Irish geothermal pioneer CausewayGT is joining forces with oil industry giant Baker Hughes to work on developing the energy source for industries.
Geothermal heat is a constantly available source of energy generated by rocks beneath the Earth’s surface, where they are closer to the planet’s molten core. Efforts to exploit it are at an early stage.
CausewayGT, founded by former Petroceltic chief Brian O’Cathain and several exploration industry figures, has signed a memo of understanding with US-based Baker Hughes to collaborate on geothermal projects.
The pair will focus on Ireland and Britain, where they will work on technology meant to provide low-carbon heating and cooling for large industries, according to a statement on Tuesday.
Baker Hughes will explore using its oil well services and products, project management, subsurface assessment, digital and other technologies on CausewayGT’s projects.
It will also deploy the US group's technology on CausewayGT's demonstration project at Europa Oil and Gas's West Firsby field in Lincolnshire in England.
If that succeeds it will demonstrate how to use geothermal heat throughout Europe.
CausewayGT will co-ordinate development opportunities and sell geothermal systems using Baker Hughes technology to customers.
Dr Niall McCormack, chief executive of CausewayGT noted that Baker Hughes was a leader in developing geothermal heat for many decades. He dubbed the opportunity to work with the group an “exciting step”.
Ajit Menon, vice-president for geothermal at Baker Hughes, said the group had positive past experience with CausewayGT.
“At Baker Hughes, we know that success in geothermal development requires collaboration, and no one organisation can do it all on its own,” he said.
Dr McCormack has worked with BP, Hess and BHP, among others. CausewayGT's third founder, Dr Simon Todd, has 30 years' experience in the energy industry.
Nasdaq-listed Baker Hughes is a multinational energy technology company.