Vallourec announces investment in Closed Loop Geothermal Company GreenFire Energy
May 03 2022 - 2:01AM
Vallourec announces investment in Closed
Loop Geothermal Company GreenFire Energy
Meudon
(France), May 3,
2022 – Vallourec, a world leader in premium tubular
solutions, 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”, 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.
“Through this investment in GreenFire Energy,
Vallourec is once again demonstrating its ambition to be a
long-term player in the energy transition to prepare for the
future”, said Philippe Guillemot, Chairman of the Board of
Directors & Chief Executive Officer. “Innovation is in
Vallourec's DNA and is one of the key levers to accelerate our
transformation. We are proud to support GreenFire Energy's efforts
to develop these innovative closed-loop geothermal technologies.
Customer focus is also of the utmost importance for us: by working
alongside Baker Hughes and Helmerich & Payne, we will have the
opportunity to further refine our solutions to meet the challenges
of geothermal operators.”
“The investment of Industry leaders such as
Vallourec, Baker Hughes and Helmerich & Payne is a further
endorsement of our technology, the promise for its global
scalability, and the commercial opportunities we have in our
pipeline,” said Joseph Scherer, CEO of GreenFire Energy. “The
Vallourec team has a deep understanding of our technology needs and
projects and is committed to continuing its support of
GreenFire.”
Vallourec has for decades been involved in major
conventional geothermal projects all over the world (Indonesia,
Germany, USA, East-Africa, Netherlands…) supplying casings meeting
the harshest requirements in terms of operating conditions. Thanks
to its THERMOCASE® VIT solution, Vallourec is also at the forefront
in the development of closed loop geothermal technology and
systems.
About GreenFire Energy
GreenFire Energy develops and implements
innovative geothermal technology to accelerate the world’s
transition to clean, continuous renewable energy. GreenFire’s
GreenLoop™ is closed-loop geothermal technology that extracts and
transports heat from deep in the earth to be used for geothermal
power generation. GreenFire Energy delivers fast, low-cost, and
high ROI geothermal retrofit, expansion, and greenfield projects.
This scalable business model has led to commercial relationships
with many of the world’s premier geothermal operators.GreenFire
Energy’s technology has been developed with grants from the U.S.
Department of Energy, the California Energy Commission, and
research conducted with U.S. National Laboratories, major
universities, and eminent experts. The company has extensive
international patents. GreenFire Energy is headquartered in the San
Francisco Bay Area in California, USA.www.greenfireenergy.com
About Vallourec
Vallourec is a world leader in premium tubular
solutions for the energy markets and for demanding industrial
applications such as oil & gas wells in harsh environments, new
generation power plants, challenging architectural projects, and
high-performance mechanical equipment. Vallourec’s pioneering
spirit and cutting-edge R&D open new technological frontiers.
With close to 17,000 dedicated and passionate employees in more
than 20 countries, Vallourec works hand-in-hand with its customers
to offer more than just tubes: Vallourec delivers innovative, safe,
competitive and smart tubular solutions, to make every project
possible.
Listed on Euronext in Paris (ISIN code:
FR0013506730, Ticker VK), Vallourec is part of the CAC Mid 60, SBF
120 and Next 150 indices and is eligible for Deferred Settlement
Service.
In the United States, Vallourec has established
a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN
code: US92023R4074, Ticker: VLOWY). Parity between ADR and a
Vallourec ordinary share has been set at 5:1.
For further information, please
contact:
Investor
relations Jérôme FribouletTel : +33 (0)1 49 09 39
77Investor.relations@vallourec.com |
Press
relations Héloïse Rothenbühler Tel: +33 (0)1 41 03 77
50 heloise.rothenbuhler@vallourec.com
|
Individual
shareholdersToll Free Number (from France): 0 800 505 110
actionnaires@vallourec.com |
|
- Press release Vallourec GreenFire VA_030522
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