Baker Hughes has announced that it is investing in San Francisco-based GreenFire Energy, an company working on closed-loop geothermal technology. The effort aims to bring the first integrated advanced geothermal system (AGS) to the market.
Together, the companies plan to expand the development of geothermal resources by retrofitting nonproducing geothermal and oil and gas wells to become closed-loop heat-producing wells for power generation and direct-use applications. In addition, Baker Hughes and GreenFire will collaborate on project feasibility analyses, system installations, and global project developments. Ajit Menon, Baker Hughes’ vice president for geothermal, will join GreenFire Energy’s board of directors.
“This investment represents our commitment to the geothermal market and is another important step as Baker Hughes continues to position itself for new energy frontiers,” said Maria Claudia Borras, executive vice president of oilfield services at Baker Hughes. “The combined efforts of Baker Hughes and GreenFire Energy will bring a disruptive presence to the geothermal market, while also introducing new technologies to access geothermal energy from nonproducing resources.”
GreenFire Energy, founded in 2014, develops AGS, also known as closed-loop geothermal energy systems. GreenLoop, the company’s primary effort, is designed to address critical challenges in the geothermal industry, including underperforming wells, degraded geothermal fields, and economic projects not accessible with conventional geothermal technology. In 2021, GreenLoop took first place in the PIVOT2021 Geothermal Reimagined New Venture competition. PIVOT2021, held 19–23 July, was organized by the Geothermal Entrepreneurship Organization from the University of Texas at Austin.
“This investment by Baker Hughes represents a fantastic endorsement of our technology, the promise for its global scalability, and the progress we have made to date,” said Joseph Scherer, GreenFire’s president and CEO. “Our investor group reflects GreenFire Energy’s strategy of enabling geothermal operators to substantially expand production at their existing sites and develop new projects around the globe.”