Occidental Petroleum Corporation has entered into a transaction to acquire indirectly, through its wholly-owned subsidiary OLCV Net Power, LLC ("OLCV"), up to approximately 25 percent of the membership interests in NET Power, which owns and operates a 25 MW natural-gas-fueled generation facility in La Porte, Texas (in Harris County) that uses a first-of-its-kind technology to drive the turbine with high-pressure carbon dioxide and that generates power with near-zero emissions, including full carbon dioxide capture.

OLCV will join current investors Exelon Generation (NYSE: EXC), McDermott (NYSE: MDR), and 8 Rivers Capital.

The last phase of testing at NET Power will commence shortly and is expected to be completed by early 2019. At that time, NET Power expects to have the data necessary to commence detailed engineering of 300MWe commercial scale plants with major power, oil and gas, and industrial customers around the world.