Baseload Capital, a Swedish climate investment fund, announced its second investment from energy technology company Baker Hughes. A collaboration set to expand their geothermal project development capabilities and position geothermal energy as a high-impact, clean energy source for global markets.
The collaboration will facilitate the implementation of new commercial and development models, driving market growth and online geothermal capacity expansion. Their objective is to pave the way for an increase in geothermal electricity production, heating, and cooling (including traditional hydrothermal sources).
Baseload Capital's geothermal initiatives will experience a 'scaling up', as the collaboration with Baker Hughes propels geothermal technologies from the pilot stage to commercial scale. With the inclusion of enhanced and advanced geothermal systems, the geothermal sector is projected to grow 30-fold by 2025.
“Developing long-lasting, strategic, and co-beneficial partnerships is vital to driving innovation and scaling up geothermal power. Baker Hughes' second round of investments exemplifies the importance of leveraging assets and expertise across the energy sector for a swift transition to a global renewable energy mix,” stated Alexander Helling, Baseload Capital CEO.
By combining expertise, resources, and a shared vision, these companies are helping drive the world towards a greener, more sustainable future.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
The Spring 2023 issue of Energy Global hosts an array of technical articles focusing on offshore wind, solar technology, energy storage, green hydrogen, waste-to-energy, and more. This issue also features a regional report on commodity challenges facing Asia’s energy transition.
Read the article online at: https://www.energyglobal.com/special-reports/23062023/baseload-capital-and-baker-hughes-join-forces-to-bolster-geothermal-power/
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