STEP Energy will combine Schlumberger’s subsurface and drilling expertise with Thermal Energy Partners’ experience in project development and risk mitigation to advance geothermal power projects.
Thermal Energy Partners (TEP) announced today, along with Schlumberger New Energy, the finalization of an agreement that creates STEP Energy, a geothermal project development company. STEP Energy will combine Thermal Energy Partners’ experience in project development and risk mitigation to advance geothermal power projects with Schlumberger’s subsurface and drilling expertise.
“We are thrilled with this partnership. STEP Energy will focus on quickly reaching our first milestone of 100 MW of geothermal capacity. The combined experience and expertise in drilling, reservoir identification and assessment and project execution provide an unequalled opportunity for the success of the new company,” said Bruce Cutright, chief executive officer, TEP.
“STEP Energy will create a unique opportunity to de-risk and optimize the development of geothermal power projects, reduce costs and compress schedules. This will unlock the full potential of geothermal power generation globally,” said Dan Pfeffer, president, TEP.