News release
Baker Hughes and Baseload Capital Announce Strategic Investment
Jun 22, 2023
- Expanding geothermal energy project development capabilities through strategic collaboration in several geographies around the world
- Collaborating on select high-impact projects to position geothermal as a baseload, clean and renewable energy source for global markets
- Implementing new commercial and development models for the purpose of rapid market growth and online geothermal capacity growth
HOUSTON - June 22, 2023 – Baker Hughes, an energy technology company, has made a second strategic investment with Baseload Capital, a specialized investment entity that funds the deployment of geothermal heat and power. This investment lays the groundwork for funding high-potential opportunities for development and operation while simultaneously propelling next-generation geothermal technologies from pilot stages to commercial scale.
This alliance further strengthens Baker Hughes' position in the global geothermal market space for technology provision and collaboration as the company continues to expand into new frontiers in renewable energy. The collaboration with Baseload Capital demonstrates Baker Hughes' commitment to innovation and growth in the evolving energy transition landscape.
"Baker Hughes is committed to driving lower carbon solutions through strategic investments in key growth areas associated with the energy transition where our capabilities add incremental value," said Ajit Menon, vice president of geothermal energy, Oilfield Services and Equipment at Baker Hughes. "Our collaboration with Baseload Capital represents a truly innovative alliance in the geothermal market, exemplifying the unique strengths that Baker Hughes and Baseload Capital bring to the table to rapidly expand installed geothermal capacity."
“We are thrilled to be continuing our partnership with Baker Hughes” comments Baseload Capital CEO Alexander Helling. “In order to speed up the development geothermal energy, we need to draw on expertise from across the energy branch and by having Baker Hughes as a partner we can predict a massive scaling up of our sector.”
Baker Hughes has been active in geothermal hotspots for over four decades with projects in more than 30 countries across six continents. The company is also investing in sustainable energy technology to advance long-term solutions for a lower carbon era, including hydrogen, carbon capture, utilization, and storage (CCUS), as part of its commitment to new energy frontiers.
About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to 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.
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Media Relations
Baker Hughes Media Relations:
Victoria Ingalls
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victoria.ingalls@bakerhughes.com