Joseph Scherer, CEO, GreenFire Energy
We recently completed the initial closing of our Series A financing round, led by energy technology leader Baker Hughes. I am very pleased that Ajit Menon, Vice President of Geothermal for Baker Hughes, is joining our corporate board of directors. This is all part of expanding the strategic relationship we’ve built with their geothermal team that includes Baker Hughes personnel, activities, and support. Other key investors in the financing round include Helmerich & Payne, Inc. (H&P) and venture investors from Optima Capital of Singapore.
GreenFire Energy is seeing a tremendous surge of interest in our GreenLoop technology for geothermal well retrofits and field expansion projects. That has created a substantial pipeline of geothermal development projects throughout the world. Announced customers include Energy Development Corporation (EDC), a world geothermal leader based in the Philippines, and the Japan-based Electric Power Research Institute (EPRI) and Mitsui Oil Exploration Col, Ltd (MOECO).
Adding to our momentum, we recently received a $2.7 million grant from the California Energy Commission (CEC) for the demonstration of our Steam Dominated GreenLoop (SDGL) technology at The Geysers geothermal field. Located only a short distance north of our headquarters in the San Francisco Bay Area, The Geysers constitutes the world’s largest geothermal power operation. We will be working with Calpine Corporation’s indirect subsidiary, Geysers Power Company, LLC, which operates 13 geothermal power plants generating 725 MW of electricity. This represents about 10 percent of California’s renewable electric energy and 34 percent of total U.S. geothermal generation.
The Series A financing will accelerate the further development of our innovative GreenLoop technology. Combined with the surface and subsurface expertise of Baker Hughes and its project management experience, we will be able to jointly develop technology and projects that build on Baker Hughes’s existing Advanced Geothermal System (AGS) capabilities.
H&P’s automated drilling rigs are well-suited to the large drilling campaigns we envision for expanding geothermal capacity around the world. Optima Capital will bring its experience in financing these large energy projects. Collaboration among these complementary partners will enable GreenFire Energy to accelerate the deployment of AGS, responding to the urgent need for clean and continuous power with local control.
We are honored that Baker Hughes is leading our Series A financing and that Ajit Menon is joining our corporate leadership. The investment by companies such as Baker Hughes and Helmerich & Payne represent a solid endorsement of our technology, our progress to date, and the promise of developing geothermal energy at scale. Our investor group reflects GreenFire Energy’s strategy of enabling geothermal operators to substantially expand production at existing sites as well as new projects that together will bring the world closer to a carbon-free energy future.