Chevron Corporation, through its Chevron New Energies business, and Baseload Capital have declared a joint venture (JV) to develop geothermal projects in the United States. The two businesses will work together to advance geothermal potential, including figuring out which areas have the highest chances for growth and operation, as well as moving the next wave of geothermal technology from the pilot stage to the commercial stage.
According to the company’s statement, Geothermal energy offers baseload, dependable electricity and will be a crucial component in creating the energy systems of the future. Geothermal power offers a dependable source of renewable energy that will also enable other lower carbon solutions, according to Chevron and Baseload Capital, who believe that all sources of energy will be needed to achieve a lower carbon future.
The joint venture aims to advance scalable novel geothermal technologies to access the earth’s core heat by leveraging the companies’ geothermal operational experience along with core competencies from the traditional oil and gas sector, particularly around subsurface, wells, drilling, and completions.
“We are pleased to be partnering with Baseload Capital on this joint venture and believe we are in a prime position to lead in the geothermal space where we will lean on our experience and technical strengths. We believe that to make the geothermal ecosystem a reality, we must take these important steps through collaboration and partnership, and this example with Baseload Capital is a great start towards pursuing our lower carbon goals for the future,” said Barbara Harrison, Vice President, Offsets and Emerging, at Chevron New Energies.
Meanwhile, Alexander Helling, CEO at Baseload Capital commented: “It is time for the geothermal industry to take its place as an obvious part of the energy mix. Geothermal should be the new normal, becoming as standard to the energy mix as goretex is for outdoor clothes. Right now, everything is in the industry’s favor to move from niche to mainstream. We have no time to waste and no excuse for not picking up the pace here and now. Together with Chevron we believe that the transition to a greener planet, with the help of geothermal, is going to be much faster.”