GreenFire Energy, a developer of geothermal technology, has completed the initial closing of its series A financing round led by Baker Hughes, an energy technology company. Helmerich & Payne (H&P), a rig technologies and drilling solutions company, also invested in the financing round. The funds will be used to support and accelerate GreenFire Energy’s pipeline of commercial opportunities across the globe and to further advance geothermal technology.
GreenFire Energy has been developing closed-loop geothermal energy systems since its founding in 2014. The company has been recognised for its modelling capabilities that ensure accurate resource analysis and closed-loop well design tailored to a variety of geothermal resources. These capabilities significantly expand the potential range of the geothermal industry.
These core competencies have resulted in a variety of patented innovations – collectively called GreenLoop – that address critical challenges in the geothermal industry. GreenLoop solutions resolve issues with failed wells, degraded geothermal fields, and create economic projects in resources not accessible with conventional geothermal technology. The company overcomes these challenges to enable the rapid expansion of geothermal projects while leveraging existing permitting, infrastructure, and power transmission facilities.
As the lead investor, Baker Hughes will take a seat on GreenFire Energy’s board, which will be held by Ajit Menon, Vice President of Geothermal for Baker Hughes. The two companies will jointly develop technology to further build on their advanced geothermal system capabilities, as well as undertake joint project feasibility analysis and projects globally. They will also leverage the global footprint of Baker Hughes’ operations to bring these new solutions rapidly to the market.
H&P’s drilling expertise and technologies combined with its innovations in automated drilling complement GreenFire Energy’s technology and business strategy surrounding closed-loop geothermal wells.
“This investment represents our commitment to the geothermal market and is another important step, as Baker Hughes continues to position itself for new energy frontiers,” said Maria Claudia Borras, Executive Vice President of Oilfield Services at Baker Hughes. “The combined efforts of Baker Hughes and GreenFire Energy will bring a disruptive presence to the geothermal market, while also introducing new technologies to access geothermal energy from non-producing resources.”
“We believe the strategic alliance between H&P and GreenFire is an important step forward in the evolution of the geothermal industry,” said John Lindsay, President and CEO of H&P. “Our leadership position as a drilling solutions provider combined with GreenFire’s innovative approach to next generation geothermal is a combination that will help scale carbon-free, baseload geothermal power.”
“We are honoured that Baker Hughes has led our Series A financing and that Ajit Menon is joining our board,” said Joseph Scherer, CEO of GreenFire Energy. “The investment of companies such as Baker Hughes and Helmerich & Payne represent a fantastic endorsement of our technology, the promise for its global scalability, and the progress we have made to date. Our investor group reflects GreenFire Energy’s strategy of enabling geothermal operators to substantially expand production at their existing sites and new projects around the globe.”
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Read the article online at: https://www.energyglobal.com/other-renewables/07032022/greenfire-energy-closes-initial-series-a-financing-for-their-geothermal-plans/