Patterson-UTI Energy Inc. announced on March 8 a strategic investment in Criterion Energy Partners, Inc., a geothermal energy development company who will use the proceeds from this investment to advance its first-of-a-kind project in Texas and further execute on its technology development roadmap.
According to a press release, Criterion Energy Partners plans to combine existing technology and processes from the drilling of oil and gas wells with proprietary designs to create clean, reliable energy from subsurface heat. Criterion's immediate focus is to deliver direct heat and power to industrial customers in the Texas Gulf Coast, positioning these customers to meet their energy demand and decarbonization goals.
Andy Hendricks, Patterson-UTI's CEO, said in a statement, "We are excited to invest in Criterion, whose innovative business model leverages proven horizontal drilling and completion technologies. We share a common view that geothermal will play an important role in the energy transition, and we look forward to working with Criterion to improve the economics and reliability of geothermal power."
Danny Rehg, Criterion Energy Partners' co-founder and CEO, added, "We are extremely pleased to have Patterson-UTI as a partner and see many opportunities to work together going forward. Their business approach and execution excellence align well with our strategy and company culture. The technical capabilities of their super-spec rigs and other technical innovations are critical to driving down costs and delivering competitive economics of next generation geothermal energy developments."
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