Hexagon Energy has announced a strategic agreement with Weyerhaeuser Company for the development of geothermal projects in Washington and Oregon.
The projects will focus on large areas of land held by Weyerhaeuser, one of the world's largest private owners of timberlands and a leading manufacturer of wood products in North America.
Hexagon Energy has leased the geothermal rights on approximately 145,000 acres across the two north-western states.
Once operational, this portfolio could bring over 3 GW of carbon-free power online, Hexagon Energy said in a statement.
“Geothermal energy represents an emerging opportunity to provide clean and reliable, around-the-clock power, and our ownership presents a unique platform to evaluate that potential in the Pacific Northwest,” said Kendall Fountain, Vice President, Energy and Natural Resources at Weyerhaeuser.
He said Weyerhaeuser's commitment to responsible land stewardship, including recreation, conservation, economic development, and different forms of renewable energy, aligns well with the development of geothermal power.
“This agreement supports the continued growth of our Climate Solutions business while aligning with our commitment to responsible land stewardship, sustainability and long-term value creation.”
The collaboration comes at a time when demand for geothermal energy is rapidly increasing, driven by a rising demand for baseload, carbon-free power, added Matthew Hantzmon, Chief Executive Officer of Hexagon Energy.
"We are excited to partner with Weyerhaeuser to develop this significant geothermal resource and bring abundant, clean, baseload energy to the Pacific Northwest,” said Hantzmon.
“Our team is grateful that Weyerhaeuser entrusted us to unlock this valuable asset for them.”