GeoX Energy draws $11M investment
FORT COLLINS — GeoX Energy Inc., a geothermal energy technology company, received a $11 million cash injection from investor Nabors Industries Ltd. (NYSE: NBR).
The funding, according to a company news release, will be used to help build a 50 megawatt supercritical geothermal pilot project that GeoX plans to complete by the end of 2022.
“GeoX is delighted to welcome Nabors, one of the world’s largest providers of advanced drilling technology and well construction services, as a strategic investor,” GeoX CEO Andrew Fleming said in the release. “We believe that Nabors’ drilling expertise, stellar health, safety and environment record and global reach will greatly accelerate GeoX plans of scaling our supercritical power stations in the U.S. and worldwide in an eminently safe manner for both employees and the environment.”
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