GeoX Energy, Inc. Announces Investment from Nabors
FORT COLLINS, Colo., June 24, 2021 /PRNewswire/ -- GeoX Energy, Inc. ("GeoX"), an emerging growth geothermal company that is seeking to commercialize technologies to install supercritical geothermal power stations at scale in the U.S. and internationally, today announced that it has entered into definitive agreements with Nabors Industries Ltd. ("Nabors"), a leading provider of advanced technology for the global energy industry. Nabors has agreed to invest $11 million in GeoX. The proceeds from the investment will be used to fund a portion of the costs of a 50 MWn supercritical geothermal pilot project that GeoX plans to complete by the end of 2022.
"GeoX is delighted to welcome Nabors, one of the world's largest providers of advanced drilling technology and well construction services, as a strategic investor. We believe that Nabors' drilling expertise, stellar Health, Safety & Environment (HSE) record and global reach will greatly accelerate GeoX plans of scaling our supercritical power stations in the U.S. and worldwide in an eminently safe manner for both employees and the environment," said Andrew Fleming, Founder and Chief Executive Officer of GeoX.
"We are very excited to invest in GeoX as part of Nabors' new energy initiatives," said Anthony G. Petrello, Nabors' Chairman, CEO and President. "We believe that GeoX's leadership, with its extensive global energy experience, combined with its supercritical geothermal power station technologies, have the potential to provide an economic source of baseload renewable power for many generations to come.".
Geothermal energy represents a baseload (24/7) clean, renewable energy source that remains largely untapped. Both GeoX and Nabors are fully committed to leading the development of new technologies to access this energy in an efficient, effective, and economic manner.
About GeoX Energy:
GeoX is a Colorado-based geothermal technology company founded by a management team with extensive Global 500 experience in the oil and gas industry. The company is seeking to commercialize patent-pending supercritical geothermal technologies that it believes have significant competitive advantages compared with conventional geothermal energy, and other baseload energy sources, and will become a leading source of low-cost, renewable baseload energy. GeoX believes that its advanced power station technologies, once deployed at scale, will help eliminate one gigaton of CO2 per year by 2040.
About Nabors Industries Ltd:
Nabors is an energy technology and automation leader that owns and operates one of the world's largest land-based drilling rig fleets. Nabors provides innovative technologies to the energy sector including advanced drilling automation capabilities, directional drilling services, and performance tools. In addition, Nabors has a long history of drilling geothermal wells around the world. More about Nabors www.nabors.com.
SOURCE GeoX Energy