Chevron and Baseload Capital announce JV to develop geothermal projects in U.S.

Chevron Corporation, through its Chevron New Energies business, and Baseload Capital have announced a joint venture to develop geothermal projects in the United States. The two companies will collaborate on driving geothermal opportunities – including identifying the best prospects for development, operations and progressing the next generation of geothermal technologies from pilot to commercial scale. Through this agreement, Chevron and Baseload Capital will work together to create awareness around geothermal energy which will be a critical supply option for renewable energy. Geothermal energy provides baseload, reliable power – and will be a critical element in developing the energy systems of the future. Chevron and Baseload Capital believe that to reach a lower carbon future, all forms of energy will be required, and geothermal power provides a reliable source of renewable power that will also enable other lower carbon solutions. The joint venture aims to leverage the companies’ geothermal operational experience, combined with core competencies from the traditional oil and gas sector, especially around subsurface, wells, drilling and completions, to advance scalable novel geothermal technologies to tap into the earth’s core heat.