Baker Hughes has signed an agreement with geothermal developer Mantle Reach Power to deliver up to 500 megawatts of geothermal power capacity in North America.
According to Reuters, Baker Hughes will serve as the integrated subsurface solutions provider under the agreement. Mantle Reach Power will lead project development, ownership and financing.
The companies said the collaboration targets up to 500 megawatts of power over the next five years. The phased agreement covers the development, construction, and operation of geothermal projects.
Mantle Reach Power is backed by EnCap Energy Transition Fund III, part of EnCap Investments. According to the companies, EnCap Investments has raised about US$47 billion across 25 institutional funds.
The agreement was announced as power demand from data centres and artificial intelligence increases interest in reliable, around-the-clock electricity sources, including geothermal energy.