Patterson-UTI Energy, Inc. (NASDAQ:PTEN), a top oil industry products and services firm, confirmed recently a decision to invest in geothermal development firm Criterion Energy Partners, Inc. Criterion intends to use the profits of this financing to progress its first-of-its-kind proposal in Texas and to carry out the remaining steps on its technological development action plan.
Criterion Energy Partners intends to merge established technologies and equipment from oil and gas well digging with patented technology designs to generate hygienically, trusted power from subsoil heat. Criterion’s main emphasis is to provide immediate heat and electricity to industrial users along the Texas Gulf Coast, enabling these clients to meet their energy requirements and emissions reductions targets.
“We are thrilled to engage in Criterion, whose efficient business model integrates proven lateral drilling operations technologies,” said Andy Hendricks, Chief Executive Officer of Patterson-UTI. We agree that geothermal will contribute to the energy revolution, and we hope to work with Criterion to enhance the fundamentals and serviceability of geothermal power.”
We are incredibly satisfied to have Patterson-UTI as a companion and see many chances to work around each other going forward, said Danny Rehg, Co-Founder and CEO of Criterion Energy Partners. Their company approach and implementation excellence match our tactic and corporate culture perfectly. Their super-spec rigs’ technological skills, as well as other technological innovations, are crucial to lowering costs and trying to deliver marketable economic principles for next-generation geothermal.
Patterson-UTI is a premier supplier of oilfield products and services to the oil and natural gas exploration and development companies in the United States and select other regions, such as contract digging, compression pumping, and drilling operations.
Criterion Energy Partners is a company that specializes in renewable energy. Criterion Energy Partners is a geothermal power company that intends to build dispersed solar projects to assist customers in reducing emissions and enhance efficiency levels by utilizing heat from the earth. The company’s mission is to make geothermal power initiatives economically feasible everywhere in order to develop a sustainable future.
Criterion Energy Partners’ group of supervisors, affiliates, and consultants with vast business experience in Development, Financial services, Lawful, Digging & Completion percentage, Subsurface Engineering, Geology, Geophysics, and Data Science is critical to its strategic value. Criterion Energy Partners promotes productivity gains through its business strategy and measurable metrics such as reducing emissions, (ii) energy generated, (iii) long-term cost stability, and (iv) whether fortitude.