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INTERVIEW OF Jesper Jolma from Baseload Capital and Kimilia Jones from Chevron New Energies discuss extended collaboration between Chevron and Baseload Capital through a new joint venture.

On December 2022, Baseload Capital and Chevron New Energies announced a joint venture to collaborate on driving geothermal opportunities. The joint venture aims to leverage the companies’ geothermal operational experience, combined with core competencies from the traditional oil and gas sector, especially around subsurface, wells, drilling and completions, to advance scalable novel geothermal technologies to tap into the earth’s core heat.

In this context, ThinkGeoEnergy conducted an interview with Jesper Jolma, Investment Manager at Baseload Capital and Kimilia Jones, Commercial Manager at Chevron New Energies to discuss why this partnership was formed and what we can expect to come out of it. The full interview is published below.

First of all, congratulations on the joint venture between your companies – each a major player in their own right. A partnership of this scale has the potential to really shake up the geothermal industry and accelerate its growth. What was the driving force that motivated the formation of this partnership? 

Jesper Jolma: We don’t have time to wait. The world needs to accelerate the development and utilization geothermal energy. In order to drive a larger adaption and interest in the industry, we believe that geothermal projects need to be developed faster and at a lower cost. And in order to get there, we at Baseload believe that we need to work together with the oil and gas industry to leverage their vast experience in order to do so.

Full interview with Jesper Jolma on ThinkGeo.

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Magnus Brandberg, Baseload Group's largest investor and chairman, was interviewed by the Nikkei in December 2022. Here are the questions and answers discussed during the interview.


Why do you invest in renewable energy, what was the starting point?

Does geothermal power have the potential to replace thermal power?

Geothermal is only 1% – why is that?

Does that make it harder to invest?

Are oil and gas well drilling technically the same as geothermal?

Which countries have the most active companies in geothermal drilling?

Is there any possibility of reaching 1 GW?

As seen in California, will the power grid problems drive the shift to geothermal power in Japan and Taiwan as well?

Energy prices are soaring in Japan as well, and electric power companies are forced to switch to domestically produced energy to be profitable. Are social challenges like the Russia-Ukrainian War encouraging increased investment in renewable energy around the world?

Japan has geothermal potential, but development has not progressed as expected due to challenges such as concerns from hot spring operators and restrictions in national parks. Do other countries face similar problems?

Why do you focus on binary power generation?

Will the geothermal expansion catch up with the time frame in which society seeks carbon neutrality (CN)?

What is the difference between investment in Japan and overseas?

How can we increase the number of geothermal suppliers?

We need help from the government in addition to investors. Is there any government aid in the U.S.?

If geothermal energy can be proven overseas as a profitable business model, will that apply to Japan as well?

What insights can you gain by collaborating with oil majors?

What specific risks do you understand?

To develop geothermal energy in Japan, do you think Japanese companies need to utilize the knowledge gained through their participation in overseas projects?

What is your commitment to the Japanese market?

You can read the article published on NIKKEI GX (Japanese only).

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Keeping hope alive

There is a famous quote by American author Robert Jordan that goes something like this: “The oak fought the wind and was broken, the willow bent when it must and survived.” Indeed, the reality of being human implies several difficult truths that we should all reconcile sooner or later. There are not many sure things in this world, but what is irrefutable is that storms do not bypass anyone, and what matters is how we withstand them and what kind of wisdom they leave behind. In this game of life (and business), there is no doubt that a little resilience, patience and hope go a long way.

This is a truth we know well at Baseload Capital, which is precisely why resilience and innovation are at the very throne of our values. This is also a truth that Larry Bandt has successfully embraced in the last few years while putting Baseload Power U.S. on its feet. As a Baseload Power U.S. Project Manager, Larry spent four years at the front line, taking the heat and working relentlessly through the impediments. Being a pioneer is not easy, and it isn’t for everyone, but Larry demonstrated that giving up is not a choice for him.

Read the full press release on CISION

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