• Collaboration aims to remove historical hurdles to scaling geothermal energy, targets installation of up to 500 megawatts of power in the next five years
  • Projects will utilize Baker Hughes’ integrated portfolio of scalable, lower-carbon energy solutions

HOUSTON and LONDON, June 24, 2026 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ:BKR), an energy technology company, and Mantle Reach Power, a dedicated geothermal development company backed by EnCap Energy Transition Fund III, announced Wednesday a new commercial agreement to facilitate the economically viable, financially sustainable large-scale deployment of geothermal energy in North America.

The agreement underscores the parties’ shared commitment to advance the next generation of clean and reliable baseload power needed to meet the demand driven by electrification and the rapid growth of artificial intelligence and hyperscale computing – which require reliable, around-the-clock energy.

Under this pioneer arrangement, Baker Hughes will act as an integrated subsurface solution provider, while Mantle Reach Power – drawing on EnCap’s deep bench of power and E&P expertise – will lead project development, ownership and financing. One of the most experienced energy investment platforms in North America, EnCap Investments has approximately $47 billion raised across 25 institutional funds. By combining Baker Hughes’ integrated subsurface and surface technologies with Mantle Reach Power’s geothermal development capabilities, the collaboration aims to dramatically accelerate project development and execution, optimize risk allocation, and materially enhance pre-construction bankability – historically one of the most significant barriers to scaling geothermal energy.