Baseload Capital, an investment entity dedicated to advancing geothermal energy deployment globally, has announced its second strategic investment from energy technology company Baker Hughes.

Together, the partners will look to expand global geothermal project development and position the resource as a high-impact, clean energy source for global markets; catalyse market growth by facilitating the implementation of new commercial and development models; and advance next-generation technologies from the pilot stage through to commercial scale.

Alexander Helling, Baseload Capital CEO, remarked, “Developing long-lasting, strategic and co-beneficial partnerships is vital to driving innovation and scaling up geothermal power. Baker Hughes' second round of investments exemplifies the importance of leveraging assets and expertise across the energy sector for a swift transition to a global renewable energy mix.”

Ajit Menon, Vice President of Geothermal Energy, Oilfield Services and Equipment at Baker Hughes, added, “Baker Hughes is dedicated to driving lower carbon solutions through strategic investments in key growth areas. Our collaboration with Baseload Capital represents a truly innovative alliance in the geothermal market, leveraging the unique strengths of both companies to rapidly expand installed geothermal capacity.”