HOUSTON, August 29, 2022 (Newswire.com) – CRITERION ENERGY PARTNERS, INC. announced today the closing of a 10,000-acre strategic lease position along the Texas Gulf Coast. This is the company’s first acquisition in the state and where they look to develop their first commercial project. The site is within close proximity to the Department of Energy-funded geothermal energy demonstration project Pleasant Bayou, which produced geothermal power in the early 1990s and proved the viability of a geopressured fairway within the region. The project could not be commercialized then due to low energy prices, but Criterion EP believes with their technological approach combined with the increasing demand for clean energy along the Texas Gulf Coast, things have changed.
Criterion EP has plans to combine existing technology and processes from the Oil and Gas industry with its proprietary Criterion Geothermal System™ to produce clean, reliable, always-on energy. Criterion EP’s immediate focus is to advance the development of distributed energy systems that are co-located with large consumers of power and heat, positioning these customers to meet their energy demand and decarbonization goals.
Sean Marshall, Criterion EP’s Chief Financial Officer, stated, “Adding acreage to our portfolio in a region in high demand for baseload power at commercially feasible economics is just one example of how we are executing on our strategic plan to develop and operate multiple facilities in the region.”
Danny Rehg, Criterion Energy Partners’ Co-Founder and Chief Executive Officer, added, “We are extremely pleased to announce the acquisition of this lease, which reinforces our commitment to the region and serves as a step towards scaling geothermal energy technology.”
Criterion Energy Partners received strategic investment earlier this year by Patterson-UTI based on a common view that geothermal will play an important role in the energy transition. Together, the companies are focused on continuous improvement of geothermal economics and reliability.
ABOUT CRITERION ENERGY PARTNERS
Criterion Energy Partners is a next-generation energy company that plans to develop distributed energy projects that help customers reduce their emissions and improve their operating efficiency using heat from the earth. The company’s mission is to create a more sustainable future by making geothermal energy projects commercially viable everywhere. Key to its strategic advantage is Criterion Energy Partners’ technical and commercial team as well as its business model, which enables tangible benefits for customers, including: emissions reductions, power reliability, long-term cost stability, and energy resiliency. More information about Criterion Energy Partners is available at www.criterionep.com.
Mayer Brown, LLP served as legal advisor for the transaction.