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    Oil giant Chevron, Energy Investor partnering on Geothermal projects in U.S.

    Dec. 16, 2022
    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
    Geothermal plant in California. Image credit Coso Operating.
    Geothermal plant in California. Image credit Coso Operating.

    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. 

    About the Author

    EnergyTech Staff

    Rod Walton is senior editor for EnergyTech.com. He has spent 14 years covering the energy industry as a newspaper and trade journalist.

    Walton formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.

    He can be reached at [email protected]. 

    EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids.

    Many large-scale energy users such as Fortune 500 companies, and mission-critical users such as military bases, universities, healthcare facilities, public safety and data centers, shifting their energy priorities to reach net-zero carbon goals within the coming decades. These include plans for renewable energy power purchase agreements, but also on-site resiliency projects such as microgrids, combined heat and power, rooftop solar, energy storage, digitalization and building efficiency upgrades.