Innovative Collaboration Paves the Way for Geothermal Energy
Stockholm, June 22, 2023 - Baseload Capital and Baker Hughes Join Forces to Drive Geothermal Power Worldwide.
Baseload Capital, a leading investment entity dedicated to advancing geothermal energy deployment globally, today announced its second strategic investment from energy technology company Baker Hughes. This innovative partnership sets the stage for geothermal energy and marks a significant milestone in the pursuit of clean, baseload and renewable power solutions for global markets.
Key Highlights of the Partnership:
- Expanding Global Geothermal Project Development: Through strategic collaboration in multiple regions worldwide, Baseload Capital and Baker Hughes will bolster geothermal energy project development capabilities. This expansion aims to position geothermal as a high-impact, cleanenergy source for global markets.
- Catalyzing Market Growth: The collaboration will facilitate the implementation of new commercial and development models, driving rapid market growth and online geothermal capacity expansion. The goal is to pave the way for a substantial increase in geothermal electricity production, heating and cooling, projected to surpass 100% by 2050 (including traditional hydrothermal sources).
- Advancing Next-Generation Technologies: Baseload Capital's geothermal initiatives will experience a transformative scaling up, as the collaboration with Baker Hughes propels next-generation geothermal technologies from the pilot stage to commercial scale. With the inclusion of enhanced and advanced geothermal systems, the geothermal sector is projected to grow 30-fold by 2025.
Alexander Helling, Baseload Capital CEO, emphasized the significance of cross-industry collaboration, stating, "Developing long-lasting, strategic and co-beneficial partnerships is vital to driving innovation and scaling up geothermal power. Baker Hughes' second round of investments exemplifies the importance of leveraging assets and expertise across the energy sector for a swift transition to a global renewable energy mix."
Ajit Menon, Vice President of Geothermal Energy, Oilfield Services and Equipment at Baker Hughes, reaffirmed the company’s commitment to lower carbon solutions and the energy transition. "Baker Hughes is dedicated to driving lower carbon solutions through strategic investments in key growth areas,” Menon stated. “Our collaboration with Baseload Capital represents a truly innovative alliance in the geothermal market, leveraging the unique strengths of both companies to rapidly expand installed geothermal capacity."
This innovative collaboration between Baseload Capital and Baker Hughes heralds a new era in the geothermal energy landscape, empowering clean energy solutions on a global scale. By combining expertise, resources and a shared vision, these industry leaders are at the forefront of driving the world towards a greener, more sustainable future.
For more information, please contact:
Kristina Hagström-Ilievska CMO, Baseload Capital
kristina.hagstrom.ilievska@baseloadcap.com
Tel: +46 (0) 732330039
About Us
Baseload Capital is a specialized investment entity that leads partnerships to scale up geothermal power deployment worldwide. Geothermal power comes from the Earth’s inner core and provides a fossil-free, stable, 24/7 available baseload for electricity and heating and cooling. We work with like-minded investors to fund geothermal energy projects and tap into the planet’s largest renewable energy source that lies right beneath our feet.
We establish operating companies in global locations, which comprise the Baseload Power organization. They partner with local communities and power providers to commission, permit and build Baseload Capital-funded geothermal power plants.
Together we dream of a planet in balance with resilient societies that run on renewable energy. We will be part of this transition by leading partnerships to scale up geothermal project development.
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