m&a moves

Geothermal co. with Houston office acquires former fracking biz

CeraPhi Energy acquired the business of Third Energy Limited, a former fracking company. Photo via ceraphi.com

A geothermal company with Houston ties has made a strategic acquisition.

CeraPhi Energy acquired the business of Third Energy Limited, which is a former fracking company, with plans to repurpose the existing wells into clean geothermal energy centers. The terms of the deal were not disclosed.

The acquisition is set to include subsidiaries like Third Energy Trading Limited, Wolfland Renewables Limited, Wolfland Utilities Limited, Third Energy UK Gas Limited, and 50 percent holding in West Heslerton Renewables Limited.

The assets are located in North Yorkshire U.K. and include eight well sites consisting of 12 former gas wells in a suspended state, 22.4 km of 6-inch and 16.6 km of 3-inch subterranean pipelines and a further 22.4 km of buried fiber optic comms lines.

CeraPhi, which has a Houston office in Greentown Labs, completed a commercial demonstration of its CeraPhiWell system in 2023 using the Third Energy KMA site.

The company's strategy aims to “de-risk the scaling and commercialisation of large-scale heat networks using boreholes down to a depth of 2km, reducing the space required for deployment of large-scale systems and increasing the extraction of thermal energy available for network connections,” according to its website.

“By using the inexhaustible resource beneath our feet using closed-loop technology we can access this energy anywhere with zero environmental risk, requiring no hydraulic fracturing, no use of water and providing enough energy within the next 15 years to solve our energy crisis indefinitely,” says CEO Karl Farrow in a news release.

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A View From HETI

Babur Ozden is the founder and CEO of Aquanta Vision. Photo via LinkedIn

Houston climatech startup Aquanta Vision has secured pre-seed funding to accelerate the commercialization of its methane leak detection software.

EIC Rose Rock participated in the round, joining investors like Marathon Petroleum Corporation, Chevron Technology Ventures, Ecosphere Ventures, and Odyssey Energy Advisors. The investment follows successful field trials for Aquanta Vision’s optical gas imaging (OGI) detection software, according to the company.

“This investment highlights our shared excitement as our patented novel technology improves detection levels for OGI camera operators,” Babur Ozden, Aquanta Vision’s CEO and founder, said in a news release. “The funding from EIC Rose Rock enables us to strategically accelerate this impact.”

Aquanta Vision’s OGI technology features an automated detection layer through an add-on app that improves methane detectability without requiring new hardware. It installs in minutes, runs locally and provides real-time, in-flight plume visualization for inspections with drone-mounted and handheld cameras.

“We are excited to partner with Aquanta Vision to scale and deploy this world-class technology that enables the energy industry to continue to deliver the secure, reliable and affordable energy that drives the American economy,” David Clouse, managing director of the EIC Rose Rock fund, added in the news release.

The company has partnered with Teledyne Flir and Sierra Olympia, makers of one of the world’s largest deployed fleet of handheld and drone-mounted optical gas imaging cameras used in industrial inspections. AquantaVision is now working with Teledyne Flir’s product team, as well as Sierra Olympia and its OEM partners.

Aquanta Vision has estimated that methane leaks cost the U.S. energy industry billions of dollars each year, with 60 percent of leaks going undetected, and methane leaks accounting for around 10 percent of natural gas's contribution to climate change, according to MIT’s climate portal.

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