Criterion Energy Partners secures 10,000-acre geothermal lease in Texas
The 10,000-acre area along the Texas Gulf Coast will be the site of the first commercial project of Criterion Energy Partners.
Criterion Energy Partners (Criterion EP) has announced the closing of a 10,000-acre strategic lease position along the Texas Gulf Coast. This is the company’s first acquisition in the state and where they look to develop their first commercial project.
The site is within close proximity to the Department of Energy-funded geothermal energy demonstration project Pleasant Bayou, which produced geothermal power in the early 1990s and proved the viability of a geopressured fairway within the region. The project could not be commercialized then due to low energy prices, but Criterion EP believes with their technological approach combined with the increasing demand for clean energy along the Texas Gulf Coast, things have changed.
Criterion EP has plans to combine existing technology and processes from the Oil and Gas industry with its proprietary Criterion Geothermal System™ to produce clean, reliable, always-on energy. Criterion EP’s immediate focus is to advance the development of distributed energy systems that are co-located with large consumers of power and heat, positioning these customers to meet their energy demand and decarbonization goals.
“Adding acreage to our portfolio in a region in high demand for baseload power at commercially feasible economics is just one example of how we are executing on our strategic plan to develop and operate multiple facilities in the region.” said Criterion EP Chief Financial Officer Sean Marshall.
“We are extremely pleased to announce the acquisition of this lease, which reinforces our commitment to the region and serves as a step towards scaling geothermal energy technology.” added Criterion EP Co-Founder and CEO Danny Rehg.
Earlier this year, Criterion EP received strategic investment from Patterson-UTI Energy Inc, as we reported. Proceeds from the investment will fund a first-of-its-kind project in Texas, presumably to be located in the aforementioned lease area.
Source: Criterion Energy Partners