In support of our commitment to a lower carbon energy future, Chesapeake recently partnered with Criterion Energy Partners (Criterion) to deploy and develop technologies for widespread geothermal energy development. Chesapeake’s investment will assist in planning and preparing an initial test well to demonstrate the commercial viability of geothermal energy in an unconventional Enhanced Geothermal System (EGS). Under the terms of the partnership, Chesapeake will have the option to participate in Criterion’s future development projects.
Criterion recently announced its acquisition of a 10,000-acre geothermal lease near the Department of Energy (DOE)’s Pleasant Bayou project. The DOE’s project produced geothermal power in the early 1990s and proved the feasibility of a large-scale geothermal resource along the Texas Gulf Coast. The company’s acreage position, combined with its strategic industry relationships, solidifies the prospect of generating utility scale geothermal energy in Texas with the proprietary Criterion Geothermal System™ and Industrial DirectConnect™ technologies.
Danny Rehg, Criterion’s Co-Founder and Chief Executive Officer, stated, “Our partnership with Chesapeake will help unlock geothermal energy technology for new markets and customers that are increasingly demanding always-on renewable energy.”