Acquisition of Capuano Engineering positions XGS Energy to construct power infrastructure projects globally leveraging its proprietary water and geology-independent geothermal technology
XGS Energy, an innovator in geothermal energy technology and project development, today (July 9) announced that it has acquired Capuano Engineering Company, a global leader in geothermal drilling and completion services. With the additional expertise of Capuano Engineering Founder, President, and CEO Louis (Lou) Capuano, Jr. and team, XGS will advance its proprietary closed-loop heat-harvesting technology to the field and deliver next-generation geothermal projects across the globe.
XGS' proprietary Thermal Reach Enhancement (TRE) system leverages materials 50 times more thermally conductive than rock to deliver high-efficiency closed-loop geothermal systems. XGS' technology can be deployed anywhere in the world, unlike conventional geothermal solutions that require access to water reservoirs and specific geological conditions.
"Lou Capuano is the most technically and operationally experienced geothermal drilling engineer in the world. His expertise and capabilities are essential as we begin construction of large-scale geothermal power infrastructure projects around the world," said Josh Prueher, CEO of XGS Energy. "This is another great leap forward in building the best-in-class technology and operational team to deliver clean, reliable, and resilient geothermal energy at scale."
Capuano Engineering was founded by President and CEO Lou Capuano, Jr., who is one of the most experienced and respected geothermal drilling and completion experts in the world. In addition to his experience drilling hundreds of geothermal wells globally, Lou has twice served as the President of the Geothermal Resources Council (now known as Geothermal Rising), the premier global trade association for the geothermal energy industry. Along with Capuano Engineering Vice President Louis Capuano III, he has developed and led numerous geothermal drilling courses to train industry professionals and students around the world.
"In my work with the XGS team, I have consistently been impressed by the potential of their technology to drive the next wave of geothermal scale globally," said Lou Capuano, Jr. "By combining XGS' disruptive technology with our extensive operational experience, I believe we have the opportunity to lead the next-generation geothermal market. I am excited to be a part of the future of geothermal."
Through the acquisition, Capuano Engineering will become a subsidiary of XGS while retaining its well-known brand. "Capuano Engineering, an XGS Energy Company" will continue to offer services to traditional hydrothermal and next-generation geothermal developers and operators, while dedicating a portion of time to advancing XGS' technology and projects.
To learn more about XGS Energy, please visit https://www.xgsenergy.com.
About XGS Energy
XGS Energy provides Clean, Round-the-Clock Energy Everywhere, Forever. XGS's proprietary solid-state geothermal system uses thermally conductive materials to deliver affordable energy anywhere there is hot rock. The XGS system decouples geothermal energy production from its historical dependence on natural water resources and geological conditions, unlocking low-risk power project development, geographic flexibility, easier permitting, and faster deployment. XGS's scalable, financeable geothermal energy approach is supported by leading investors globally including Anzu Partners, BlueScopeX, B Current Impact Investment, Constellation Technology Ventures, H&P, MIH Capital, Thin Line Capital, Valo Ventures, and VoLo Earth Ventures. Learn more and explore our open roles at https://www.xgsenergy.com.
About Capuano Engineering Company
Capuano Engineering Company (CEC) was established in 2012 as a geothermal services company specializing in geothermal resources around the world. Founder Louis Capuano, Jr., has worked in the geothermal industry since 1974. In partnership with the world's largest geothermal developers and operators, Capuano Engineering has drilled hundreds of geothermal wells in North America, Latin America, Africa, and Asia-Pacific, up to temperatures of 400°C. CEC excels at providing project management, drilling plan development, drilling procedure development, materials, services, and technologies as well as establishing cost control analysis. Learn more at http://www.capuanoengineering.com/.
Media Contact
Brandon Reid for XGS Energy
breid@xgsenergy.com
