Baker Hughes and Mantle Reach Power target 500MW of geothermal power

Baker Hughes (NASDAQ: BKR) and Mantle Reach Power, a geothermal development company backed by EnCap Energy Transition Fund III, announced a commercial agreement to deploy large-scale geothermal energy across North America, according to a press release dated June 24, 2026.

Under the agreement, Baker Hughes will serve as an integrated subsurface solution provider, supplying subsurface technologies, surface power generation equipment, and digital solutions. Mantle Reach Power will lead project development, ownership, and financing. The collaboration targets up to 500 megawatts of installed geothermal capacity over the next five years.

The phased structure is intended to address what the companies describe as a longstanding barrier to geothermal expansion: the difficulty of securing project financing before construction begins. EnCap Investments, which backs Mantle Reach Power, has raised approximately $47 billion across 25 institutional funds.

"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," said Baker Hughes Chairman and CEO Lorenzo Simonelli.

"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 at EnCap Energy Transition.

Nick Karambelas, CEO of Mantle Reach Power, said the structure "provides the construction and operating certainty necessary to access conventional project financing and accelerate our growth as an independent power producer."

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