This investment will further strengthen the relationship between Vallourec and GreenFire Energy (GFE) who have been working together since 2019 on several successful closed- loop geothermal demonstrators in various fields.

Vallourec THERMOCASE vacuum insulated tubing (VIT) is a key enabler of closed loop geothermal systems. The thermally insulated pipes allow the harvesting of underground heat and bring it to the surface (as hot water or steam) with minimal losses. Thanks to its leading edge in VIT with its THERMOCASE product range, Vallourec will be able to support GFE by designing and manufacturing bespoke solutions for its downhole heat exchanger.

"Through this investment in GreenFire Energy, Vallourec is once again demonstrating its ambition to be a long-term player in the energy transition to prepare for the future", said Philippe Guillemot, chairman of the Board of Directors and CEO.

"Innovation is in Vallourec's DNA and is one of the key levers to accelerate our transformation. We are proud to support GreenFire Energy's efforts to develop these innovative closed-loop geothermal technologies. Customer focus is also of the utmost importance for us and by working alongside Baker Hughes and Helmerich & Payne, we will have the opportunity to further refine our solutions to meet the challenges of geothermal operators."

"The investment of Industry leaders such as Vallourec, Baker Hughes and Helmerich & Payne is a further endorsement of our technology, the promise for its global scalability, and the commercial opportunities we have in our pipeline," said Joseph Scherer, CEO of GreenFire Energy. "The Vallourec team has a deep understanding of our technology needs and projects and is committed to continuing its support of GreenFire."