m&a moves
Geothermal co. with Houston office acquires former fracking biz
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.