SLB (NYSE:SLB) and Ormat Technologies (NYSE:ORA) said Monday they entered a strategic agreement to fast-track the development and commercialization of integrated geothermal assets, including enhanced geothermal systems, which the companies called “the next generation of geothermal technology,” meant to unlock geothermal energy in regions beyond where conventional geothermal resources exist.
As part of the agreement, the two companies said they will co-develop and deploy integrated geothermal and EGS technologies, leveraging SLB’s (SLB) subsurface, reservoir, and well-construction expertise alongside Ormat’s (ORA) experience in geothermal power-plant design and operations.
The collaboration will include a pilot EGS project at an existing Ormat (ORA) facility to demonstrate commercial-scale performance and validate deployment across broader markets; following the pilot, the companies said they plan to pursue global commercialization of EGS technologies for independent power producers, utilities, and large-scale energy users such as data center operators.