GreenFire Energy Inc., a developer of innovative geothermal technology, announced that it has completed the initial closing of its Series A financing round led by Baker Hughes, an energy technology company. Helmerich & Payne, Inc. (NYSE: HP), a global leader in rig technologies and drilling solutions, also invested in the financing round. The funds will be used to support and accelerate GreenFire Energy's large pipeline of commercial opportunities across the globe and to further advance geothermal technology.
GreenFire Energy has pioneered closed-loop geothermal energy systems since its founding in 2014. The company is recognized for its sophisticated modeling capabilities that ensure accurate resource analysis and closed-loop well design tailored to a variety of geothermal resources. These capabilities significantly expand the potential range of the geothermal industry.
These core competencies have resulted in a variety of patented innovations - collectively called GreenLoop - that address critical challenges in the geothermal industry. GreenLoop solutions resolve issues with failed wells, degraded geothermal fields and create economic projects in resources not accessible with conventional geothermal technology. GreenFire Energy overcomes these challenges to enable the rapid expansion of geothermal projects while leveraging existing permitting, infrastructure, and power transmission facilities.
As the lead investor, Baker Hughes will take a seat on GreenFire Energy's board, which will be held by Ajit Menon, vice president of Geothermal for Baker Hughes. The two companies will jointly develop technology to further build on their Advanced Geothermal System (AGS) capabilities, as well as undertake joint project feasibility analysis and projects globally. They will also leverage the global footprint of Baker Hughes's operations to bring these new solutions rapidly to the market.
Helmerich & Payne's drilling expertise and technologies combined with its innovations in automated drilling complement GreenFire Energy's technology and business strategy surrounding closed-loop geothermal wells.
"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 believe the strategic alliance between H&P and GreenFire is an important step forward in the evolution of the geothermal industry," said John Lindsay, president and CEO of H&P. "Our leadership position as a drilling solutions provider combined with GreenFire's innovative approach to next generation geothermal is a combination that will help scale carbon-free, baseload geothermal power."
"We are honored that Baker Hughes has led our Series A financing and that Ajit Menon is joining our board," said Joseph Scherer, CEO of GreenFire Energy. "The investment of companies such as Baker Hughes and Helmerich & Payne represent 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 new projects around the globe."
About GreenFire Energy Inc.
GreenFire Energy develops and implements innovative geothermal technology to accelerate the world's transition to clean, continuous renewable energy. GreenFire's GreenLoop is a closed-loop geothermal technology that extracts and transports heat from the earth to be used for geothermal power generation. GreenFire Energy delivers fast, low-cost, and high ROI geothermal retrofit, expansion, and greenfield projects. This scalable business model has led to commercial relationships with many of the world's premier geothermal operators.
GreenFire Energy's technology has been developed with grants from the U.S. Department of Energy, the California Energy Commission, and research conducted with U.S. National Laboratories, major universities, and eminent experts. The company has extensive international patents. GreenFire Energy is headquartered in the San Francisco Bay Area in California, USA. Visit www.greenfireenergy.com.
About Helmerich & Payne, Inc.
Founded in 1920, Helmerich & Payne, Inc. is committed to delivering industry leading drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for our customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. For more information, visit www.helmerichpayne.com.
Media Contacts:
GreenFire Energy
Hollis Chin
VP Marketing
GreenFire Energy Inc.
+1.888.899.7363
hollis.chin@greenfireenergy.com
H&P
Dave Wilson
Vice President of Investor Relations
+1-918-588-5190
investor.relations@hpinc.com
