Vallourec, announces an investment in GreenFire Energy Inc., an American start-up developing Advanced Geothermal Systems based on its innovative technology called GreenFire’s GreenLoop ™. This transaction was carried out as part of a “Series A” funding alongside other major investors, Baker Hughes and Helmerich & Payne.
Vallourec and GreenFire Energy have been working together since 2019 on several successful Closed- Loop Geothermal demonstrators in various fields. This investment will further strengthen the relationship between the two companies.
Vallourec THERMOCASE® Vacuum Insulated Tubing (VIT) is a key enabler of closed-loop geothermal systems: these thermally insulated pipes allow the harvesting of underground heat and bring it to the surface (as hot water or steam) with minimal losses. Thanks to its leading edge in VIT with its THERMOCASE® product range, Vallourec will be able to support GFE by designing and manufacturing bespoke solutions for their downhole heat exchanger.
Geothermal energy is expected to play a major role in the energy transition and the decarbonization of our economies, as it is the only renewable source that can always be “on”, and provide low carbon, and versatile energy. While conventional systems rely on the exploitation of geothermal resources in very specific areas, Advanced Geothermal Systems – such as the one developed by GreenFire Energy – could unlock the possibility of producing energy virtually anywhere.
