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SCHEDULE 13D/A 0001981100 XXXXXXXX LIVE 8 Class A Common Stock, par value $0.0001 11/02/2025 false 0001845437 64107A105 NET Power Inc. 320 RONEY STREET, SUITE 200 Durham NC 27701 Min Lee 919-667-1800 8 Rivers Capital, LLC 406 Blackwell Street, 4th Floor Durham NC 27701 0001981100 N 8 Rivers Capital, LLC WC OO N DE 0.00 24568533.00 0.00 24568533.00 24568533.00 N 23.49 OO Row 8, 10 and 11. Beneficial ownership of shares of Class A common stock, par value $0.0001 per share ("Class A Common Stock"), of NET Power Inc. (the "Issuer") is being reported hereunder solely because the reporting person may be deemed to have beneficial ownership of such shares as a result of the relationships described under Item 2 and Item 3 and the matters described in Item 3, Item 4 and Item 5 of Schedule 13D (as defined below), as amended by this Amendment No. 8 (as defined below). Represents (i) 3,838,653 shares of Class A Common Stock held directly by NPEH and (ii) 20,729,880 Class A Units of NET Power Operations LLC ("Opco Units") held directly by NPEH, LLC ("NPEH"), that are exchangeable for shares of Class A Common Stock on a one-for-one basis as described herein. At the time of any such exchange, an equal number of shares of Class B common stock, par value $0.0001 per share ("Class B Common Stock"), of the Issuer held directly by NPEH, which have no economic value, will be cancelled. Row 13. Based upon (i) 83,882,957 shares of Class A Common Stock issued and outstanding comprised of (a) 77,882,957 shares of Class A Common Stock issued and outstanding as of August 7, 2025, as reported in the Issuer's Current Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on August 11, 2025 (the "Issuer Form 10-Q"), (b) 2,161,347 shares of Class A Common Stock that were sold by NPEH between October 15, 2025 and November 3, 2025 following the redemption and exchange of an equal number of OpCo Units (and the cancellation of an equal number of shares of Class B Common Stock) and (c) 3,838,653 shares of Class A Common Stock held directly by NPEH and (ii) 20,729,880 shares of Class A Common Stock issuable to NPEH upon the redemption and exchange of an equal number of Opco Units (and the cancellation of an equal number of shares of Class B Common Stock) held by NPEH. Y NPEH, LLC OO N DE 0.00 24568533.00 0.00 24568533.00 24568533.00 N 23.49 OO Row 8, 10 and 11. Represents 3,838,653 shares of Class A Common Stock and 20,729,880 Opco Units held directly by NPEH that are exchangeable for shares of Class A Common Stock on a one-for-one basis as described herein. At the time of any such exchange, an equal number of shares of Class B Common Stock held directly by NPEH, which have no economic value, will be cancelled. Row 13. Based upon (i) 83,882,957 shares of Class A Common Stock outstanding comprised of (a) 77,882,957 shares of Class A Common Stock issued and outstanding as of August 7, 2025, as reported in the Issuer Form 10-Q, (b) 2,161,347 shares of Class A Common Stock that were sold by NPEH between October 15, 2025 and November 3, 2025 following the redemption and exchange of an equal number of OpCo Units (and the cancellation of an equal number of shares of Class B Common Stock) and (c) 3,838,653 shares of Class A Common Stock held directly by NPEH and (ii) 20,729,880 shares of Class A Common Stock issuable to NPEH upon the redemption and exchange of an equal number of Opco Units (and the cancellation of an equal number of shares of Class B Common Stock) held by NPEH. Y Damian Beauchamp PF N X1 0.00 24568533.00 0.00 24568533.00 24568533.00 N 23.49 IN Rows 8, 10 and 11: On November 2, 2025, Cynda Beauchamp ("Mrs. Beauchamp"), who directly owned 100% of the outstanding equity of 8RCH, LLC ("8RCH"), which directly owns 50% of each of Tillandsia, Inc. ("Tillandsia"), Areca, Inc. ("Areca") and Chamaedorea, Inc. ("Chamaedoria"), sold her interests in 8RCH to Damian Beauchamp ("Mr. Beauchamp") (the "Sale"). Following the Sale, Mr. Beauchamp directly owns 50% of the outstanding equity of each of Tillandsia, Areca and Chamaedorea and 100% of the interests of 8RCH. 8RCH directly owns 50% of the outstanding equity of each of Tillandsia, Areca and Chamaedorea. Each of Tillandsia, Areca and Chamaedorea directly owns approximately 18.60%, 25.77% and 24.11%, respectively, or an aggregate of approximately 68.48% of the voting units of 8 Rivers Capital, LLC ("8 Rivers"), and Mr. Beauchamp directly owns approximately 2.27% of the voting units of 8 Rivers. 8 Rivers owns approximately 91.4% of the outstanding equity of NPEH and is the manager of NPEH and may be deemed to beneficially own the shares of Class A Common Stock issuable to NPEH upon the redemption and exchange of an equal number of Opco Units (and the cancellation of an equal number of shares of Class B Common Stock) held by NPEH. Because of the foregoing relationships, each of Mr. Beauchamp and 8RCH may be deemed to beneficially own the shares of Class A Common Stock that may be beneficially owned by 8 Rivers. Row 13: Based upon (i) 83,882,957 shares of Class A Common Stock outstanding comprised of (a) 77,882,957 shares of Class A Common Stock issued and outstanding as of August 7, 2025, as reported in the Issuer Form 10-Q, (b) 2,161,347 shares of Class A Common Stock that were sold by NPEH between October 15, 2025 and November 3, 2025 following the redemption and exchange of an equal number of OpCo Units (and the cancellation of an equal number of shares of Class B Common Stock) and (c) 3,838,653 shares of Class A Common Stock held directly by NPEH and (ii) 20,729,880 shares of Class A Common Stock issuable to NPEH upon the redemption and exchange of an equal number of Opco Units (and the cancellation of an equal number of shares of Class B Common Stock) held by NPEH. Y 8RCH, LLC WC N DE 0.00 24568533.00 0.00 24568533.00 24568533.00 N 23.49 OO Rows 8, 10 and 11: Following the Sale, Mr. Beauchamp directly owns 50% of the outstanding equity of each of Tillandsia, Areca and Chamaedorea and 100% of the interests of 8RCH. 8RCH directly owns 50% of the outstanding equity of each of Tillandsia, Areca and Chamaedorea. Each of Tillandsia, Areca and Chamaedorea directly owns approximately 18.60%, 25.77% and 24.11%, respectively, or an aggregate of approximately 68.48% of the voting units of 8 Rivers and Mr. Beauchamp directly owns approximately 2.27% of the voting units of 8 Rivers. 8 Rivers owns approximately 91.4% of the outstanding equity of NPEH and is the manager of NPEH and may be deemed to beneficially own the shares of Class A Common Stock issuable to NPEH upon the redemption and exchange of an equal number of Opco Units (and the cancellation of an equal number of shares of Class B Common Stock) held by NPEH. Because of the foregoing relationships, each of Mr. Beauchamp and 8RCH may be deemed to beneficially own the shares of Class A Common Stock that may be beneficially owned by 8 Rivers. Row 13: Based upon (i) 83,882,957 shares of Class A Common Stock outstanding comprised of (a) 77,882,957 shares of Class A Common Stock issued and outstanding as of August 7, 2025, as reported in the Issuer Form 10-Q, (b) 2,161,347 shares of Class A Common Stock that were sold by NPEH between October 15, 2025 and November 3, 2025 following the redemption and exchange of an equal number of OpCo Units (and the cancellation of an equal number of shares of Class B Common Stock) and (c) 3,838,653 shares of Class A Common Stock held directly by NPEH and (ii) 20,729,880 of Class A Common Stock issuable to NPEH upon the redemption and exchange of an equal number of Opco Units (and the cancellation of an equal number of shares of Class B Common Stock) held by NPEH. Y Cynda Beauchamp OO N X1 0.00 0.00 0.00 0.00 0.00 N 0 OO Rows 8, 10, 11 and 13: On November 2, 2025, Mrs. Beauchamp, who directly owned 100% of the outstanding equity of 8RCH, which directly owns 50% of each of Tillandsia, Areca and Chamaedorea, sold her interests in 8RCH to Mr. Beauchamp. Following the Sale, Mr. Beauchamp directly owns 50% of the outstanding equity of each of Tillandsia, Areca and Chamaedorea and 100% of the interests of 8RCH. Following the Sale, Mrs. Beauchamp no longer beneficially owns 5% or greater of the Issuer's Class A Common Stock, and is therefore no longer a Reporting Person. Class A Common Stock, par value $0.0001 NET Power Inc. 320 RONEY STREET, SUITE 200 Durham NC 27701 This Amendment No. 8 ("Amendment No. 8") to Schedule 13D amends the statement on Schedule 13D originally filed by each of 8 Rivers, LLC ("8 Rivers"), NPEH, LLC ("NPEH"), SK Inc. ("SK"), Tillandsia, Inc. ("Tillandsia") Areca, Inc. ("Areca") and Chamaedorea, Inc. ("Chamaedoria") on June 20, 2023, as amended by Amendment No. 1 on May 28, 2024, as amended by Amendment No. 2 on September 23, 2024, as amended by Amendment No. 3 on October 21, 2024, as amended by Amendment No. 4 on November 26, 2024, as amended by Amendment No. 5 on July 17, 2025, and as amended by Amendment No. 6 on August 1, 2025, as amended by Amendment No. 7 on October 29, 2025 (the "Schedule 13D") and is filed by each of 8 Rivers, NPEH, Cynda Beauchamp ("Mrs. Beauchamp"), Damian Beauchamp ("Mr. Beauchamp") and 8RCH, LLC ("8RCH") (each, a "Reporting Person" and collectively the "Reporting Persons"). Capitalized terms used but not defined in this Amendment No. 8 shall have the same meanings ascribed to them in the Schedule 13D. Except as otherwise provided herein, each Item of the Schedule 13D remains unchanged. The information contained in Item 3 of Schedule 13D is hereby amended and supplemented by adding the following information: On November 2, 2025, Mrs. Beauchamp, who directly owned 100% of the outstanding equity of 8RCH, which directly owns 50% of each of Tillandsia, Areca and Chamaedorea, sold her interests in 8RCH to Mr. Beauchamp (the "Sale"). Following the Sale, Mr. Beauchamp directly owns 50% of the outstanding equity of each of Tillandsia, Areca and Chamaedorea and 100% of the interests of 8RCH. Mr. Beauchamp used personal funds to fund the purchase price for the Sale. Following the Sale, Mrs. Beauchamp no longer beneficially owns 5% or greater of the Issuer's Class A Common Stock, and is therefore no longer a Reporting Person. The information contained in Item 4 of Schedule 13D is hereby amended and supplemented by adding the following information: On November 2, 2025, Mrs. Beauchamp, who directly owned 100% of the outstanding equity of 8RCH, which directly owns 50% of each of Tillandsia, Areca and Chamaedorea, sold her interests in 8RCH to Mr. Beauchamp. Following the Sale, Mr. Beauchamp directly owns 50% of the outstanding equity of each of Tillandsia, Areca and Chamaedorea and 100% of the interests of 8RCH. Following the Sale, Mrs. Beauchamp no longer beneficially owns 5% or greater of the Issuer's Class A Common Stock, and is therefore no longer a Reporting Person. On November 3, 2025, NPEH effected the exchange of 2,000,000 Opco Units for 2,000,000 shares of Class A Common Stock. Upon such exchange, an equal number of shares of Class B Common Stock held by NPEH, which have no economic value, were cancelled. Between October 30, 2025 and November 3, 2025, NPEH sold 134,347 shares of Class A Common Stock held by it. The information contained in rows 7, 8, 9, 10, 11 and 13 of the cover pages for each Reporting Person is hereby incorporated by reference in its entirety into this Item 5. The percentages reported in this Amendment No. 8 are calculated based upon (i) 83,882,957 shares of Class A Common Stock outstanding comprised of (a) 77,882,957 shares of Class A Common Stock issued and outstanding as of August 7, 2025, as reported in the Issuer Form 10-Q, (b) 2,161,347 shares of Class A Common Stock that were sold by NPEH between October 15, 2025 and November 3, 2025 and (c) 3,838,653 shares of Class A Common Stock held directly by NPEH and (ii) 20,729,880 shares of Class A Common Stock issuable to NPEH upon the redemption and exchange of an equal number of Opco Units (and the cancellation of an equal number of shares of Class B Common Stock) held by NPEH. Except as described in Schedule 13D and this Amendment No. 8, no transactions in the class of securities reported have been effected during the past sixty (60) days by the Reporting Persons. Other than as described in this Amendment No. 8, to the knowledge of the Reporting Persons, no other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities of Issuer covered by this Amendment No. 8. Not applicable. Joint Filing Agreement by and between 8 Rivers Capital, LLC, NPEH, LLC, Damian Beauchamp, Cynda Beauchamp, 8RCH, LLC, Tillandsia, Inc., Areca, Inc., Chamaedorea, Inc., and SK Inc. dated July 30, 2025. (incorporated by reference to Exhibit 99.1 to the Company's Schedule 13D/A filed with the SEC on August 1, 2025) 8 Rivers Capital, LLC /s/ Min Lee Min Lee, General Counsel 11/04/2025 NPEH, LLC 8 Rivers Capital, LLC its Manager 11/04/2025 /s/ Min Lee Min Lee, General Counsel 11/04/2025 Damian Beauchamp /s/ Damian Beauchamp Damian Beauchamp 11/04/2025 8RCH, LLC /s/ Damian Beauchamp Damian Beauchamp, President and Secretary 11/04/2025 Cynda Beauchamp /s/ Cynda Beauchamp Cynda Beauchamp 11/04/2025