{"id":975122,"date":"2026-06-24T07:05:20","date_gmt":"2026-06-24T11:05:20","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\/"},"modified":"2026-06-24T07:05:20","modified_gmt":"2026-06-24T11:05:20","slug":"baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\/","title":{"rendered":"Baker Hughes and Mantle Reach Power, an EnCap Energy Transition Company, Announce Strategic Agreement to Accelerate Large-scale Geothermal Across North America"},"content":{"rendered":"<div class=\"mw_release\">\n<ul type=\"disc\">\n<li>\n          <em>Collaboration aims to remove historical hurdles to scaling geothermal energy, targets installation of up to 500 megawatts of power in the next five years<\/em>\n        <\/li>\n<li>\n          <em>Projects will utilize Baker Hughes\u2019 integrated portfolio of scalable, lower-carbon energy solutions<\/em>\n        <\/li>\n<\/ul>\n<p>HOUSTON and LONDON, June  24, 2026  (GLOBE NEWSWIRE) &#8212; Baker Hughes (NASDAQ: BKR), an energy technology company, and Mantle Reach Power, a dedicated geothermal development company backed by EnCap Energy Transition Fund III, announced Wednesday a new commercial agreement to facilitate the economically viable, financially sustainable large-scale deployment of geothermal energy in North America.<\/p>\n<p>The agreement underscores the parties\u2019 shared commitment to advance the next generation of clean and reliable baseload power needed to meet the demand driven by electrification and the rapid growth of artificial intelligence and hyperscale computing \u2013 which require reliable, around-the-clock energy.<\/p>\n<p>Under this pioneer arrangement, Baker Hughes will act as an integrated subsurface solution provider, while Mantle Reach Power <strong>\u2013<\/strong> drawing on EnCap\u2019s deep bench of power and E&amp;P expertise <strong>\u2013<\/strong> will lead project development, ownership and financing. One of the most experienced energy investment platforms in North America, EnCap Investments has approximately $47 billion raised across 25 institutional funds. By combining Baker Hughes\u2019 integrated subsurface and surface technologies with Mantle Reach Power\u2019s geothermal development capabilities, the collaboration aims to dramatically accelerate project development and execution, optimize risk allocation, and materially enhance pre-construction bankability <strong>\u2013<\/strong> historically one of the most significant barriers to scaling geothermal energy.<\/p>\n<p>The phased structure of the agreement integrates advanced technologies applicable to geothermal development, construction and operation, and supports the delivery of secure and renewable energy capacity. As the projects materialize, Baker Hughes anticipates it will provide its comprehensive portfolio of subsurface technologies, surface power generation and digital solutions to help de-risk, build and deliver up to 500MW of installed capacity, providing geothermal energy at an industrial scale and on competitive terms.<\/p>\n<p>\u201cGeothermal is a clean power solution that is proving to be a vital contributor to advancing sustainable energy development, with incredible potential to enhance U.S. energy security, support digital infrastructure, and ensure energy remains accessible and affordable. We are proud that Baker Hughes\u2019 integrated portfolio can help de-risk and deliver the technology and solutions required to provide reliable, affordable and clean energy,\u201d said Baker Hughes Chairman and CEO Lorenzo Simonelli. \u201cToday\u2019s announcement celebrates the commercial architecture the industry has been missing: a repeatable, financeable model that can be deployed at the speed and scale to meet global energy demands.\u201d<\/p>\n<p>\u201cBy aligning development capital, project finance expertise, and world-class technology, this collaboration addresses the fundamental challenges that have prevented large amounts of private capital from participating in geothermal deployment,\u201d said Tim Rebhorn, Managing Partner, EnCap Energy Transition. \u201cTogether, we are creating a scalable model capable of delivering clean, firm power to the markets that need it most.\u201d <\/p>\n<p>\u201cIntegrating Baker Hughes\u2019 subsurface-to-surface expertise with our capabilities in project development, finance, and execution positions Mantle Reach Power to commercialize geothermal assets at scale,\u201d said Nick Karambelas, CEO of Mantle Reach Power. \u201cThis structure provides the construction and operating certainty necessary to access conventional project financing and accelerate our growth as an independent power producer.\u201d<\/p>\n<p>\n        <strong>About Baker Hughes<\/strong><br \/>\n        <br \/>Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward \u2013 making it safer, cleaner and more efficient for people and the planet. Visit us at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=29daQhWgWhV4u4kJ4utFbw5OEou3rx64mHK6d2_ka2iN8VQWr5n51V9xSjHcvM9LV3aKnI5ulxZ46mfLoVKHpF1qQlHQNrrPclw_oh81rfs=\" rel=\"nofollow\" target=\"_blank\">bakerhughes.com.<\/a><\/p>\n<p>\n        <strong>About EnCap Investments<\/strong><br \/>\n        <br \/>Since 1988, EnCap Investments has been a leading provider of growth capital to the independent sector of the U.S. energy industry. The firm has raised 25 institutional investment funds totaling approximately $47 billion and currently manages capital on behalf of more than 350 U.S. and international investors. Founded in 2019, the EnCap Energy Transition platform is led by three Managing Partners, each with 30-35 years of experience in the development and operations of renewables and power generation. For more information, see <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=stVaxS1bDjWpMbVaeRU0QK14VN0O8Bumkm9PQIoi1hP2fjhKWye30L0S5qQxJz3EJmBSSQteLegFV_1djIR3f4L2a_4R-5S2-U4j-t6AXfRJOSZA65AcxRjW-sDloPbU4CDGP1a6a4pBgM7nGTwWTMHDLVep79GcctD8GU4uHaNO6wrZGkRlWIe6QV6JLBPECrpYbolQh9JS6a_jjm8EVFnUfDgTOoviDzm7LGwuGNRaUEocIEiePxwk-iN1Vc_bUvKysrcYnU-3fLfseHoYMKlEOSa3sOCLLpsOcOdd929GPOzZL-JpNC9oX_wnzaaSa8BnZ2DY3MH2p1MjlZHUH1gTX9j2pz3j6PI_hQBlZEzsVC4eT2IKTnVB9Vi2T4cfHl84BfOHa4zUgCfVLpMyBwH-MuGNCZKhKymOHZ3-JrHzkGJBaK9KMYFXfXUBNsUEpgk3KDxVXMGhzzoYSibXStxz_v4QY1zA4bgoR_DNCfwpB41V1bTTKPYSBI4PqHVECFFesQWEP3upgcYd2ImoWzN0qv6f0tfn25cA33oCBT3k7O2GByQHVjTFwGI-ysXdhezqp6eeizMM53EXcvoVXENsOKzXiX36RJ2_oapNETljId8M_xAsv0UFZDXo7VVqRjPKUtsejJ56TwmcHt533Q==\" rel=\"nofollow\" target=\"_blank\">encapinvestments.com<\/a>.<\/p>\n<p>\n        <strong>About Mantle Reach Power<br \/><\/strong>Mantle Reach Power is an independent power producer that develops, owns, and operates geothermal power projects across North America. The company is advancing a scalable, financeable portfolio to deliver clean, firm power to the grid. Mantle Reach Power is a portfolio company of EnCap Energy Transition Fund III.<\/p>\n<p>\n        <strong>For more information, please contact:<\/strong>\n      <\/p>\n<p>\n        <strong>Media Relations <\/strong>\n      <\/p>\n<p>Baker Hughes<br \/>Adrienne M. Lynch<br \/>+1 713-906-8407<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=EQnyi-_uDblYkVD4YrvMDTHd_jxNZmPYqaMsgbKycdkm6V291AWTwD8WtZHEasxITG7-oQuWN7pcYXC8WNVkFHZ3DILZR_SfFlNsWRKmD2jtxt1veI5YC2eXjiM1-kmU\" rel=\"nofollow\" target=\"_blank\">adrienne.lynch@bakerhughes.com<\/a><\/p>\n<p>EnCap Investments LP<br \/>Morgan Moritz<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=LORMku_Fc0SRYOenuHu8_dHIGju_pf-S8Djcpi4zoxrvHxbqSPyHDMpW5XLt9aWa7_2BXX1DlGRDSdhyPW2Fl73sh2JlR9Pz02GuGwFKlcI=\" rel=\"nofollow\" target=\"_blank\">mmoritz@piercom.com<\/a><\/p>\n<p>\n        <strong>Investor Relations<\/strong>\n      <\/p>\n<p>Baker Hughes<br \/>Chase Mulvehill<br \/>+1 346-297-2561<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=7mYYavFTci_MPNtT2nATicRNJ4_MycHbKp3pSecuUNSWdH_3v9FfJV1IGZcIhLyivZMwBF4mXocNo4C35yGplzSye6JEIdHaFN820ISnDyqtCPO7923SypBlZ1camnmpB6uP2-UJGzQe5CZUrhSeyQ==\" rel=\"nofollow\" target=\"_blank\">investor.relations@bakerhughes.com<\/a><br \/>\u00a0\u00a0\u00a0<\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTc1MTEzNSM3NjczODY4IzIwMDU2NDA=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/NTJiMTFiMzYtN2FlNS00MjU5LTk4MTAtMTBmMWQ2YmRkYzllLTEwMTcyMTMtMjAyNi0wNi0yNC1lbg==\/tiny\/Baker-Hughes-Energy-Services-L.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Collaboration aims to remove historical hurdles to scaling geothermal energy, targets installation of up to 500 megawatts of power in the next five years Projects will utilize Baker Hughes\u2019 integrated portfolio of scalable, lower-carbon energy solutions HOUSTON and LONDON, June 24, 2026 (GLOBE NEWSWIRE) &#8212; Baker Hughes (NASDAQ: BKR), an energy technology company, and Mantle Reach Power, a dedicated geothermal development company backed by EnCap Energy Transition Fund III, announced Wednesday a new commercial agreement to facilitate the economically viable, financially sustainable large-scale deployment of geothermal energy in North America. The agreement underscores the parties\u2019 shared commitment to advance the next generation of clean and reliable baseload power needed to meet the demand driven by electrification and the rapid growth &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Baker Hughes and Mantle Reach Power, an EnCap Energy Transition Company, Announce Strategic Agreement to Accelerate Large-scale Geothermal Across North America&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-975122","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Baker Hughes and Mantle Reach Power, an EnCap Energy Transition Company, Announce Strategic Agreement to Accelerate Large-scale Geothermal Across North America - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Baker Hughes and Mantle Reach Power, an EnCap Energy Transition Company, Announce Strategic Agreement to Accelerate Large-scale Geothermal Across North America - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Collaboration aims to remove historical hurdles to scaling geothermal energy, targets installation of up to 500 megawatts of power in the next five years Projects will utilize Baker Hughes\u2019 integrated portfolio of scalable, lower-carbon energy solutions HOUSTON and LONDON, June 24, 2026 (GLOBE NEWSWIRE) &#8212; Baker Hughes (NASDAQ: BKR), an energy technology company, and Mantle Reach Power, a dedicated geothermal development company backed by EnCap Energy Transition Fund III, announced Wednesday a new commercial agreement to facilitate the economically viable, financially sustainable large-scale deployment of geothermal energy in North America. The agreement underscores the parties\u2019 shared commitment to advance the next generation of clean and reliable baseload power needed to meet the demand driven by electrification and the rapid growth &hellip; Continue reading &quot;Baker Hughes and Mantle Reach Power, an EnCap Energy Transition Company, Announce Strategic Agreement to Accelerate Large-scale Geothermal Across North America&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-24T11:05:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTc1MTEzNSM3NjczODY4IzIwMDU2NDA=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Baker Hughes and Mantle Reach Power, an EnCap Energy Transition Company, Announce Strategic Agreement to Accelerate Large-scale Geothermal Across North America\",\"datePublished\":\"2026-06-24T11:05:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\\\/\"},\"wordCount\":766,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=OTc1MTEzNSM3NjczODY4IzIwMDU2NDA=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\\\/\",\"name\":\"Baker Hughes and Mantle Reach Power, an EnCap Energy Transition Company, Announce Strategic Agreement to Accelerate Large-scale Geothermal Across North America - 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The agreement underscores the parties\u2019 shared commitment to advance the next generation of clean and reliable baseload power needed to meet the demand driven by electrification and the rapid growth &hellip; Continue reading \"Baker Hughes and Mantle Reach Power, an EnCap Energy Transition Company, Announce Strategic Agreement to Accelerate Large-scale Geothermal Across North America\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\/","og_site_name":"Market Newsdesk","article_published_time":"2026-06-24T11:05:20+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTc1MTEzNSM3NjczODY4IzIwMDU2NDA=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Baker Hughes and Mantle Reach Power, an EnCap Energy Transition Company, Announce Strategic Agreement to Accelerate Large-scale Geothermal Across North America","datePublished":"2026-06-24T11:05:20+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\/"},"wordCount":766,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTc1MTEzNSM3NjczODY4IzIwMDU2NDA=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/baker-hughes-and-mantle-reach-power-an-encap-energy-transition-company-announce-strategic-agreement-to-accelerate-large-scale-geothermal-across-north-america\/","name":"Baker Hughes and Mantle Reach Power, an EnCap Energy Transition Company, Announce Strategic Agreement to Accelerate Large-scale Geothermal Across North America - 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