XGS Energy Acquires Capuano Engineering to Expand Geothermal Capabilities

XGS Energy has acquired Company, a renowned global provider of drilling and completion services. The acquisition, including the expertise of Capuano Engineering's Founder and CEO, Lou Capuano, Jr., positions XGS to advance its proprietary closed-loop heat-harvesting technology and expand geothermal projects worldwide.

XGS Energy's Thermal Reach Enhancement (TRE) system, using materials 50 times more thermally conductive than rock, aims to enhance the efficiency of closed-loop geothermal systems, offering global deployment flexibility without reliance on water reservoirs or specific geological conditions required by conventional methods.

“Lou Capuano is widely recognized as a leading expert in geothermal drilling engineering globally. His expertise is critical as we embark on constructing large-scale geothermal power projects worldwide,” stated Josh Prueher, CEO of XGS Energy. “This acquisition marks a significant step forward in enhancing our technology and operational capabilities to deliver scalable, clean, and resilient geothermal energy solutions.”

Recently, XGS Energy closed a $20 million Series A round to support its inaugural commercial-scale project in later this year. Prior financial support includes $19 million secured in 2023 and an additional $9.7 million earlier in 2024.

Founded by Lou Capuano, Jr., Capuano Engineering brings extensive experience from drilling numerous geothermal wells globally and leadership roles in the Geothermal Resources Council (now ).

The company, now a subsidiary of XGS Energy, will retain its brand as “Capuano Engineering, an XGS Energy Company,” continuing to serve traditional hydrothermal and next-generation geothermal developers while advancing XGS' technological innovations and project initiatives.

“In collaborating with the XGS team, I have witnessed firsthand the transformative potential of their technology in advancing global geothermal energy,” commented Lou Capuano, Jr. “By merging XGS' technology with our operational expertise, we aim to lead the next generation of geothermal solutions. I am excited to contribute to the evolution of geothermal energy.”

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