Schlumberger New Energy, a subsidiary of Schlumberger, and Thermal Energy Partners have entered into an agreement to create a new Geothermal Development Company, STEP Energy, according to a press release

This joint venture will see STEP Energy combine Schlumberger’s subsurface and drilling expertise with Thermal Energy Partners’ experience in project development and risk mitigation to advance geothermal power projects.

Ashok Belani, executive vice president at Schlumberger New Energy, said, “Through GeothermEx, a Schlumberger company, we have acquired extensive knowledge of geothermal resource assessment and project design implementation. By combining our geothermal, subsurface, and drilling expertise with TEP’s experience in project development and risk mitigation, we will develop de-risked and streamlined geothermal projects on a global scale.”

The new company’s first project is the 10-MW Nevis Geothermal Power Project on the Caribbean island of Nevis, which will enable the island to transition to 100% zero-emission renewable energy for its power supply. 

STEP Energy will create new avenues for growth of the geothermal industry, while also attracting investment from various financial institutions.