Exploring geothermal development opportunities with Chevron and Baseload Capital

By CIOReview | Friday, January 20, 2023

Exploring geothermal development opportunities with chevron and Baseload capital

FREMONT, CA: 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,“ said Alexander Helling, CEO at Baseload Capital.

An agreement has been announced between Chevron Corporation and BaseloadCapital to develop geothermal projects in the United States through its Chevron New Energies division. As part of the collaboration, the two companies will identify the best geothermal opportunities as well as progress the next generation of geothermal technologies from pilot to commercial scale. Baseload Capital and Chevron will collaborate to spread awareness of geothermal energy as an important renewable energy source.

A critical element in developing the energy systems of the future will be the development of geothermal energy that provides dependable, Baseload power. Geothermal power can provide a reliable source of renewable power that can also be used to power other low-carbon solutions, according to Chevron and Baseload Capital.

Through the joint venture, the companies will combine their geothermal operational expertise with traditional oil and gas industry core competencies, particularly in the subsurface, well drilling, and completions, to develop novel geothermal technologies that tap into the earth's core energy.

“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.

Based on Chevron Technology Ventures' investment in Baseload Capital in 2021, Baseload Capital and Chevron have been working together since then. In July 2022, Chevron Technology Ventures began a pilot project that used waste heat from existing oilfield operations at Chevron's San Ardo oil and gas field in California. By using existing oil and gas wells and process heat, the pilot proves that lower-carbon power can be produced reliably and cost-effectively.