Sage Geosystems, Nabors Industries and Virya are this week announced the signing of a $12 million financing led by Nabors. Nabors and Virya will invest $10 million and $2 million, respectively. The proceeds of this financing will be utilized to further accelerate the development of Sage's technologies and construction of their first commercial power plant.

The teaming up of Sage, Virya, and Nabors will allow the partnership to realize significant synergies. Nabors has a wealth of strengths including broad global reach, technology development, deployment expertise, automation, and digitalization experience, as well as its leadership in the well construction and drilling industry. Sage are pioneers in addressing the challenges of geothermal energy with an integrated system approach covering both surface (plant) and subsurface (well) to deliver a higher heat harvesting efficiency at a lower capital cost. All partners have an unrelenting attitude and approach towards the goal of accelerating the development and achieving the commercialization of clean, baseload geothermal energy on a global scale.

Lev Ring, CEO of Sage noted: 
"Geothermal energy can be developed into an unlimited source of clean and renewable energy, which is available 24 hours a day, 365 days a year, but also requires a relatively low amount of resource mining for its effective utilization.  We believe the combination of Sage and Nabors will propel geothermal energy to the front of the transition to rapidly commercialize clean energy sources, economically and responsibly."

Anthony G. Petrello, Nabors' Chairman, CEO and President, commented: 
"We are very excited to participate in the evolution of geothermal energy along with Sage. We believe Sage's novel approach to harnessing geothermal energy has significant potential to be disruptive to energy markets worldwide."

Sage has focused intensely on early commercialization, and as such, is currently prioritizing access to onshore geopressured formations in the Gulf of Mexico region to prove the commercial viability of Sage's differentiated technologies and its novel approach to the harvesting of geothermal energy.

KeyFacts Energy: Geothermal news