Baker Hughes and Mantle Reach Power have signed a strategic agreement aimed at accelerating the deployment of large-scale geothermal energy projects across North America, with plans targeting up to 500 MW of installed capacity over the next five years.
The collaboration brings together Baker Hughes’ energy technology portfolio and Mantle Reach Power’s geothermal development expertise, supported by EnCap Energy Transition Fund III.
The companies say the agreement is designed to address longstanding challenges that have limited geothermal’s growth, particularly around project financing, risk allocation and pre-construction bankability.
It also reflects mounting interest in the geothermal space among the major traditional oil and gas service industry giants.
Under the arrangement, Baker Hughes will serve as an integrated subsurface solutions provider, while Mantle Reach Power will lead project development, ownership and financing.
The partners believe the model will help streamline project execution and create a repeatable framework for scaling geothermal energy deployment.
Lorenzo Simonelli, Chairman and CEO of Baker Hughes, said the agreement represents a significant step forward for the sector.
“Geothermal is a clean power solution that is proving to be a vital contributor to advancing sustainable energy development, with incredible potential to enhance U.S. energy security, support digital infrastructure, and ensure energy remains accessible and affordable,” he said.
“Today’s announcement celebrates the commercial architecture the industry has been missing: a repeatable, financeable model that can be deployed at the speed and scale to meet global energy demands.”
The agreement comes amid growing demand for reliable, around-the-clock power driven by electrification, artificial intelligence and hyperscale computing.
The companies believe geothermal energy is well placed to provide clean, firm baseload power to support these and other emerging needs.
As projects advance, Baker Hughes expects to provide a range of subsurface technologies, surface power generation systems and digital solutions intended to reduce development risk and support the delivery of geothermal power at an industrial scale.
Tim Rebhorn, Managing Partner at EnCap Energy Transition, said the partnership also tackles key barriers that have historically constrained investment in geothermal projects.
“By aligning development capital, project finance expertise and world-class technology, this collaboration addresses the fundamental challenges that have prevented large amounts of private capital from participating in geothermal deployment,” he said.
Nick Karambelas, CEO of Mantle Reach Power, added that the structure would help unlock conventional project financing and support the company's own expansion as an independent power producer.
“Integrating Baker Hughes’ subsurface-to-surface expertise with our capabilities in project development, finance and execution positions Mantle Reach Power to commercialise geothermal assets at scale,” said Karambelas.