Industry investment into supercritical geothermal technology
Geothermal technology startup GeoX Energy, developing technology to tap supercritical fluids for geothermal power generation has secured a $11m investment by Nabors Industries Ltd.
Earlier today, we reported on Nabors Industries Ltd. (“Nabors”)’s investment into another geothermal technology and development startup in Texas. At the same time an additional investment by Nabors has been announced.
Colorado/ U.S.-based GeoX Energy, Inc. (“GeoX”), an emerging growth geothermal company that is seeking to commercialize technologies to install supercritical geothermal power stations at scale in the U.S. and internationally, announced having entered into definitive agreements with Nabors, which agreed to invest $11 million in GeoX. The proceeds from the investment will be used to fund a portion of the costs of a 50 MWn supercritical geothermal pilot project that GeoX plans to complete by the end of 2022.
“GeoX is delighted to welcome Nabors, one of the world’s largest providers of advanced drilling technology and well construction services, as a strategic investor. We believe that Nabors’ drilling expertise, stellar Health, Safety & Environment (HSE) record and global reach will greatly accelerate GeoX plans of scaling our supercritical power stations in the U.S. and worldwide in an eminently safe manner for both employees and the environment,” said Andrew Fleming, Founder and Chief Executive Officer of GeoX.
“We are very excited to invest in GeoX as part of Nabors’ new energy initiatives,” said Anthony G. Petrello, Nabors’ Chairman, CEO and President. “We believe that GeoX’s leadership, with its extensive global energy experience, combined with its supercritical geothermal power station technologies, have the potential to provide an economic source of baseload renewable power for many generations to come.”.
Geothermal energy represents a baseload (24/7) clean, renewable energy source that remains largely untapped. Both GeoX and Nabors are fully committed to leading the development of new technologies to access this energy in an efficient, effective, and economic manner.
GeoX is a Colorado-based geothermal technology company founded by a management team with extensive Global 500 experience in the oil and gas industry. The company is seeking to commercialize patent-pending supercritical geothermal technologies that it believes have significant competitive advantages compared with conventional geothermal energy, and other baseload energy sources, and will become a leading source of low-cost, renewable baseload energy. GeoX believes that its advanced power station technologies, once deployed at scale, will help eliminate one gigaton of CO2 per year by 2040.
Source: Company release