Latest News

• Region: North America
• Topics: Geothermal
• Date: 16th April 2026

XGS Energy and California Community Power (CC Power) have executed a Geothermal Exploration, Offtake and Development Engagement (GEODE) Agreement for the development of next-generation geothermal energy in California.

• Region: Europe
• Topics: Geothermal
• Date: 15th April 2026

Europe risks missing the ‘geothermal revolution’ unless policymakers act to unlock its potential, according to an open letter sent to EU leaders by Future Cleantech Architects and a broad coalition of industry partners.

• Region: North America
• Topics: Geothermal
• Date: 14th April 2026

The U.S. Department of Energy’s Hydrocarbons and Geothermal Energy Office (HGEO) has announced a US$14mn demonstration project in Pennsylvania to support field tests for enhanced geothermal systems (EGS).

• Region: Europe
• Topics: Geothermal
• Date: 13th April 2026

Energy resiliency and security of supply are two driving forces that could add momentum to the geothermal sector across Europe, amid oil and gas price spikes triggered by the Iran conflict in the Middle East.

In the UK, wind and solar blunted the worst of the price shocks in the first four weeks of the current fossil fuel crisis by displacing gas generation, delivering critical cost savings, according to a new report by Ember Energy.

It stated that new wind and solar saved Britain approximately £7mn per day in gas purchases.

The international price of gas surged in March 2026 following the start of the US-Israel war with Iran on 28 February, initiating the second fossil fuel crisis in Europe in just four years, after the Russia-Ukraine conflict.

As a result of new wind and solar capacity, in March 2026 gas power generation was 39% lower than in March 2021.

“The latest fossil fuel crisis proves that wind and solar have already lowered our dependence on gas and delivered genuine savings,” said Josie Murdoch, Energy Analyst, Ember.

“We now need to deploy more renewables and reduce our reliance on volatile gas for good.”

While the report does not explicitly cite geothermal, it claims that Britain is “better insulated” since the 2021-23 energy crisis.

As well as providing ‘unblockadable’ energy, geothermal can also deliver consistent 24/7 baseload power, unlike more intermittent solar or wind, making it attractive in terms of security of supply and resiliency.

Since October 2021, Ember said over 130 wind and solar projects have been delivered — 7.7 GW of new wind power (onshore and offshore, including floating) and 7.6 GW of new solar power.Britain now has close to 55 GW of wind and solar capacity, leading to higher renewable generation and increasingly displacing gas in Britain’s power system, it noted.

More broadly, across the European Union, analysis shows the cost of gas-fired power increased by more than 50% in the first 10 days of the Iran conflict, with some countries, such as Italy, more affected than others.

In a February 2026 report, Ember suggested that geothermal could replace 42% of the EU’s coal and gas-fired generation, providing a stable, ‘always-on’ alternative to fossil fuels for less than €100/MWh – the cost of coal and gas electricity.

“Once restricted to a few geological hotspots like Iceland or Tuscany, modern geothermal is now cost-competitive with gas across much of the continent,” said Tatiana Mindekova, Ember Policy Advisor and author of the February report.

“As Europe seeks to slash emissions while meeting the energy demands of heavy industry and AI data centres, this untapped resource offers a clean, firm power supply that remains insulated from the price volatility of imported fossil fuels.”

• Region: North America
• Topics: Geothermal
• Date: 10th April 2026

Vallourec, supplier of premium tubular solutions for the energy industry, and Fervo Energy, the global pioneer of next-generation geothermal energy, have signed a five-year supply agreement worth up to US$800mn whereby Vallourec will act as Fervo’s exclusive supplier of U.S. manufactured tubular solutions and VAM connections through its distribution partner Sooner, Inc.

Vallourec will provide a wide range of premium tubular solutions engineered for the temperature conditions of next-generation geothermal wells, including its VAM high-torque semi-flush connections – originally developed for shale applications and now proven in geothermal environments.

The deal illustrates the potential for transferring and adapting technology and expertise from the oil and gas sector, also characterised by extreme high temperature environments, to the fast-growing geothermal sector. Ensuring long-term geothermal well integrity at high temperatures is a key challenge for geothermal developers.

The collaboration will establish a fully domestic supply chain for critical geothermal well infrastructure at a time when investment in next-generation geothermal has accelerated rapidly, driven by a rising demand for baseload, carbon-free power to support electrification and data centre expansion. Vallourec has in fact seen an increase in demand for its geothermal products increase more than three-fold.

The deal supports Fervo’s strategy to deploy repeatable GeoBlocks – standardised 50 MW units of geothermal energy, as it scales its operations. It follows Fervo’s signature of a supply deal with Turboden America for the supply of ORC turbines for up to 35 GeoBlocks, also designed to strengthen the US supply chain for geothermal development.

Philippe Guillemot, chairman of the Board of Directors and chief executive officer of Vallourec, commented, “Our model of low-carbon, vertically-integrated production hubs located close to our markets is paired with our strong focus on innovation and tailor-made technological solutions in making Vallourec a key strategic partner for customers like Fervo. We look forward to supporting the development of next-generation geothermal energy needed to power the rising electricity demands, in particular due to the hypergrowth of data centres in the United States of America.

Tim Latimer, chief executive officer of Fervo Energy added, “Delivering next-generation geothermal at scale requires precision, reliability, and strong collaboration across the supply chain. Vallourec brings deep expertise in manufacturing low-carbon, high-performance tubular solutions that will play a critical role in enabling the rapid buildout of GeoBlocks at Cape Station and beyond." 

• Date: 9th April 2026

Expro has secured a Tubular Running Services (TRS) contract with Lithium de France to support new geothermal and direct lithium extraction wells in Alsace.

• Region: Europe
• Topics: Geothermal
• Date: 8th April 2026

A geothermal heat pump has been installed at the site of Nelt Group, a leading logistics company in Serbia, as part of efforts to curb environmental impact.

The new geothermal system at the Dobanovci distribution hub will reduce greenhouse gas emissions by 40% by 2030 and save 7 million kWh of energy annually, according to a statement by the European Union (EU) mission to Serbia.

Serbia is not an EU member but provided support for the project — together with the Swiss government, with a US$200,000 donation — as part of the ‘EU for Green Agenda in Serbia’ initiative.

“The European Union stands with Serbia on the path of green transition. We support the adoption of cleaner technologies, better environmental management and progress toward a greener, more sustainable, and competitive economy,” said Andreas von Beckerath, Ambassador of the European Union to Serbia.

“Nelt’s example shows that renewable energy can replace fossil fuels in complex logistics operations while simultaneously contributing to both environmental and economic goals.”

The hybrid water-to-water system replaces a gas boiler and provides heating and cooling for two large halls with warehouse and office spaces, and a technical block for vehicle servicing.

It will provide about 40% of the total energy required for these facilities and operates in combination with the existing solar power plant.

“Our long-term commitment is to develop the company responsibly and sustainably through initiatives that deliver measurable and concrete results,” said Marko Cilić, Chairman of the Executive Board and Acting CEO of Nelt Group.

“The geothermal system in Dobanovci has been designed with a clear development perspective and will be an integral part of future logistics capacities, connected to the new warehouse within the centre.”

Anne Lugon-Moulin, Ambassador of Switzerland to Serbia, added: “The project with Nelt clearly shows how innovative solutions can contribute to reducing harmful emissions and improving energy efficiency, and demonstrates that companies can be both competitive and environmentally responsible.”

• Region: North America
• Topics: Geothermal
• Date: 7th April 2026

Turboden America LLC, subsidiary of Turboden S.p.A is set to supply Organic Rankine cycle (ORC) turbines to Fervo Energy for up to 35 GeoBlocks – Fervo’s standardised 50 MW ORC power plants – totalling 1.7GW of carbon-free, dispatchable power capacity, under a three-year framework agreement.

Turboden’s ORC turbines convert heat into power without increasing fuel consumption, water use, or CO2 emissions. The agreement expands the US-based supply chain for Turboden’s proprietary ORC turbine design, shortening lead times and thereby potentially boosting the supply of geothermal power to meet rising demand. The framework agreement also establishes delivery timelines that are expected to enable faster project execution and support supply chain resilience as Fervo, a leader in next-generation geothermal development, scales. It builds on an earlier agreement to supply ORC units for three 50 MW GeoBlocks at Fervo’s enhanced Cape Station geothermal development in Utah. The companies are currently in the advanced commissioning stage of the Phase I project at Cape Station, with startup expected later this year.

With the framework agreement, Fervo sees Turboden as a dependable long-term supplier as it looks to rely on ORC technology as a core component of its projects. Both companies plan to strengthen system performance by learning from deployment experience. The agreement positions Turboden and Fervo to deliver fast tracked projects to address the rapidly growing demand from data centres for geothermal energy.

“Over the past two years, we have built a constructive strategic relationship with Fervo, and this framework agreement reflects a mutual commitment to continued and expanded collaboration. Geothermal energy will be essential in stabilising a strained power grid with clean, firm energy, and Fervo has shown strong leadership in advancing the sector,” said Paolo Bertuzzi, president Turboden America LLC and CEO Turboden S.p.A. “With this announcement, we are prepared to scale delivery in the U.S. market and add megawatts of new generation wherever and however they are required.”

“Expanding our work with Mitsubishi Heavy Industries is a key step in scaling geothermal to meet rising U.S. power demand,” said Tim Latimer, CEO and co-founder of Fervo Energy. “By combining Turboden’s proven ORC technology with the global capabilities of Mitsubishi Heavy Industries, we are strengthening the supply chain needed to build geothermal at scale. This collaboration will play a central role as we continue to develop at Cape Station and beyond and bring reliable, 24/7 carbon-free energy to the grid.”

• Region: Europe
• Topics: Geothermal
• Date: 2nd April 2026

In a further sign of an improvement to financing conditions within the geothermal sector, Arverne Group has announced plans for a €33mn fundraiser via a bond issue.

The French geothermal company, listed on Euronext Paris, said in a statement that the issue would be open to existing shareholders including Bpifrance, Eiffel Essentiel, Ademe Investissement and Crédit Mutuel Equity.

The bond issue is significant in that it highlights growing investor confidence and interest across the broader geothermal sector.

Financing remains one of the biggest barriers to large-scale deployment, both within Europe and internationally.

The fund-raising issue also marks the first step of Arverne Group’s new ‘Dual Flow’ industrial and commercial roadmap through to 2033 in which it aims to accelerate business growth.

Its aggressive roadmap include first production and sales of heating and cooling in 2027 and first production and sales of geothermal lithium in 2028.

Looking ahead to 2031-2033, it aims to see around 4 TWh/year generated annually in France from deep geothermal energy, together with 27,000 metric tons of lithium carbonate annually — enough to power 800,000 electric vehicles using Arverne geothermal lithium.

Much of that will hinge on the company’s 2026 agenda, the first year of implementation of the Dual Flow plan.

This includes: a target of securing long-term contracts worth €400mn; drilling to be completed for the first doublet in the Lithium de France project and commissioning of the Direct Lithium Extraction (DLE) demonstration plant; continuing to reduce environmental impact as an innovative and responsible operator; and funding the group's industrial and commercial expansion.

In essence, the group aims to strengthen geothermal energy’s role in France’s energy mix and secure Europe’s supply of geothermal lithium, according to Pierre Brossollet, Arverne’s Founder and CEO.

“With a portfolio of nearly one hundred projects in France and major advances in the Lithium de France project, Arverne expects a significant acceleration from 2026 onward, with the signing of €400mn in long‑term contracts,” he said.

Brossollet also outlined his belief in the financial viability of the company and industry.

“The business models we are developing, with EBITDA margins above 50% and multi‑decade contracts, will generate secured revenues and recurring cash flows,” he added.

“Arverne Group is now at the dawn of a major value‑creation cycle.”

• Region: Europe
• Topics: Geothermal
• Date: 1st April 2026

DrillHeat, a specialist in the decarbonisation of buildings through shallow geothermal energy, has completed its 100th installation, carried out near Clermont-Ferrand, France, for biotechnology company Greentech.

• Region: North America
• Topics: Geothermal
• Date: 31st March 2026

Banco Bilbao Vizcaya Argentaria (BBVA) has outlined its thoughts on geothermal’s “remarkable transformative potential” in a statement following its participation in the recent groundbreaking Cape Phase I project financing in the USA.

The Spanish multinational financial services group played a key role as Coordinator Lead Arranger and Hedging Coordinator in the financing of the project, which is being developed by Fervo Energy in Beaver County, Utah.

BBVA noted that the project marks a milestone in the commercial-scale deployment of next-generation geothermal in the country.

“Next-generation geothermal technologies are demonstrating remarkable transformative potential,” said Miguel Peña, responsible for project finance at BBVA in the United States and Canada.

“Their ability to scale commercially will be critical to strengthening the renewable energy mix by providing firm and reliable generation that complements intermittent sources such as solar and wind.”

The deal also flags BBVA’s capabilities across the energy sector more broadly and reinforces its presence as a leading project financier in the US market, according to Peña.

“Our commitment as a financial institution is to help innovative cleantech projects be structured and developed with a long-term perspective, facilitating their access to the market,” he said.

Developer Fervo Energy announced earlier in March the successful close of US$421mn in non-recourse debt financing for the Cape Phase I project, calling it a ‘first of a kind’ and an indication of the bankability of enhanced geothermal systems (EGS).

Other major commercial banks and insitutions involved in the project financing include Barclays, HSBC, MUFG, RBC Capital Markets and Société Générale.

All have a wealth of experience as lenders to energy and infrastructure projects globally.

The involvement of such major lenders signals growing investor confidence in geothermal as part of the energy transition, both in the USA, and more broadly across the globe.

BBVA noted that its participation in the Cape Phase I financing “further consolidates its role as a strategic financial partner to the cleantech ecosystem” and “reinforces its position as one of the leading institutions in the financing of innovative energy projects in the United States.”

The bank added that it intended to continue to promote the development of next-generation infrastructure and accelerate the transition to a low-carbon economy.

• Region: North America
• Topics: Geothermal
• Date: 30th March 2026

The Nevis Island Administration is advancing towards the next phase of its geothermal development following discussions with Iceland Drilling Company to finalise a contract for exploratory drilling.