Highlights
- Companies will collaborate to scale GreenFire Energy's closed-loop Advanced Geothermal Systems technologies
- New combined offering to retrofit non-producing wells to generate renewable geothermal energy
- Baker Hughes will also assume a seat on GreenFire Energy's Board of Directors
Baker Hughes, an energy technology company, has announced an investment in San Francisco-based GreenFire Energy Inc., an innovator in closed-loop geothermal technology.
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.
"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 honored 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 , addresses critical challenges in the geothermal industry, including underperforming wells, degraded geothermal fields, and economic projects not accessible with conventional geothermal technology.
About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions for energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward - making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
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.
Media Relations
Baker Hughes Media Relations:
John A. Barnes
+1 832-206-0841
John.Barnes@bakerhughes.com
GreenFire Energy Media Relations:
Hollis Chin
+1 888-899-7363
hollis.chin@greenfireenergy.com
