Thermal Energy Partners, a developer of geothermal energy projects, has partnered with Schlumberger New Energy to create a new geothermal company.

The new company GeoFrame Energy plans to develop geothermal generation projects worldwide.

GeoFrame will combine Schlumberger’s subsurface and drilling expertise with Thermal Energy Partners’ experience in project development and risk mitigation.

The owners of the new company hope to attract investment from key financial institutions to advance the geothermal industry.

The new company’s first project is the 10MW Nevis Geothermal Power Project on the Caribbean island of Nevis which will enable the island to transition to 100% zero-emission renewable energy for its power supply.

GeoFrame Energy aims to expand production in the Eastern Caribbean and in North and South America.

Bruce Cutright, the CEO of Thermal Energy Partners, said: “We are thrilled with this partnership. GeoFrame Energy will focus on quickly reaching our first milestone of 100MWs of geothermal generation capacity.

“The combined experience and expertise in drilling, reservoir identification and assessment and project execution provide an unequalled opportunity for the success of the new company.”

Dan Pfeffer, president of Thermal Energy Partners, added: “GeoFrame Energy’s approach creates a unique opportunity to de-risk and optimise the development of geothermal power projects, reduce costs and compress schedules. This will unlock the full potential of geothermal power generation globally.”