Swedish geothermal company Baseload Capital has recently announced a partnership with oil and gas technology firm Baker Hughes. This collaboration aims to foster cooperation across various regions worldwide in order to facilitate the development of geothermal energy projects.
Baseload Capital specializes in deploying geothermal power plants globally and takes charge of financing, market research, and technological expertise. Its power companies oversee the entire project lifecycle, ensuring successful execution. Through this partnership, both companies will work together to implement new commercial and development models that will drive rapid market growth and expand geothermal capacity online.
The primary objective of this collaboration is to significantly increase geothermal electricity production, heating, and cooling, with a projected goal of surpassing 100% by 2050, incorporating both traditional hydrothermal sources and new innovations.
Baseload Capital will benefit from Baker Hughes' geothermal technologies, utilizing them from the pilot stage to commercial-scale implementation. This strategic alliance between the two companies will enable them to leverage each other's assets and expertise, contributing to the swift transition towards a global renewable energy mix.
Alexander Helling, the CEO of Baseload Capital, emphasized the importance of establishing long-lasting and mutually beneficial partnerships to drive innovation and scale up geothermal power. He highlighted Baker Hughes' second round of investments as an example of leveraging assets and expertise across the energy sector to facilitate the global adoption of renewable energy.
Ajit Menon, Vice President of Geothermal Energy, Oilfield Services, and Equipment at Baker Hughes, expressed his excitement about the collaboration, describing it as an innovative alliance in the geothermal market. Menon emphasized that both companies' unique strengths will be harnessed to rapidly expand installed geothermal capacity.
With this partnership, Baseload Capital and Baker Hughes are poised to make significant contributions to the advancement of geothermal energy and the overall transition to a sustainable energy future.
