Swedish geothermal outfit Baseload Capital has partnered with oil and gas technology company Baker Hughes.
The partnership will pave the way for collaboration in multiple regions worldwide, to enable development of geothermal energy projects.
Baseload Capital cooperates with subsidiaries to deploy geothermal power plants worldwide, handling financing, market research and technology knowledge, while its power companies manage projects through to execution.
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.
Baseload Capital’s geothermal initiatives benefit from Baker Hughes’ geothermal technologies from the pilot stage to commercial scale.
Baseload Capital chief executive Alexander Helling said: “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.”
Vice president of geothermal energy, oilfield services and equipment at Baker Hughes Ajit Menon added: “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.”