Geothermal Technologies, Inc. (GTI) announced today that it has executed a services agreement with Helmerich & Payne, Inc. (H&P) (NYSE: HP) with respect to drilling, engineering, design, and planning for the construction of its first GenaSys™ geothermal energy facility in the Denver-Julesburg Basin (DJ) in Colorado. “This agreement will allow us to continue building upon the relationship that we created with H&P in July of 2020,” says J. Gary McDaniel, CEO of GTI. “H&P has become an integral member of our team since their investment in our Seed Round, providing not only operating capital, but also contributing their broad expertise. The insights provided by H&P have been extremely valuable.” Chris Miller, Director of H&P Ventures, commented “We are happy to be collaborating with GTI on these geothermal opportunities. We expect our industry leading drilling technologies and operational expertise will contribute to the successful demonstration of the DJ Basin GenaSys system. Additionally, we also look forward to working with GTI in the future, helping to provide geothermal energy throughout the country.”
About Geothermal Technologies, Inc.:
Geothermal Technologies (GTI) was founded in 2018 to commercialize technology that was developed at the Johns Hopkins University. GTI’s GenaSys™ Geothermal Energy Harvesting System revolutionizes how we harness renewable energy. GTI’s innovative technologies, when coupled with recently developed oil & gas and power generation technologies, enable the company to produce clean, renewable, low cost, baseload electricity, throughout the world, for decades to come.
About Helmerich & Payne:
Founded in 1920, Helmerich & Payne (H&P) is the leading U.S. unconventional driller, with drilling experience spanning the globe. H&P currently owns and operates land rigs across North America, South America, the Middle East and Africa, and offshore rigs in the Gulf of Mexico. H&P continues to expand its drilling operations to meet the increasing demands of a complex and globalized industry, and in the process, has established itself as a true innovator and world-class leader. H&P Technologies drives the development of advanced technologies and directional drilling automation solutions, helping customers achieve greater reliability and well performance. H&P’s leading-edge technologies are pushing the limits of the oil & gas industry.
