company pays with Class A OpCo Units and shares of Class B Common Stock is recorded within additional paid in capital on the condensed consolidated balance sheets and the condensed consolidated statement of shareholders' equity and non-controlling interest. The following table displays the fair value of shares distributed as payment for services rendered by BHES under the terms of the BHES JDA during the three-month periods described below: Quantity Total Fair Value March 31, 2024 (Successor) March 31, 2023 (Predecessor) March 31, 2024 (Successor) March 31, 2023 (Predecessor) Equivalent Value per Unit or per Share (1) Membership Interests — 9,210 $ — $ 1,943 $ 168.75 Class A OpCo Units 650,248 — 4,298 — $ 5.29 Class B Common Stock 650,248 — — — $ — Total $ 4,298 $ 1,943 ___________ (1) The Equivalent Value per Unit is the discounted price per membership interest or per share stipulated in the BHES JDA. Shares used as payment under the terms of the Amended and Restated JDA are issued at a discount expected to cause a total loss of approximately $17,500 to the Company over the term of the agreement. The Company has incurred inception-to-date losses of $3,832 related to such issuances. BHES may earn additional shares under the terms of the Amended and Restated JDA ("BHES Bonus Shares") if it meets certain contractually stipulated project milestones related to the development of our technology. The Company determined that BHES's achievement of each of these milestones is probable in accordance with the guidance in ASC Topic 718; therefore, the Company recognizes the compensation cost associated with milestone share-based payments ratably over the expected service period. The following table disaggregates the variable compensation payable to BHES should it meet its milestone objectives: Performance Period End Date Compensation Cost Incurred To Date Remaining Compensation Cost Total Compensation Cost BHES JDA - variable share-based payments January 2027 $ 21,777 $ 5,568 $ 27,345 Additionally, BHES received 47,000 membership interests that converted into 1,500,265 Class A OpCo Units and a corresponding number of shares of Class B Common Stock in conjunction with the consummation of the Business Combination. Reference Note 14 for additional quantitative disclosures related to the BHES JDA.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	NOTE 13 — Leases The following table presents the future minimum lease payments that the Company expects to make under its operating leases as of March 31, 2024 (Successor): Year Future Minimum Lease Payments 2024 $ 379 2025 517 2026 531 2027 544 2028 511 2029 and thereafter — Total $ 2,482 Lease cost for the three months ended March 31, 2024 (Successor) and March 31, 2023 (Predecessor) was $128 and $49, respectively. Lease costs are recorded as General and administrative expense on the condensed consolidated statements of operations and comprehensive loss. Office Leases On June 6, 2022, the Company entered into an office space lease agreement for commercial office space in Durham, North Carolina (the "Measurement Building Lease"), which became effective on November 1, 2022 and had an original lease term of 60 months from the signing date. The lease was classified as an operating lease and the lease liability was calculated using an incremental borrowing rate of 8.0%. On August 11, 2023, the Company agreed to terminate the Measurement Building Lease effective October 6, 2023 and entered into a new office lease agreement (the "Roney St. Lease"). The Roney St. Lease commenced on October 6, 2023 and has an original lease term of 62 months from the commencement date. The simultaneous termination of the Measurement Building Lease and execution of the Roney St. Lease represents a single transaction accounted for as a modification of the Measurement Building Lease. As such, the Company remeasured the lease liabilities and right-of-use asset associated with the Measurement Building Lease and recognized those balances over the amended, remaining lease term. As of March 31, 2024 (Successor), the Company had $2,092 in lease liabilities and $1,974 in right-of-use assets attributable to the Roney St. Lease on its condensed consolidated balance sheets. On February 28, 2024, the Company entered into an office space lease agreement for commercial office space in Houston, Texas (the "Atlas Tower Lease"), which becomes effective no earlier than June 1, 2024 and has an original lease term of 68 months from the commencement date. The Company will measure the lease liabilities and right-of-use asset associated with the Atlas Tower Lease upon commencement of the lease, which is expected to occur mid-2024, and will recognize those balances over the lease term. On March 8, 2024, the Company entered into a land lease with a subsidiary of OXY, a related party, which becomes effective no later than December 31, 2024. The lease has an initial term of 60 months from the commencement date. Additionally, the term may be extended for up to three consecutive periods of ten years. The Company will measure the lease liabilities and right-of-use asset upon commencement of the lease and will recognize those balances over the lease term. The Roney St. Lease includes an early termination option that enables the Company to end the lease on or after its 50th month. The Atlas Tower Lease includes an early termination option that enables the Company to end the lease at the end of its 44th month. As of March 31, 2024 (Successor), the Company determined that it is unlikely to exercise either termination option; therefore, the above minimum lease payments, as well as the right-of-use asset and lease liabilities associated with the Roney St. Lease, do not consider the effects of this termination option on the lease term.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 14 — Commitments and Contingencies Asset Retirement Obligation The Company's valuation of the asset retirement obligation related to the Demonstration Plant encompasses an estimate for the cost to restore the site as required by lease terms. The following table reconciles the beginning and ending balances of the asset retirement obligation as of the dates presented: March 31, 2024 (Successor) March 31, 2023 (Predecessor) Asset retirement obligation, beginning of period $ 2,060 $ 2,416 Obligation incurred — — Accretion expense 43 59 Asset retirement obligation, end of period $ 2,103 $ 2,475 Unconditional Purchase Obligations The Company has committed to purchase industrial components for installation at its Demonstration Plant and its first commercial power plant. The Company pays for these components in installments aligned to contractual milestones specified by each commitment's counterparty. In accordance with ASC Topic 440, Commitments , the Company does not recognize these commitments on the condensed consolidated balance sheets. The following table presents the Company's material, unrecognized purchase obligations as of the periods described: Commitment Consideration Type Gross Commitment March 31, 2024 (Successor) Prior Predecessor / Successor Periods Remaining Commitment Asset purchase commitments Cash $ 26,009 $ 1,372 $ 5,191 $ 19,446 BHES JDA Cash 70,000 3,438 11,868 54,694 BHES JDA Share-Based 70,000 3,438 11,868 54,694 Total $ 166,009 $ 8,248 $ 28,927 $ 128,834 BHES JDA On February 3, 2022, the Company entered into a Joint Development Agreement with affiliates of BHES, which is a shareholder (the "Original JDA"). The Original JDA's counterparties subsequently amended the agreement's terms on June 30, 2022 and December 13, 2022 (the "Amended and Restated JDA", and collectively with the Original JDA, the "BHES JDA"). The Amended and Restated JDA represents a contract that engages BHES to invest in, develop and deploy the NET Power Cycle in collaboration with the Company. The Amended and Restated JDA entitles BHES to payments of cash and equity in exchange for services related to the development and commercialization of the technology. Subsequent to the Business Combination, the Company records the measurement of services provided by BHES within Research and development on the condensed consolidated statements of operations and comprehensive loss. Prior to June 8, 2023 (Successor), the Company recorded costs incurred under the BHES within Research and development – related party on the condensed consolidated statements of operations and comprehensive loss due to the size of their ownership of the Company and because an employee of BHES served on the Company's Board of Directors. Subsequent to the Business Combination, neither BHES nor its affiliates occupy seats on the Company's Board of Directors and its percentage of ownership fell below 5%; therefore, BHES no longer qualifies as a related party after June 7, 2023 (Predecessor). Prior to the Business Combination, the Company used membership interests to compensate BHES for its services under the BHES JDA (Note 12). After the Business Combination, the Company uses Class A OpCo Units and corresponding quantities of Class B Common Stock to compensate BHES for its services under the BHES JDA (Note 12). The following table presents the costs associated with the BHES JDA included in the condensed consolidated statements of operations and comprehensive loss: March 31, 2024 (Successor) March 31, 2023 (Predecessor) Cash expense $ 3,438 $ 1,554 Membership interests issued — 1,943 Class A OpCo Units issued 4,298 — BHES JDA Bonus Share expense 610 2,688 Total research and development attributable to BHES JDA $ 8,346 $ 6,185

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 15 — Income Taxes As of March 31, 2024 (Successor), the Company estimated its annual effective tax rate to be 8.11%, and recorded a deferred income tax benefit of $4,038 for the quarter. The annual effective tax rate varies from the statutory federal income tax rate due to amounts allocated to non-controlling interest, state income taxes and other permanent items. Tax Receivable Agreement - As of March 31, 2024 (Successor), the Company recorded a liability of $10,099 related to its projected obligations under the TRA, which is recorded as Tax Receivable Agreement liability in the condensed consolidated balance sheets. This obligation arose because of qualifying exchanges of Class A OpCo Units that occurred during the period from July 1, 2023 through March 31, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (11,421)	$ (17,067)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP") for interim financial information; however, certain information or footnote disclosures normally included in complete financial statements prepared in accordance with US GAAP may have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). In management's opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements for the year ended December 31, 2023 and include all adjustments, which consist of only normal and recurring adjustments, necessary for fair statement. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of the results to be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the annual financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 11, 2024.
Consolidation	In the opinion of the Company’s management, the Company’s significant accounting policies used for the three months ended March 31, 2024, unless otherwise noted below are consistent with those used for the fiscal year ended December 31, 2023. Accordingly, reference Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Annual Report”) for the Company’s significant accounting policies.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make certain estimates, judgments and assumptions. The estimates, judgments and assumptions made by the Company when accounting for items and matters such as, but not limited to, depreciation, amortization, asset valuations and share-based compensation were based on information available at the time they were made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, as well as amounts reported on the condensed consolidated statements of operations and comprehensive loss during the periods presented. Actual results could differ from those estimates.
Reclassification	Reclassification Certain immaterial prior period amounts have been reclassified to conform to current period presentation.
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted During December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires public business entities to provide annually a tabular reconciliation of the reported income tax expense (or benefit) from continuing operations to the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal income tax rate using specified categories and to disclose separately reconciling items within certain categories with absolute values equal to or greater than five percent of the product of the income (or loss) from continuing operations before tax and the applicable statutory tax rate. Additionally, ASU 2023-09 requires a public business entity to disclose the year-to-date amount of income taxes paid, net of refunds received, to federal, state and foreign jurisdictions. If a payment to a single federal, state or foreign jurisdiction equals or exceeds five percent of total income taxes paid, ASU 2023-09 requires separate disclosure of that payment. Finally, ASU 2023-09 requires a public business entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign jurisdictions and to disclose income tax expense (or benefit) from continuing operations disaggregated between federal, state and foreign jurisdictions. ASU 2023-09 removes the requirement to disclose the nature and estimate of the range of reasonably possible increases or decreases in the unrecognized tax benefits balance in the next 12 months, or to make a statement that an estimate of the range cannot be made. ASU 2023-09 is effective for the Company for calendar years beginning after December 15, 2025. Early adoption is permitted. The Company is evaluating the effect ASU 2023-09 will have on its consolidated financial statements.
Net Loss per Unit and Net Loss per Share	Successor Period Predecessor Period

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table presents the Company's goodwill included in the condensed consolidated balance sheets: Goodwill at December 31, 2023 (Successor) $ 423,920 Measurement Adjustments — Goodwill at March 31, 2024 (Successor) $ 423,920
Schedule of Finite-Lived Intangible Assets	Definite Lived Intangible Assets The following tables summarize the Company's definite lived intangible assets included in the condensed consolidated balance sheets: March 31, 2024 (Successor) December 31, 2023 (Successor) Developed technology, gross $ 1,345,000 $ 1,345,000 Accumulated amortization (54,547) (37,735) Developed technology, net $ 1,290,453 $ 1,307,265
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table presents estimated amortization expense for the next five years and thereafter: Remainder of 2024 $ 50,438 2025 67,250 2026 67,250 2027 67,250 2028 67,250 2029 67,250 2030 and thereafter 903,765 Total $ 1,290,453

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	The following table summarizes the key classifications of property, plant and equipment included in the condensed consolidated balance sheets: March 31, 2024 (Successor) December 31, 2023 (Successor) Furniture and equipment, gross $ 328 $ 320 Demonstration Plant, gross 89,239 89,239 Construction in progress 21,853 14,443 Total property, plant and equipment, gross 111,420 104,002 Accumulated depreciation (10,321) (7,146) Total property, plant and equipment, net $ 101,099 $ 96,856

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following components included in the condensed consolidated balance sheets: March 31, 2024 (Successor) December 31, 2023 (Successor) Accrued incentive compensation $ 819 $ 2,016 Accrued cash-based expense of BHES JDA 3,438 3,669 Accrued legal service provider fees 241 160 Accrued capital expenditures 1,721 3,605 Other accrued liabilities 992 1,465 Total accrued liabilities $ 7,211 $ 10,915

Revenue and Accounts Receivab_2

Revenue and Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Disaggregation of Revenue	The following table disaggregates the revenue included in the condensed consolidated statements of operations and comprehensive loss into its major components: Three months ended March 31, 2024 (Successor) March 31, 2023 (Predecessor) Feasibility studies $ — $ 50 Test data sales — — Testing services — — Total revenue $ — $ 50
Schedule of Accounts, Notes, Loans and Financing Receivable	Accounts receivable, net consist of the following balances included in the condensed consolidated balance sheets: March 31, 2024 (Successor) December 31, 2023 (Successor) Accounts receivable, gross $ — $ 58 Allowance for credit losses — — Accounts receivable, net $ — $ 58

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the related party amounts included in the condensed consolidated balance sheets: March 31, 2024 (Successor) December 31, 2023 (Successor) Amounts due to related parties under master services agreements $ 302 $ 142 The following table summarizes the related party transactions included in the condensed consolidated statements of operations and comprehensive loss: Three months ended March 31, 2024 (Successor) March 31, 2023 (Predecessor) Master services agreement administrative costs $ 26 $ 34 Engineering support provided by former board member — 76 General and administrative – related party $ 26 $ 110 Master services agreement costs for Demonstration Plant $ 267 $ 278 BHES JDA — 6,186 Research and development – related party $ 267 $ 6,464

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-Sale	The following table presents the Company's available-for-sale investments included in the condensed consolidated balance sheets March 31, 2024 Current assets Amortized Cost Unrealized Gain (Loss) Fair Value Corporate bonds $ 9,900 $ 78 $ 9,978 Commercial paper 23,641 199 23,840 U.S. treasuries 35,214 158 35,372 Total $ 68,755 $ 435 $ 69,190 Long-term assets Amortized Cost Unrealized Gain (Loss) Fair Value Corporate bonds $ 2,900 $ 30 $ 2,930 U.S. treasuries 24,666 197 24,863 Total $ 27,566 $ 227 $ 27,793

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	The following table presents the assets and liabilities that the Company measures at fair value on a recurring basis included in the condensed consolidated balance sheets and indicates the level of the valuation inputs the Company utilized to determine each asset's and each liability's fair value: Level March 31, 2024 (Successor) December 31, 2023 (Successor) Assets Available-for-sale investments 1 1 $ 96,983 $ — Short-term investments 2 100,000 100,000 Total assets $ 196,983 $ 100,000 Liabilities Public Warrants 1 $ 25,004 $ 18,969 Private Placement Warrants 3 45,017 36,951 Earnout Shares 3 2,147 1,671 Total liabilities $ 72,168 $ 57,591 ___________ (1) $27,793 of these investments are classified as long-term on our consolidated balance sheet.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table contains a reconciliation of the beginning and ending balances of recurring level 3 fair value measurements included in the condensed consolidated statements of operations and comprehensive loss: March 31, 2024 (Successor) March 31, 2023 (Predecessor) Balance of recurring level 3 liabilities at beginning of period $ 38,622 $ 5,174 Change in Earnout Shares liability and Warrant liability 8,542 — Payments — (5,174) Balance of recurring level 3 liabilities at end of period $ 47,164 $ —

Net Loss per Share_Unit (Tables

Net Loss per Share/Unit (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Based on the amounts outstanding at March 31, 2024 (Successor), the Company excluded the following financial instruments from the computation of diluted net loss per unit because their inclusion would be anti-dilutive: Anti-Dilutive Instrument March 31, 2024 (Successor) Public Warrants 8,622,235 Private Placement Warrants 10,900,000 Earnout Shares 328,925 BHES Bonus Shares 2,068,416 Unvested Class A OpCo Units 848,415 Vested Class A OpCo Units 141,274,719 Unvested RSU's 504,421 Total 164,547,131 Anti-Dilutive Instrument March 31, 2023 (Predecessor) Unvested profits interests 226,494 Member loan share options — Occidental Petroleum share options — Total 226,494
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of the Company's basic and diluted net loss per share for the three months ended March 31, 2024 (Successor): Class A Common Stock Numerator Net loss $ (41,632) Net loss attributable to shareholders $ (11,422) Denominator Weighted-average number shares outstanding, basic and diluted 71,895 Net loss per share attributable to shareholders, basic and diluted $ (0.16) The following table sets forth the computation of the Company's basic and diluted net loss per unit for the three months ended March 31, 2023 (Predecessor): March 31, 2023 (Predecessor) Numerator Net loss $ (17,067) Net loss attributable to membership interest holders $ (17,067) Denominator Weighted-average number membership interests outstanding, basic and diluted 3,748 Net loss per unit attributable to membership interest holders, basic and diluted $ (4.55)

Shareholders' Equity and Non-_2

Shareholders' Equity and Non-Controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule Of Comprehensive Loss Attributable To Non-Redeemable And Redeemable Non-Controlling Interest	The table below demonstrates the calculation of net loss before income tax attributable to redeemable non-controlling interest holders for the three months ended March 31, 2024 (Successor): March 31, 2024 (Successor) Net Loss before income tax $ (45,670) Redeemable non-controlling interest percentage — Class A OpCo Units 66.2 % Net Loss before income tax attributable to Class A OpCo Units $ (29,773)

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Option, Activity	The following table presents a summary of employee equity awards comprised of Class A OpCo Units and the corresponding quantity of shares of Class B Common Stock outstanding, granted, forfeited, vested on an accelerated basis and redeemed included in the condensed consolidated statements of operations and comprehensive loss: Quantity Calculated Value March 31, 2024 (Successor) March 31, 2023 (Predecessor) March 31, 2024 (Successor) March 31, 2023 (Predecessor) Unvested, beginning of period 848,415 226,494 $ 5.21 $ 63.25 Granted — — $ — $ — Forfeited — — $ — $ — Vested — — $ — $ — Accelerated — — $ — $ — Unvested, end of period 848,415 226,494 $ 5.21 $ 63.25
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	The following table presents a summary of RSU's outstanding, granted, forfeited, vested and accelerated during the three months ended March 31, 2024 (Successor): Quantity Fair Value Unvested, beginning of period 443,221 $ 13.13 Granted 71,200 $ 9.26 Forfeited — $ — Vested — $ — Accelerated (10,000) $ 13.23 Unvested, end of period 504,421 $ 12.85
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award	The following table presents the quantity and value of equity issued to Baker Hughes Energy Services LLC ("BHES") as payment for costs incurred pursuant to the Original JDA and the Amended and Restated BHES JDA (Note 14). The portion of BHES JDA costs that the Company pays with Class A OpCo Units and shares of Class B Common Stock is recorded within additional paid in capital on the condensed consolidated balance sheets and the condensed consolidated statement of shareholders' equity and non-controlling interest. The following table displays the fair value of shares distributed as payment for services rendered by BHES under the terms of the BHES JDA during the three-month periods described below: Quantity Total Fair Value March 31, 2024 (Successor) March 31, 2023 (Predecessor) March 31, 2024 (Successor) March 31, 2023 (Predecessor) Equivalent Value per Unit or per Share (1) Membership Interests — 9,210 $ — $ 1,943 $ 168.75 Class A OpCo Units 650,248 — 4,298 — $ 5.29 Class B Common Stock 650,248 — — — $ — Total $ 4,298 $ 1,943 ___________ (1) The Equivalent Value per Unit is the discounted price per membership interest or per share stipulated in the BHES JDA. Performance Period End Date Compensation Cost Incurred To Date Remaining Compensation Cost Total Compensation Cost BHES JDA - variable share-based payments January 2027 $ 21,777 $ 5,568 $ 27,345

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Lessee, Operating Lease, Liability, to be Paid, Maturity	The following table presents the future minimum lease payments that the Company expects to make under its operating leases as of March 31, 2024 (Successor): Year Future Minimum Lease Payments 2024 $ 379 2025 517 2026 531 2027 544 2028 511 2029 and thereafter — Total $ 2,482

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Change in Asset Retirement Obligation	The following table reconciles the beginning and ending balances of the asset retirement obligation as of the dates presented: March 31, 2024 (Successor) March 31, 2023 (Predecessor) Asset retirement obligation, beginning of period $ 2,060 $ 2,416 Obligation incurred — — Accretion expense 43 59 Asset retirement obligation, end of period $ 2,103 $ 2,475
Long-Term Purchase Commitment	The following table presents the Company's material, unrecognized purchase obligations as of the periods described: Commitment Consideration Type Gross Commitment March 31, 2024 (Successor) Prior Predecessor / Successor Periods Remaining Commitment Asset purchase commitments Cash $ 26,009 $ 1,372 $ 5,191 $ 19,446 BHES JDA Cash 70,000 3,438 11,868 54,694 BHES JDA Share-Based 70,000 3,438 11,868 54,694 Total $ 166,009 $ 8,248 $ 28,927 $ 128,834
Equity Method Investments	The following table presents the costs associated with the BHES JDA included in the condensed consolidated statements of operations and comprehensive loss: March 31, 2024 (Successor) March 31, 2023 (Predecessor) Cash expense $ 3,438 $ 1,554 Membership interests issued — 1,943 Class A OpCo Units issued 4,298 — BHES JDA Bonus Share expense 610 2,688 Total research and development attributable to BHES JDA $ 8,346 $ 6,185

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 423,920
Measurement Adjustments	0
Goodwill, ending balance	$ 423,920

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total	$ 1,290,453
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Developed technology, gross	1,345,000	$ 1,345,000
Accumulated amortization	(54,547)	(37,735)
Total	$ 1,290,453	$ 1,307,265

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 16,812	$ 5

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 50,438
2025	67,250
2026	67,250
2027	67,250
2028	67,250
2029	67,250
2030 and thereafter	903,765
Total	$ 1,290,453

Property, Plant, and Equipmen_2

Property, Plant, and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 111,420	$ 104,002
Accumulated depreciation	(10,321)	(7,146)
Total property, plant and equipment, net	101,099	96,856
Furniture and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	328	320
Demonstration Plant
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	89,239	89,239
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 21,853	$ 14,443

Property, Plant, and Equipmen_3

Property, Plant, and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 3,176	$ 3,268

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued incentive compensation	$ 819	$ 2,016
Accrued cash-based expense of BHES JDA	3,438	3,669
Accrued legal service provider fees	241	160
Accrued capital expenditures		3,605
Other accrued liabilities	992	1,465
Total accrued liabilities	$ 7,211	$ 10,915

Revenue and Accounts Receivab_3

Revenue and Accounts Receivable - Schedule of Revenue Streams (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 0	$ 50
Feasibility studies
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	50
Test data sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0
Testing services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 0	$ 0

Revenue and Accounts Receivab_4

Revenue and Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Receivables [Abstract]
Accounts receivable, gross	$ 0	$ 58
Allowance for credit losses	0	0
Accounts receivable, net	$ 0	$ 58

Revenue and Accounts Receivab_5

Revenue and Accounts Receivable - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Receivables [Abstract]
Bad debt expense	$ 0	$ 0

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Balance Sheet Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Related Party Transaction [Line Items]
Due to related parties - current	$ 302	$ 142
Related Party
Related Party Transaction [Line Items]
Due to related parties - current	$ 302	$ 142	$ 142

Related Party Transactions - St

Related Party Transactions - Statement Of Operations Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
BHES
Related Party Transaction [Line Items]
Research and development	$ 8,346	$ 6,185
Related Party
Related Party Transaction [Line Items]
General and administrative	26	110
Research and development	267	6,464
Related Party | BHES
Related Party Transaction [Line Items]
Research and development	0	6,186
Related Party | Master services agreement administrative costs
Related Party Transaction [Line Items]
General and administrative	26	34
Related Party | Engineering support provided by former board member
Related Party Transaction [Line Items]
General and administrative	0	76
Related Party | Master services agreement costs for Demonstration Plant
Related Party Transaction [Line Items]
Research and development	$ 267	$ 278

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Due to related parties	$ 302		$ 142
Related Party
Related Party Transaction [Line Items]
Due to related parties	302	$ 142	$ 142
General and administrative	26	110
Related Party | Master services agreement administrative costs
Related Party Transaction [Line Items]
Related party, amounts of transaction	26	34
General and administrative	26	34
Related Party | Master services agreement costs for Demonstration Plant
Related Party Transaction [Line Items]
Related party, amounts of transaction	267	278
Related Party | Engineering support provided by former board member
Related Party Transaction [Line Items]
General and administrative	$ 0	$ 76

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Thousands	Mar. 31, 2024 USD ($) type_of_investment	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Types of investments | type_of_investment	2
Short-term investments	$ 100,000	$ 100,000
Interest receivable	373	1,942
Certificates of Deposit
Debt Securities, Available-for-Sale [Line Items]
Short-term investments	100,000	100,000
Interest receivable	$ 317	$ 1,886

Investments - Schedule of Avail

Investments - Schedule of Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, current	$ 68,755
Amortized cost, noncurrent	27,566
Unrealized gain (loss), current	435
Unrealized gain (loss), noncurrent	227
Investments in securities, available-for-sale	69,190	$ 0
Fair value, noncurrent	27,793	$ 0
Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, current	9,900
Amortized cost, noncurrent	2,900
Unrealized gain (loss), current	78
Unrealized gain (loss), noncurrent	30
Investments in securities, available-for-sale	9,978
Fair value, noncurrent	2,930
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, current	23,641
Unrealized gain (loss), current	199
Investments in securities, available-for-sale	23,840
U.S. treasuries
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, current	35,214
Amortized cost, noncurrent	24,666
Unrealized gain (loss), current	158
Unrealized gain (loss), noncurrent	197
Investments in securities, available-for-sale	35,372
Fair value, noncurrent	$ 24,863

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Short-term investments	$ 100,000	$ 100,000
Liabilities
Warrant liability	70,021	55,920
Earnout Shares liability	2,147	1,671
Fair value, noncurrent	27,793	0
Fair Value, Recurring
Assets
Total assets	196,983	100,000
Liabilities
Total liabilities	72,168	57,591
Level 1 | Fair Value, Recurring
Assets
Available-for-sale investments	96,983	0
Level 1 | Fair Value, Recurring | Public Warrants
Liabilities
Warrant liability	25,004	18,969
Level 2 | Fair Value, Recurring
Assets
Short-term investments	100,000	100,000
Level 3 | Fair Value, Recurring
Liabilities
Earnout Shares liability	2,147	1,671
Level 3 | Fair Value, Recurring | Private Placement Warrants
Liabilities
Warrant liability	$ 45,017	$ 36,951

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Level 3 Fair Value of Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance of recurring level 3 liabilities at beginning of period	$ 38,622	$ 5,174
Change in Earnout Shares liability and Warrant liability	8,542	0
Payments	0	(5,174)
Balance of recurring level 3 liabilities at end of period	$ 47,164	$ 0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Change in Earnout Shares liability and Warrant liability	Change in Earnout Shares liability and Warrant liability

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands		3 Months Ended
	Feb. 03, 2022	Mar. 31, 2023 USD ($) option_holder shares	Mar. 31, 2024 yr
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Option liability, vesting period	1 year
Number of option holders | option_holder		2
Stock issued during period, shares, conversion of convertible securities (in shares) | shares		34,588
Proceeds from exercise of option liabilities | $		$ 5,836
Loans
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Interest expense, debt | $		$ 30
Monte Carlo Simulation | Measurement Input, Expected Term
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input | yr			2.19
Monte Carlo Simulation | Measurement Input, Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input			0.045
Monte Carlo Simulation | Measurement Input, Operating Asset Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input			0.373
Black-Scholes Merton Model | Measurement Input, Expected Term
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input | yr			5
Black-Scholes Merton Model | Measurement Input, Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input			0.042
Black-Scholes Merton Model | Measurement Input, Offered Price
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input			11.39
Black-Scholes Merton Model | Measurement Input, Price Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input			0.381
Black-Scholes Merton Model | Measurement Input, Strike Price
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input			11.50

Net Loss per Share_Unit - Sched

Net Loss per Share/Unit - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Successor) (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	164,547,131	226,494
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,622,235
Private Placement Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	10,900,000
Earnout Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	328,925
BHES Bonus Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,068,416
Common Stock | Unvested Class A OpCo Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	848,415
Common Stock | Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	141,274,719
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	504,421

Net Loss per Share_Unit - Sch_2

Net Loss per Share/Unit - Schedule of Earnings Per Share, Basic, and Diluted, For Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net loss	$ (11,421)	$ (17,067)
Net loss attributable to shareholders		$ (17,067)
Denominator
Weighted-average number shares outstanding, diluted (in shares)	71,894,553	3,748,476
Weighted-average number shares outstanding, basic (in shares)	71,894,553	3,748,476
Net loss per share attributable to shareholders, diluted (in dollars per share)	$ (0.16)	$ (4.55)
Net loss per share attributable to shareholders, basic (in dollars per share)	$ (0.16)	$ (4.55)
Class A Common Stock
Numerator
Net loss	$ (41,632)
Net loss attributable to shareholders	$ (11,422)
Denominator
Weighted-average number shares outstanding, diluted (in shares)	71,895,000
Weighted-average number shares outstanding, basic (in shares)	71,895,000
Net loss per share attributable to shareholders, diluted (in dollars per share)	$ (0.16)
Net loss per share attributable to shareholders, basic (in dollars per share)	$ (0.16)

Net Loss per Share_Unit - Sch_3

Net Loss per Share/Unit - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Predecessor) (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	164,547,131	226,494
Unvested profits interests
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		226,494
Member loan share options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		0
Occidental Petroleum share options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		0

Net Loss per Share_Unit - Sch_4

Net Loss per Share/Unit - Schedule of Earnings Per Share, Basic and Diluted, For Membership Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net loss	$ (11,421)	$ (17,067)
Net loss attributable to shareholders		$ (17,067)
Denominator
Weighted-average number membership interests outstanding, basic (in shares)	71,894,553	3,748,476
Weighted-average number membership interests outstanding, diluted (in shares)	71,894,553	3,748,476
Net loss per unit attributable to membership interest holders, basic (in dollars per share)	$ (0.16)	$ (4.55)
Net loss per unit attributable to membership interest holders, diluted (in dollars per share)	$ (0.16)	$ (4.55)

Shareholders' Equity and Non-_3

Shareholders' Equity and Non-Controlling Interest - Narrative (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Class of Stock [Line Items]
Stockholders' equity, shares authorized (in shares)	831,000,000
Preferred stock, shares authorized (in shares)	1,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001
Common stock, shares authorized (in shares)			4,987,845
Preferred stock, shares outstanding (in shares)	0
Common stock, outstanding (in shares)			3,763,224
Common stock, shares, issued (in shares)			3,763,224
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	520,000,000	520,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, outstanding (in shares)	71,970,052	71,277,906
Redeemable non-controlling interest percentage of common units	66.20%
Common stock, shares, issued (in shares)	71,970,052	71,277,906
Class A Common Stock | OpCo
Class of Stock [Line Items]
Subsidiary, ownership percentage	33.80%
Class A Common Stock | Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)	71,970,052	71,277,906
Redeemable non-controlling interests in subsidiary	140,624,471
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	310,000,000	310,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, outstanding (in shares)	141,801,811	141,787,429
Common stock, shares, issued (in shares)	141,801,811	141,787,429
Class B Common Stock | Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)	141,801,811	141,787,429
Redeemable non-controlling interests in subsidiary	6,967,050

Shareholders' Equity and Non-_4

Shareholders' Equity and Non-Controlling Interest - Summary of Calculation of Non-Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Net loss before income tax	$ (45,670)	$ (17,067)
Class A Common Stock
Class of Stock [Line Items]
Redeemable non-controlling interest percentage of common units	66.20%
Comprehensive loss attributable to common units	$ (29,773)

Share-Based Payments - Narrativ

Share-Based Payments - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Jun. 08, 2023	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Remaining Compensation Cost		$ 5,568
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		3 years
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Remaining Compensation Cost		$ 5,201
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		3 years
BHES
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Gain (loss) on stock issued during period, value, issued for services		$ (17,500)
Gain (loss) on stock issued during period, value, issued for services, inception-to-date		(3,832)
Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Remaining Compensation Cost		$ 1,639
Class A Common Stock | BHES
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock issued during period, shares, conversion of units (in shares)	1,500,265
Class B Common Stock | BHES
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock issued during period, shares, conversion of units (in shares)	1,500,265
Omnibus Incentive Plan | Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment, number of shares authorized (in shares)		504,421
Share-based payments, award vesting period		3 years
Joint Development Agreement | BHES
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock issued during period, shares, acquisitions (in shares)	47,000

Share-Based Payments - Schedule

Share-Based Payments - Schedule of Equity Awards Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Unvested equity awards at the beginning of the period (in shares)	848,415
Granted (in shares)	0
Forfeited (in shares)	0
Redeemed (in shares)	0
Accelerated (in shares)	0
Unvested equity awards at the end of the period (in shares)	848,415
Unvested equity awards at the beginning of the period (in dollars per share)	$ 5.21
Granted (in dollars per share)	0
Forfeited (in dollars per share)	0
Redeemed (in dollars per share)	0
Accelerated (in dollars per share)	0
Unvested equity awards at the end of the period (in dollars per share)	$ 5.21
Membership Interests
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Unvested equity awards at the beginning of the period (in shares)		226,494
Granted (in shares)		0
Forfeited (in shares)		0
Redeemed (in shares)		0
Accelerated (in shares)		0
Unvested equity awards at the end of the period (in shares)		226,494
Unvested equity awards at the beginning of the period (in dollars per share)		$ 63.25
Granted (in dollars per share)		0
Forfeited (in dollars per share)		0
Redeemed (in dollars per share)		0
Accelerated (in dollars per share)		0
Unvested equity awards at the end of the period (in dollars per share)		$ 63.25

Share-Based Payments - Schedu_2

Share-Based Payments - Schedule of Restricted Stock Unit Activity (Details) - Common Stock	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Unvested equity awards at the beginning of the period (in shares) | shares	848,415
Granted (in shares) | shares	0
Forfeited (in shares) | shares	0
Redeemed (in shares) | shares	0
Accelerated (in shares) | shares	0
Unvested equity awards at the end of the period (in shares) | shares	848,415
Unvested equity awards at the beginning of the period (in dollars per share) | $ / shares	$ 5.21
Granted (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Redeemed (in dollars per share) | $ / shares	0
Accelerated (in dollars per share) | $ / shares	0
Unvested equity awards at the end of the period (in dollars per share) | $ / shares	$ 5.21
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Unvested equity awards at the beginning of the period (in shares) | shares	443,221
Granted (in shares) | shares	71,200
Forfeited (in shares) | shares	0
Redeemed (in shares) | shares	0
Accelerated (in shares) | shares	(10,000)
Unvested equity awards at the end of the period (in shares) | shares	504,421
Unvested equity awards at the beginning of the period (in dollars per share) | $ / shares	$ 13.13
Granted (in dollars per share) | $ / shares	9.26
Forfeited (in dollars per share) | $ / shares	0
Redeemed (in dollars per share) | $ / shares	0
Accelerated (in dollars per share) | $ / shares	13.23
Unvested equity awards at the end of the period (in dollars per share) | $ / shares	$ 12.85

Share-Based Payments - Schedu_3

Share-Based Payments - Schedule of Share-Based Payments Issued to BHES (Details) - BHES - BHES JDA - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Quantity
Membership Interests (in shares)	0	9,210
Total Fair Value
Membership Interests	$ 0	$ 1,943
Stock issued during period, value, issued for services	$ 4,298	$ 1,943
Membership interests, fair value or equivalent value per unit (in dollars per share)	$ 168.75
Class A Common Stock
Quantity
Stock issued during period, shares, issued for services (in shares)	650,248	0
Total Fair Value
Stock issued during period, value, issued for services	$ 4,298	$ 0
Share-based compensation, common stock, fair value or equivalent value per unit (in dollars per share)	$ 5.29
Class B Common Stock
Quantity
Stock issued during period, shares, issued for services (in shares)	650,248	0
Total Fair Value
Stock issued during period, value, issued for services	$ 0	$ 0
Share-based compensation, common stock, fair value or equivalent value per unit (in dollars per share)	$ 0

Share-Based Payments - Schedu_4

Share-Based Payments - Schedule of Compensation Payable to BHES (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Compensation Cost Incurred To Date	$ 21,777
Remaining Compensation Cost	5,568
Total Compensation Cost	$ 27,345

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands		3 Months Ended
	Mar. 08, 2024 period	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Feb. 28, 2024	Dec. 31, 2023 USD ($)	Oct. 06, 2023	Jun. 06, 2022
Lessee, Lease, Description [Line Items]
Operating lease, cost		$ 128	$ 49
Lessee, operating lease, discount rate							8%
Operating lease right-of-use assets		2,120			$ 2,212
Measurement Building Lease
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract							60 months
Roney St. Lease
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract						62 months
Operating lease, liability		2,092
Operating lease right-of-use assets		$ 1,974
Operating lease, early termination, term		50 months
Atlas Tower Lease
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract				68 months
Operating lease, early termination, term		44 months
Land
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	60 months
Lessee, operating lease, number of extension periods | period	3
Lessee, operating lease, renewal term	10 years

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) - Roney St. Lease $ in Thousands	Mar. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
2024	$ 379
2025	517
2026	531
2027	544
2028	511
2030 and thereafter	0
Total	$ 2,482

Commitments and Contingencies -

Commitments and Contingencies - Reconciliation of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation, beginning of period	$ 2,060	$ 2,416
Obligation incurred	0	0
Accretion expense	43	59
Asset retirement obligation, end of period	$ 2,103	$ 2,475

Commitment and Contingencies -

Commitment and Contingencies - Schedule of Unconditional Purchase Obligations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Unrecorded Unconditional Purchase Obligation [Line Items]
Gross Commitment	$ 166,009
Unrecorded unconditional purchase obligation, recognized in current period	8,248	$ 28,927
Remaining Commitment	128,834
Asset purchase commitments | Cash
Unrecorded Unconditional Purchase Obligation [Line Items]
Gross Commitment	26,009
Unrecorded unconditional purchase obligation, recognized in current period	1,372	5,191
Remaining Commitment	19,446
Joint Development Agreements, Paid In Cash
Unrecorded Unconditional Purchase Obligation [Line Items]
Gross Commitment	70,000
Unrecorded unconditional purchase obligation, recognized in current period	3,438	11,868
Remaining Commitment	54,694
Joint Development Agreements, Paid In Share-Based Payments
Unrecorded Unconditional Purchase Obligation [Line Items]
Gross Commitment	70,000
Unrecorded unconditional purchase obligation, recognized in current period	3,438	$ 11,868
Remaining Commitment	$ 54,694

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Unrecognized Purchase Commitments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Gross Commitment	$ 166,009
Unrecorded unconditional purchase obligation, recognized in current period	8,248	$ 28,927
Remaining Commitment	128,834
Joint Development Agreements, Paid In Cash
Other Commitments [Line Items]
Gross Commitment	70,000
Unrecorded unconditional purchase obligation, recognized in current period	3,438	11,868
Remaining Commitment	54,694
Joint Development Agreements, Paid In Share-Based Payments
Other Commitments [Line Items]
Gross Commitment	70,000
Unrecorded unconditional purchase obligation, recognized in current period	3,438	11,868
Remaining Commitment	54,694
Cash | Asset purchase commitments
Other Commitments [Line Items]
Gross Commitment	26,009
Unrecorded unconditional purchase obligation, recognized in current period	1,372	$ 5,191
Remaining Commitment	$ 19,446

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Costs Associated with JDA (Details) - BHES - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Commitments [Line Items]
Cash expense	$ 3,438	$ 1,554
BHES JDA Bonus Share expense	610	2,688
Research and development	8,346	6,185
Membership Interests
Other Commitments [Line Items]
Class A OpCo Units issued	0	1,943
Common Stock
Other Commitments [Line Items]
Class A OpCo Units issued	$ 4,298	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	8.11%
Income tax expense (benefit)	$ (4,038)	$ 0
Tax receivable agreement, liability	$ 10,099		$ 8,937