Baker Hughes invests into geothermal closed-loop company GreenFire Energy
Baker Hughes invests into advanced geothermal systems technology startup GreenFire Energy with both aiming to retrofitting non-producing oil and gas wells.
In a release today, energy technology player Baker Hughes announces having invested into closed-loo geothermal technology player GreenFire Energy Inc. ,based in San Francisco, California. The new combined offering brings the first integrated Advanced Geothermal Systems (AGS) solution to the market. Together, the companies plan to expand geothermal resources development by retrofitting both existing non-producing geothermal and oil and gas wells to closed loop heat producing wells for power generation and direct use applications. In addition, Baker Hughes and GreenFire Energy will collaborate on project feasibility analyses, system installations, and global project developments. Ajit Menon, Baker Hughes’ vice president for geothermal, will join GreenFire Energy’s Board of Directors.
GreenFire Energy has been one of the pioneering companies in approaching closed-loop systems to extract geothermal energy. We recently reported on the company winning a grant for a demonstration project at The Geysers in California, and it winning the venture startup competition at the PIVOT 2021 event last year.
“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 are honoured that Baker Hughes has led our Series A financing and that Ajit Menon is joining our Board,” said Joseph Scherer, president and CEO at GreenFire Energy. “This investment by Baker Hughes represents 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 develop new projects around the globe.”
GreenFire Energy, founded in 2014, develops AGS, also known as closed-loop geothermal energy systems. The company’s primary innovation, known as GreenLoop (TM), addresses critical challenges in the geothermal industry, including underperforming wells, degraded geothermal fields, and economic projects not accessible with conventional geothermal technology.
Source: Company release