Baker Hughes and Mantle Reach Power, an EnCap Energy Transition Company, Announce Strategic Agreement to Accelerate Large-scale Geothermal Across North America
Rhea-AI Summary
Baker Hughes (NASDAQ:BKR) and Mantle Reach Power, backed by EnCap Energy Transition Fund III, entered a strategic commercial agreement to accelerate large-scale geothermal deployment across North America.
The collaboration targets up to 500 megawatts of installed geothermal capacity over five years, combining Baker Hughes’ integrated subsurface-to-surface technologies with Mantle Reach Power’s project development, ownership and financing capabilities.
Positive
- Strategic geothermal agreement in North America targeting up to 500MW in five years
- Baker Hughes positioned as integrated subsurface solution provider across multiple geothermal projects
- Collaboration structure aims to enhance pre-construction bankability and attract private capital
- Potential deployment of Baker Hughes subsurface, surface power and digital technologies across projects
- Partnership backed by EnCap platform with approximately $47 billion raised across 25 funds
Negative
- None.
News Market Reaction – BKR
In the Jun 24 session, BKR declined 3.92%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Partnership Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 28 | Clean power partnership | Positive | +0.2% | Strategic technology and equity deal with Hydrostor for long-duration storage. |
| Jan 28 | Storage collaboration | Positive | +0.2% | Expansion of Hydrostor collaboration including up to 1.4 GW of equipment supply. |
| Jan 02 | Joint venture closing | Positive | +3.5% | Closing of Cactus SPC joint venture, generating cash proceeds and JV stake. |
| Mar 03 | CCS partnership | Positive | -2.2% | Partnership with Frontier Infrastructure to advance CCS and power projects. |
| Feb 03 | Turbine development deal | Positive | +2.6% | Joint development of small ammonia turbines with Hanwha for multiple applications. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Partnership announcements have generally produced modest positive moves for BKR, with one notable negative divergence.
Key Terms
baseload power technical
hyperscale computing technical
project financing financial
independent power producer financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- 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’ integrated portfolio of scalable, lower-carbon energy solutions
HOUSTON and LONDON, June 24, 2026 (GLOBE NEWSWIRE) -- 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’ 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 – which require reliable, around-the-clock energy.
Under this pioneer arrangement, Baker Hughes will act as an integrated subsurface solution provider, while Mantle Reach Power – drawing on EnCap’s deep bench of power and E&P expertise – will lead project development, ownership and financing. One of the most experienced energy investment platforms in North America, EnCap Investments has approximately
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.
“Geothermal 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’ integrated portfolio can help de-risk and deliver the technology and solutions required to provide reliable, affordable and clean energy,” said Baker Hughes Chairman and CEO Lorenzo Simonelli. “Today’s 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.”
“By 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,” said Tim Rebhorn, Managing Partner, EnCap Energy Transition. “Together, we are creating a scalable model capable of delivering clean, firm power to the markets that need it most.”
“Integrating Baker Hughes’ subsurface-to-surface expertise with our capabilities in project development, finance, and execution positions Mantle Reach Power to commercialize geothermal assets at scale,” said Nick Karambelas, CEO of Mantle Reach Power. “This structure provides the construction and operating certainty necessary to access conventional project financing and accelerate our growth as an independent power producer.”
About Baker Hughes
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 – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
About EnCap Investments
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
About Mantle Reach Power
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.
For more information, please contact:
Media Relations
Baker Hughes
Adrienne M. Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com
EnCap Investments LP
Morgan Moritz
mmoritz@piercom.com
Investor Relations
Baker Hughes
Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com
