Earths Energy (ASX: EE1) and Baker Hughes have signed a Memorandum of Understanding to collaborate on assessing the application of Advanced Geothermal Systems (AGS) technology on EE1’s geothermal exploration portfolio in Australia. The collaboration is further strengthened by Baker Hughes’ investment on GreenFire Energy, a company at the forefront of developing AGS technologies.

“We are very excited to be able to collaborate with Baker Hughes, a long-trusted world leader in energy technologies including geothermal. We are also highly impressed by the Advanced Geothermal Systems capability that Baker Hughes brings through its investment in GreenFire Energy. GreenFire Energy is the global leader in Advanced Geothermal Systems, having completed proven projects and now with activities underway in more than 10 countries. This collaboration provides the opportunity to catapult EE1 and the geothermal industry in Australia,” said Matt Kay, Managing Director of EE1.

“Baker Hughes has operations in over 120 countries, our innovative technologies, including Advanced Geothermal Systems, are taking energy forward – making it safer, cleaner, and more efficient for people and the planet. We are excited by the opportunity to apply our innovative technologies, including Advanced Geothermal Systems in this collaboration with EE1 to advance Australia’s progression to a Net Zero future,” added Graham Gillies, Vice President of Baker Hughes – Asia Pacific.

EE1 had recently completed a $6 million capital raise with which the company aims to advance the development of geothermal prospects in Queensland and South Australia. The company is an early mover in the Australian geothermal sector, aiming to establish a reliable, continuous renewable energy solution to contribute to Australia’s clean energy targets.

Built on a century of experience and with over 58,000 employees, Baker Hughes has been involved in the geothermal industry for more than 40 years, adapting oil and gas technology to develop geothermal power. As members of the Wells2Watts consortium, Baker Hughes and GreenFire Energy along with other partners are developing closed-loop geothermal technologies for different reservoir and well conditions.

With this strategic partnership, EE1 is planning to explore, develop, and commercialize its strategically located Australian geothermal projects by leveraging the technology capabilities of Baker Hughes. The parties will review the geothermal field evaluation work that have been performed so far, and progress the subsurface and surface development and planning execution phases. To this end, a Joint Steering Committee will perform the work over the next two years.

by thinkgeoenergy