Chevron New Energies, a division of California-based and global energy firm Chevron, has announced a joint venture with Baseload Capital to develop geothermal projects in the U.S.
The partnership is aimed at identifying opportunities to develop the next generation of geothermal technologies from pilot to commercial scale. According to the two companies, geothermal energy will be a crucial supply option for renewable energy.
The agreement will see the two companies leverage their geothermal operational experience as well as core competencies in the traditional oil and gas sector to advance scalable novel geothermal technologies that taps into the earth’s core heat.
“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.
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The first project identified by the joint venture is located in Weepah Hills in Esmeralda County, Nevada, where previous geothermal research and advanced exploration already exist. Geothermal is harnessed by drilling pipes deep into the subsurface where heat is readily available and of higher capacity rate than some other renewable resources.
“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," Alexander Helling, CEO of Baseload Capital, said.
“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," Helling added. "Together with Chevron we believe that the transition to a greener planet, with the help of geothermal, is going to be much faster.”
Baseload Capital and Chevron have previously worked together on a pilot aimed at utilizing waste heat from existing oilfield operations at Chevron’s oil and gas field in San Ardo, California to produce cost-effective lower-carbon power.
Chevron launched its Chevron New Energies business unit in 2021 to accelerate lower carbon business opportunities in hydrogen, carbon capture, utilisation and storage (CCUS), offsets, renewable fuels and products, and emerging technologies.
Baseload Capital is a specialized investment entity that funds the installation of heat power worldwide. It has portfolio of companies in the US, Taiwan, Japan and Iceland.
