The partners will aim to identify opportunities to advance the next generation of geothermal technologies from pilot to commercial scale.
They will combine their experience in geothermal operations and core competencies in the traditional oil and gas sector to advance scalable novel geothermal technologies that harness the earth’s core heat.
Chevron and Baseload Capital believe that geothermal energy can serve as a ‘critical’ supply option for renewable energy.
Chevron New Energies Offsets and Emerging vice-president Barbara Harrison said: “We are pleased to be partnering with Baseload Capital on this joint venture and believe we are in a prime position to lead in the geothermal space where we will lean on our experience and technical strengths.
“We believe that to make the geothermal ecosystem a reality, we must take these important steps through collaboration and partnership, and this example with Baseload Capital is a great start towards pursuing our lower carbon goals for the future.”
The two companies have identified their first project in Weepah Hills, Nevada, and intend to pursue development opportunities in Esmeralda County, where geothermal research and advanced exploration have already taken place.
Baseload Capital CEO Alexander Helling said: “It is time for the geothermal industry to take its place as an obvious part of the energy mix.
“Geothermal should be the new normal, becoming as standard to the energy mix as GORE-TEX is for outdoor clothes.
“Right now, everything is in the industry’s favour to move from niche to mainstream. We have no time to waste and no excuse for not picking up the pace here and now.
“Together with Chevron, we believe that the transition to a greener planet, with the help of geothermal, is going to be much faster.”