In this article, we will see the top 10 geothermal energy companies in the US.

Geothermal energy is a renewable, reliable, and clean energy source, produced from the heat energy of the Earth. It is an unlimited energy source that produces little to no greenhouse gases or other pollutants. Geothermal energy is generated from the earth’s core, is transferred through the earth’s crust, and can be converted into various other energy sources. It is an untapped resource that offers a more sustainable and cleaner path to fulfill our energy demands 

Geothermal: A Sustainable Choice

According to a report by Fortune Business Insights, the geothermal energy market was valued at $62.65 billion in 2022. The market is expected to grow at a compound annual growth rate (CAGR) of 6.3% during 2022-2029, propelling the market to reach $95.82 billion by the end of the forecasted period. The increasing demand for renewable energy sources globally has led to an increase in geothermal power generation. Geothermal power generation reduces dependency on fossil fuels since it emits 99% less carbon dioxide than fossil fuels. It generates energy with relatively few greenhouse gas emissions thus resulting in reduced air pollution. Governments taking green initiatives are increasingly exploring geothermal energy as a sustainable and environment-friendly alternative to produce energy. 

Commercial and residential sectors in particular have seen a surge in the use of geothermal energy. The growth of the world population is directly proportional to the increased demand for commercial and residential buildings. Indisputably, heating requirements such as space heating and water heating are crucial in these buildings. The construction sector is exploring geothermal power as a source for district heating as it is more cost-effective while being used on a larger scale. However, the accessibility and availability of geothermal energy is a restraining factor that limits reliance on geothermal energy. The energy distribution might not be possible in certain areas, perhaps due to dense population, thus restricting the use to certain locations.

According to the report by Markets and Markets, another major restraint to the reliance on geothermal power is the difficulty in drilling and setting up a geothermal power plant and the costs. As opposed to drilling for water, oil, or gas, geothermal environments require much more advanced technologies. Several drilling dynamics such as efficiency and system performance require consistent consideration and make the process quite costly. Until companies develop efficient drilling systems that are cost-effective and safe, geothermal drilling will remain time-consuming and costly in comparison to the alternatives.

According to the report by the Centre for Sustainable Systems, University of Michigan, in 2022 the United States, Indonesia, Turkey, New Zealand, Philippines, and Mexico all held 74% of the global geothermal power capacity. Focusing specifically on the United States, in 2021 the states of California and Nevada came out on top, with the most installed geothermal energy plants in the US. The two states reached 95% of the country’s total capacity of geothermal energy produced.  

North America in particular is the highest consumer of geothermal energy, followed by Europe as the second-largest market. While 10 European countries already have operating geothermal power plants, more than 20 countries are also developing their geothermal power plants. The market in Latin America remains driven by fossil fuel-based electric consumption, geothermal and other renewable energy sources are slowly being integrated in regions such as Mexico. The Middle East and Africa are also steadily developing their renewable energy resources. Kenya is the front-runner in the production and consumption of geothermal energy, with 90% of its electricity being generated from renewable resources.

Prominent Geothermal Energy Companies in the US

Major renewable energy companies are approaching the geothermal energy sector. Baker Hughes (NASDAQ:BKR) is an energy technology company that offers innovative technologies and services to industrial and energy customers. On November 29, the company announced that it was introducing ‘ThermaStim’, a low-corrosive, in-situ acidizing system. The ThermaStim is a never-before-seen method that enhances the generation of geothermal energy. This development by Baker Hughes (NASDAQ:BKR) is a turning point for stakeholders and energy producers as the ThermaStim causes no reactivity and corrosivity at the surface, thus saving costs on corrosion inhibitors. Additionally, by eliminating the need for acid tanks, Baker Hughes (NASDAQ:BKR) has created a safe and environmentally friendly technology for the enhancement of its production goals. 

Enel North America is a leading renewable and energy services company, operating in the United States and Canada. It is a subsidiary of the Italian renewable energy conglomerate, Enel S.p.A. Enel North America’s customer base spans 4,500 businesses in various cities in the US and Canada. On December 6, the company announced that it was the leader of the ‘renewables’ working group at the 28th United Nations Conference on Climate Change, currently being held in the United Arab Emirates. Enel North America is part of the Alliance for Industry Decarbonization (AFID), an extension of IRENA (the International Renewable Energy Agency). The conference aims to promote decarbonization across all industries and not just the electricity sector. To reaffirm its commitment to reducing global warming, the panel discussion focused on ensuring that electricity is purchased through clean and renewable sources. 

General Electric (NYSE:GE) is a global energy company with distinct power, wind, and electrification sectors. The company not only leads the energy transition of electricity but also focuses on decarbonizing the process of energy generation. Its subsidiary, GE Vernova brings together the power, digital, and renewable energy businesses of General Electric (NYSE:GE).  On December 6, the company announced that its subsidiary, GE Vernova, had joined the First Movers Coalition (FMC). FMC is a 90-member coalition that leverages its purchasing power to decarbonize the heavy-emitting sectors around the world. As part of the coalition, General Electric (NYSE:GE) must undertake that, its steel purchase would be near-zero emissions by 2030.

Methodology

For compiling our list of the top 10 geothermal energy companies in the US, we first sifted through three industry reports, GM Insights, Fortune Business Insights, and Markets and Markets. We identified and narrowed down companies that had geothermal energy as a major sector. We formed a list of both public companies and private companies. For public companies, we used Ycharts to source their trailing twelve-month revenues and for private companies, we sourced their annual revenues from official reports. Since some private companies do not share their financial statements publicly, we sourced their estimated annual revenue from Zoominfo. We narrowed down our selection to the 10 biggest geothermal energy companies in the US by either annual revenue, estimated annual revenue, or trailing twelve-month revenue, and ranked them in ascending order of these metrics.

Please note that the estimated annual revenue may not be entirely accurate but a close approximation of the actual revenue.

Top 10 Geothermal Energy Companies in the US

10. Electra Therm

Estimated Annual Revenue: $20.9 million

Ranking tenth on our list of the top 10 geothermal energy companies in the US, Electra Therm is a US-based company that provides innovative waste heat recovery technology. Its Organic Rankine Cycle (ORC) systems are an effective tool for the clean energy transition and help businesses improve their energy efficiency. The company’s technology is especially beneficial for generating electricity through renewable sources such as geothermal energy. Electra Therm’s estimated revenue per year is $20.9 million.

9. Tetra Technologies Inc (NYSE:TTI)

Revenue (TTM) as of September 30: $620.58 million

Based in the US, Tetra Tech (NYSE:TTI) ranks ninth on our list of the top 10 geothermal energy companies in the US. The company provides water management solutions and completion fluids to clients in the energy industry, including geothermal power plants. Its geothermal sector recycles water to reduce the environmental impact of the geothermal power plants.  As of September 30, the trailing twelve-month revenue of Tetra Technologies (NYSE:TTI)  is $620.58 million.

8. Ethos Energy

Estimated Annual Revenue: $626.7 million

Headquartered in Houston, Texas, Ethos Energy ranks eighth on our list of the top 10 geothermal energy companies in the US. The main aim of the company is to help its customers achieve their sustainability goals, by reducing their energy consumption and improving their operational efficiency. EthosEnergy provides field services, and O&M services and manages the construction of geothermal power plants across the US. Furthermore, it offers several services related to energy efficiency, renewable energy consulting, and power plant optimization. Ethos Energy has an estimated annual revenue of $626.7 million.

7. Ormat Technologies (NYSE:ORA)

Revenue (TTM) as of September 30: $793.57 million 

Ranking seventh on our list of the top 10 geothermal energy companies in the US, Ormat Technologies (NYSE:ORA) is an international company operating in Nevada, US. The company generates and supplies renewable geothermal energy, as well as turbines, generators, and heat exchangers. As of September 30, the trailing twelve-month revenue of Ormat Technologies (NYSE:ORA) is $793.57 million. 

6. Enel North America 

Estimated Annual Revenue: $1.4 billion

Enel North America is a wholly-owned subsidiary of Enel S.p.A, an Italian manufacturer and distributor of electricity and gas. Enel North America operates across the US and Canada and is one of the world’s leading integrated renewable energy operating companies. The company has a massive renewable energy sector including hydroelectric, wind, solar, and geothermal power plants. Enel North America has an estimated annual revenue of $1.4 billion. 

5. Calpine Corporation

Estimated Annual Revenue: $2.8 billion

Ranking fifth on our list of the top 10 geothermal energy companies in the US, Calpine Corporation is an independent power producer, generating electricity from geothermal resources and natural gas. With its headquarters in Texas, it has 76 power plants across the US. The company generates electricity for over 20 million customers, intending to provide reliable and cost-effective electricity.  The estimated annual revenue of Calpine Corporation is $2.8 billion.

4. Baker Hughes  (NASDAQ:BKR)

Revenue (TTM) as of September 30: $24.6 billion

Ranking fourth on our list of the top 10 geothermal energy companies, Baker Hughes (NASDAQ:BKR) is an American oil field services company based in Houston, Texas. The company provides services and products for oil well drilling, this includes exploration and production, processing and refining, and subsea production systems to generate power. As of September 30, the trailing twelve-month revenue of Baker Hughes (NASDAQ:BKR) is $24.6 billion.

3. Berkshire Hathaway Energy 

Estimated Annual Revenue: $26.3 billion

Ranking third on our list of the top 10 geothermal energy companies in the US, Berkshire Hathaway Energy is a subsidiary of Berkshire Hathaway. The company provides reliable and sustainable energy by investing in renewable energy and energy efficiency technologies. It has one of the largest renewable energy sectors in the US. The group boasts a portfolio of over a dozen geothermal power facilities across the US. Berkshire Hathaway Energy’s estimated revenue per year is $26.3 billion.

2. Schlumberger Limited  (NYSE:SLB)

Revenue (TTM) as of September 30: $32.02 billion

Ranking second on our list of the top 10 geothermal energy companies in the US, Schlumberger Limited (NYSE:SLB), is a US-based oilfield services company specializing in offshore drilling. The company’s operations span several countries and its business is integrated into four main segments from reservoir management and downstream processing to exploration and production. Schlumberger Limited (NYSE:SLB) has a trailing twelve-month revenue of $32.02 billion, as of September 30.

1. General Electric (NYSE:GE)

Revenue (TTM) as of September 30: $83.81 billion

General Electric (NYSE:GE) is a US-based multinational conglomerate that ranks first on our list of the top 10 geothermal energy companies in the US. GE Vernova, a subsidiary of General Electric, is the geothermal energy solutions business of the group. Based in Massachusetts, US, GE Vernova aims to minimize carbon emissions while generating electricity efficiently. General Electric operates in several industries such as healthcare, finance, aviation, transportation, and renewable energy. The company offers power generation equipment including gas and steam turbines and other renewable energy solutions. General Electric (NYSE:GE) has a trailing twelve-month revenue of $83.81 billion, as of September 30.

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Disclosure: None. Top 10 Geothermal Energy Companies in the US is published on Insider Monkey.