Baker Hughes to back large-scale geothermal plans of Mantle Reach Power
The Baker Hughes Energy Innovation Center in Oklahoma City, Oklahoma (source: GreenFire Energy)
Carlo Cariaga
25 Jun 2026
Baker Hughes and Mantle Reach Power will combine technical and project development expertise to enable up to 500 MW of geothermal capacity in North America.
Baker Hughes and Mantle Reach Power, a dedicated geothermal development company backed by EnCap Energy Transition Fund III (EnCap), have entered into a commercial agreement to facilitate the economically viable, financially sustainable, large-scale deployment of geothermal energy in North America. The agreement anticipates the delivery of up to 500 MW of installed capacity.
Under this agreement, Baker Hughes will provide its integrated subsurface and surface technologies. This will complement Mantle Reach Power’s geothermal development capabilities, drawing on EnCap expertise in power and E&P. EnCap is one of the most experienced energy investment platforms in North America, having already raised $47 billion across 25 institutional funds. Through this collaboration, the partners aim to accelerate geothermal project development and execution and materially enhance pre-construction bankability, which is considered one of the main barriers to scaling geothermal energy.
“Geothermal is a clean power solution that is proving to be a vital contributor to advancing sustainable energy development, with incredible potential to enhance U.S. energy security, support digital infrastructure, and ensure energy remains accessible and affordable. We are proud that Baker Hughes’ integrated portfolio can help de-risk and deliver the technology and solutions required to provide reliable, affordable and clean energy,” said Baker Hughes Chairman and CEO Lorenzo Simonelli.
“Today’s announcement celebrates the commercial architecture the industry has been missing: a repeatable, financeable model that can be deployed at the speed and scale to meet global energy demands.”
“By aligning development capital, project finance expertise, and world-class technology, this collaboration addresses the fundamental challenges that have prevented large amounts of private capital from participating in geothermal deployment,” said Tim Rebhorn, Managing Partner, EnCap Energy Transition. “Together, we are creating a scalable model capable of delivering clean, firm power to the markets that need it most.”
“Integrating Baker Hughes’ subsurface-to-surface expertise with our capabilities in project development, finance, and execution positions Mantle Reach Power to commercialize geothermal assets at scale,” said Nick Karambelas, CEO of Mantle Reach Power. “This structure provides the construction and operating certainty necessary to access conventional project financing and accelerate our growth as an independent power producer.”
Source: Baker Hughes and Mantle Reach Power
