Baker Hughes invests anew on Baseload Capital to advance geothermal deployment
Announcement of partnership between Baseload Capital and Baker Hughes (source: Baseload Capital)
Carlo Cariaga
23 Jun 2023
Baker Hughes has made a second strategic investment in Baseload Capital, strengthening a partnership that aims to accelerate geothermal deployment globally.
Baseload Capital, a leading investment entity dedicated to advancing geothermal energy deployment globally, today announced its second strategic investment from energy technology company Baker Hughes. This innovative partnership sets the stage for geothermal energy and marks a significant milestone in the pursuit of clean, baseload and renewable power solutions for global markets.
Baker Hughes had previously made an investment on Baseload Capital as part of a funding round that raised USD 24 million in new financing in late 2022.
The key highlights of this partnership include:
Expanding Global Geothermal Project Development:
- Through strategic collaboration in multiple regions worldwide, Baseload Capital and Baker Hughes will bolster geothermal energy project development capabilities. This expansion aims to position geothermal as a high-impact, clean energy source for global markets.
Catalyzing Market Growth:
- The collaboration will facilitate the implementation of new commercial and development models, driving rapid market growth and online geothermal capacity expansion. The goal is to pave the way for a substantial increase in geothermal electricity production, heating and cooling, projected to surpass 100% by 2050 (including traditional hydrothermal sources).
Advancing Next-Generation Technologies:
- Baseload Capital’s geothermal initiatives will experience a transformative scaling up, as the collaboration with Baker Hughes propels next-generation 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.
Alexander Helling, Baseload Capital CEO, emphasized the significance of cross-industry collaboration, stating, “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.”
Ajit Menon, Vice President of Geothermal Energy, Oilfield Services and Equipment at Baker Hughes, reaffirmed the company’s commitment to lower carbon solutions and the energy transition. “Baker Hughes is dedicated to driving lower carbon solutions through strategic investments in key growth areas,” Menon stated. “Our collaboration with Baseload Capital represents a truly innovative alliance in the geothermal market, leveraging the unique strengths of both companies to rapidly expand installed geothermal capacity.”
This innovative collaboration between Baseload Capital and Baker Hughes heralds a new era in the geothermal energy landscape, empowering clean energy solutions on a global scale. By combining expertise, resources and a shared vision, these industry leaders are at the forefront of driving the world towards a greener, more sustainable future.
Source: Baseload Capital
