The geothermal energy company, GeoX Energy, specialized in supercritical geothermal stations announced today that it secured $11 million in funding from Nabors Industries; a leading provider of advanced technology for the global energy industry.
Firstly, GeoX is an emerging growth geothermal company that is seeking to commercialize technologies; in order to install supercritical geothermal power stations at scale in the U.S. and internationally.
Secondly, the proceeds from the investment will be used to fund a portion of the costs of a 50 MWn supercritical geothermal pilot project; that GeoX plans to complete by the end of 2022.
Thirdly, although no further details of the project were announced, both companies highlighted their commitment to lead and develop new technologies; especially those that offer greater access to energy; in an efficient, effective, and economic manner.
Moreover, GeoX solutions are still patent-pending; however, the company believes its solutions will have significant competitive advantages; when compared with conventional geothermal energy, and other baseload energy sources.
Also recommended for you: Canada and the U.S. agree on strategic cooperation on energy. Click here to read.
GeoX’s geothermal solutions to help offset 1gt of CO2 by 2040
In addition, for GeoX the deployment of these solutions is critical to address climate change; as Geothermal energy represents a baseload (24/7) clean, renewable energy source that remains largely untapped.
In fact, GeoX believes that its advanced power station technologies, once deployed at scale, will help eliminate one gigaton of CO2 per year by 2040. Consequently, the funding of Nabors represents a milestone achieved as the company goes in the desired direction.
On the other hand, about the relevance of the funding, Andrew Fleming, CEO of GeoX Energy, said. “GeoX is delighted to welcome Nabors, one of the world’s largest providers of advanced drilling technology; and well construction services, as a strategic investor.”
He also remarked. “We believe that Nabors’ drilling expertise, stellar Health, Safety & Environment (HSE) record; and global reach will greatly accelerate GeoX plans of scaling our supercritical power stations in the U.S. and worldwide.”
Finally, Anthony G. Petrello, Nabors’ CEO, remarked. “We believe that GeoX’s leadership, with its extensive global energy experience; also combined with its supercritical geothermal power station technologies, have the potential to provide an economic source of baseload renewable power for many generations to come.”