US-based NET Power has announced the funding and completion of major project agreements for its 50MW demonstration power plant in Texas, which will be the world's first natural gas power generation system to produce no air emissions once it becomes operational.
The system will include full CO2 capture without requiring expensive carbon capture equipment.
NET Power CEO Bill Brown said: "This programme highlights the private sector's unique ability to develop breakthrough technologies without having to settle for anything less than compelling economics."
"We are extremely excited to move forward on this important power plant with the outstanding team of Exelon, CB&I, Toshiba and 8 Rivers Capital."
Fuelled by natural gas, the power generation system in the facility is to be built in Texas, the US.
The project will involve ongoing process engineering, plant engineering, procurement and construction, a full testing and operations programme, and commercial product development.
Exelon, CB&I, Toshiba and 8 Rivers Capital are the other contributors for the $140m pilot project.
While CB&I will provide engineering, procurement and construction services, Toshiba has been appointed as the manufacturer of the novel supercritical CO2 turbines for the plant.
8 Rivers, which is the inventor of the technology, will be responsible for continued technology development services and intellectual property, while Exelon will handle the operation and maintenance (O&M) services at the facility.
The design activities for the project was initiated in 2010.
NET Power's demonstration power plant is likely to be operational by 2016.